Bank of Uganda has lowered the clearing currency cheque value by half from Shs20m that was the limit for a single cheque leaf to shs10m that will be accepted going forward.
In a circular written to all stakeholders and the banks, BoU stated that the decision spreads to other currencies namely; the Euro, British Pound, United States Dollar as well as, and the Kenyan shillings as provided for under Section 4.3 of the Clearing House Rules and Procedures.
“In line with the provisions of Section 4.3 (b) of the Uganda clearinghouse rules and procedures, Bank of Uganda wishes to inform all clearinghouse participants of a downward revision to the cheque value limits for the currencies currently handled by the Clearing House as indicated below. This follows a “No Objection” received from the Uganda Bankers Association.” the letter stated in part.
Going Forward, the USD cheque value limit will be $2,750 down from $5,500
The Euro has come from €4,500 to €2250 while the Pound Sterling comes to £2,200 from £4,400.
The Kenyan shilling will be at Ksh 300,000 down from Ksh600,000.