Upgraded sh1,000 notes in offing

Apr 01, 2005

Bank of Uganda (BOU) will complete upgrading of notes with the issuing of the advanced sh1,000 banknotes before the end of May, Juma Walusimbi, BOU’s public relations officer, has said.

By Macrines Nyapendi
Bank of Uganda (BOU) will complete upgrading of notes with the issuing of the advanced sh1,000 banknotes before the end of May, Juma Walusimbi, BOU’s public relations officer, has said.
Walusimbi said the upgraded sh1,000 bank notes would supplement existing issues and there will be no immediate recall of existing ones.
The security features and quality of the upgraded note will be enhanced to produce a consistently cleaner, more robust and durable note, which the public will find more convenient and pleasant to hold.
“Because the sh1,000 is a low denomination note, its circulation is three to four times higher than other notes. High circulation of notes and poor handling makes them old and mutilated. The upgraded note will be enhanced in quality, waterproof and convertible with automated teller machines,” Walusimbi said.
He urged the public to carefully-handle currency notes and deposit dirty or mutilated banknotes and coins with their bankers, BOU’s banking hall or currency centres.
Walusimbi refuted allegations that they are going to issue sh1,000 coins and recall the notes.
He said they have to consult the public before taking such a decision.
Ends

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