FINANCIAL SECTOR: BoU lowers cheque usage threshold
The central bank will be reducing the maximum value for writing a cheque for Uganda shillings, United states dollars, Euro, GBP and Kenya shillings.
Mackay Oumo the director payments bank of Uganda says the downward revision to cheque value limits for the currencies currently handled by the clearing house, is a practice focusing on the ever emerging need for better risk management and the ongoing decline in the use of cheques as a payment method.