Bank of Uganda has warned the general public from transacting in the Kenyan currency following the issuance of the new series bank notes.
In a public notice to the general public, the Bank of Uganda said that the conversion of the old Kenyan Shilling bank notes to the new Kenyan Shilling bank notes as issued by the Central Bank of Kenya, shall only be possible in the republic of Kenya.
The notice follows that of Bank of Tanzania who froze the exchange of new bank notes in an effort to regulate illegal financial flows in the country.
Anyone who wishes to exchange more than Ksh 1 million with a bank account will be required to explain the source of his income.
Those with more than Ksh 1 million without bank accounts will require endorsement from the Central Bank of Kenya before exchanging to the new currency.