New Cheque Limits
Lowering of the current cheque value limits for the Uganda Shillings, United States Dollar, Euro, GBP, and the Kenya 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, the 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.
Current and New Cheque Limits:
|#||Currency||Current Value LImit||New Value Limit|
|1||UGX||UGX 20 Million||UGX 10 Million|
|2||USD||USD 5,500||USD 2,750|
|3||Euro||Euro 4,500||Euro 2,250|
|4||GBP||GBP 4,400||GBP 2,200|
|5||KES||KES 600,000||KES 300,000|
Administrative Arrangements and timelines for Implementations:
The administrative arrangement and timelines are indicated below:
|1||15th July 2021||Bank of Uganda circular to all SFIs announcing the phasing out of the old cheque limits|
|2||15th January 2022||Cheques issued with the old limit threshold stop being honored (in line with the 6 months cheques stale period).|
|3||17th January 2022||The new cheque limit threshold takes effect|