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Public to decide on future of sh1,000

By Vision Reporter

Added 28th March 2005 03:00 AM


The public will soon be asked through a survey by Bank of Uganda (BOU) whether to issue the sh1,000 banknote in coins or maintain it.


The public will soon be asked through a survey by Bank of Uganda (BOU) whether to issue the sh1,000 banknote in coins or maintain it.

By Steven Odeu
The public will soon be asked through a survey by Bank of Uganda (BOU) whether to issue the sh1,000 banknote in coins or maintain it.
“We invite the public to participate in an upcoming country-wide survey on whether the central bank should continue providing the sh1,000 banknote or substitute it with a new 1,000 coin,” Juma Walusimbi, BOU’s public relations officer, told a press conference in Kampala recently.
In the meantime, BOU will issue upgraded sh1,000 banknotes before the end of May to supplement existing ones. However, there will not be an immediate recall of the old sh1,000 banknotes.
Walusimbi said the security features and quality of the upgraded sh1,000 note would be enhanced to produce a durable note, which will be convenient to the public.
The central bank has already upgraded the sh5,000, sh10,000 and sh20,000 notes.
The bank also recently introduced sh50,000 notes with new security features.
Walusimbi urged the public to carefully handle currency notes and deposit old notes and coins with commercial banks or at BOU’s currency hall and currency centres.
The central bank has encouraged the public to continue using coins to cater for low denomination value transactions.
Ends

Public to decide on future of sh1,000

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