Bank of Uganda has recalled all the 1987 series sh1,000, sh5,000, sh10,000, sh20,000 and sh50,000 bank notes printed before the year 2010.
The bank notes will, however, still be considered for transactions until March 30 next year.
Also being phased out is the sh10,000 bank note unveiled in 2007 to commemorate the Commonwealth Heads of Governments Meeting held in Uganda’s Capital Kampala.
The Bank of Uganda Deputy Governor, Dr. Louis Kasekende was quoted by local press saying, “We had discussions with all commercial banks and sent out a circular, asking them to stop issuing the bank notes with immediate effect.”
Of the estimated 2.4 trillion bank notes in circulation, the old notes constitute 4% (about sh93b), showing a significant reduction in their supply, Kasekende explained.
He maintained that the seven-month period given for the recall of the old notes was adequate to wipe them out of circulation and appealed to the public not to panic.
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