The Central Bank of Uganda (BOU) has revised the Cheque Limit of currencies from five countries downward by 50%.
The reduced Cheque currency limits include; Ugandan shillings which was reduced from Shs20M to Shs10M, United States Dollar from $5500 to $2750, Euro from £4500 to £2275, GBP from €4400 to €2200 and Kenyan shillings from Kshs600,000 to Kshs300,000.
Micheal Atingi-Ego in a July 14 letter to all Commercial Banks, Micro finance institutions and other stakeholders said that this was done in line with the provisions of Section 4.3 (b) of the 2018 Uganda Clearing House Rules procudures which states that,
“The Clearing House Committee shall, with the approval of UBA and BOU; review the cheque value limits and currencies to be exchanged in the Clearing House from time to time; and issue a circular to the Participants communicating the revised cheque value limits and currencies to be exchanged in the Clearing House,” he said .
He added in the letter that the BOU did not receive a “No Objections” from the Uganda Bankers Association (UBA).
He also lined up the administration arrangements and timelines for implementation where;
BOU will on July 15 (today) issue a circular to all SFIs, announcing the phasing out of old Cheque Limits, on the same day, Cheques issued with old limits threshold stop being honored (in line with the six months cheque stale period).
“The new Cheque Limit threshold take effect on July 17,” he said.
