The Bank of Uganda has announced new restrictions on cash withdrawals for individuals and businesses as part of its initiative to promote a cashless economy. According to a circular issued on May 29, the central bank has set limits on over-the-counter cash withdrawals and reduced the thresholds for cheque transactions. These measures are aimed at encouraging the use of digital payment methods and enhancing the efficiency of the financial system in Uganda. The directive applies to all commercial banks, credit institutions, and microfinance deposit-taking institutions operating in the country.
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