Ugandan shilling

The shilling (sign: USh; code: UGX) is the currency of Uganda. Officially divided into cents until 2013, the shilling now has no subdivision.

Ugandan shilling
Shilingi ya Uganda (in Swahili)
UgandanShillings1000
The old 1,000-shilling note depicted a farmer on one side and grain storage on the reverse.
ISO 4217
CodeUGX
Denominations
Subunit
 1/100cent
SymbolUSh
Banknotes1,000, 2,000, 5,000, 10,000, 20,000, 50,000 shillings
Coins
 Freq. used50, 100, 200, 500 shillings
 Rarely used10 shillings
Demographics
User(s) Uganda
Issuance
Central bankBank of Uganda
 Websitewww.bou.or.ug
Valuation
Inflation4.7%
 SourceThe World Factbook, 2014 est.

History

The first Ugandan shilling (UGS) replaced the East African shilling in 1966 at par. Following high inflation, a new shilling (UGX) was introduced in 1987 worth 100 old shillings.

The shilling is usually a stable currency and predominates in most financial transactions in Uganda, which has a very efficient foreign exchange market with low spreads. The United States dollar is also widely accepted. The pound sterling and increasingly the euro are also used.

The Bank of Uganda cut its policy rate to 22% on 1 February 2012 after reduction of inflation for 3 consecutive months.[1]

Coins

First shilling

In 1966, coins were introduced in denominations of 5, 10, 20 and 50 cents and 1 and 2 shillings. The 5-, 10- and 20-cent coins were struck in bronze, with the higher denominations struck in cupro-nickel. The 2-shilling was only issued that year. In 1972, cupro-nickel 5-shilling coins were issued but were withdrawn from circulation are now very rare. In 1976, copper-plated steel replaced bronze in the 5- and 10-cent and cupro-nickel-plated steel replaced cupro-nickel in the 50-cent and 1-shilling. In 1986, nickel-plated-steel 50-cent and 1-shilling coins were issued, the last coins of the first shilling.

Second shilling

In 1987, copper-plated-steel 1- and 2-shilling and stainless-steel five- and ten- shilling coins were introduced, with the five- and ten-shilling curved-equilateral heptagonal in shape. In 1998, coins for 50, 100, 200 and 500 shillings were introduced. Denominations currently circulating are 50, 100, 200, 500, and 1,000 shillings.[2]

Banknotes

First shilling

In 1966, the Bank of Uganda introduced notes in denominations of 5, 10, 20 and 100 shillings. In 1973, fifty-shilling notes were introduced, followed by 500 and 1,000 shillings in 1983 and 5,000 shillings in 1985.

Second shilling

In 1987, notes were introduced in the new currency in denominations of 5, 10, 20, 50, 100 and 200 shillings. In 1991, five-hundred- and one-thousand-shilling notes were added, followed by five thousand shillings in 1993, ten thousand shillings in 1995, twenty thousand shillings in 1999, fifty thousand shillings in 2003 and two thousand shillings in 2010. Banknotes currently in circulation are 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000 shillings. In 2005, the Bank of Uganda was considering whether to replace the low-value notes such as the 1,000-shilling with coins. The lower denomination notes take a battering in daily use, often being very dirty and sometimes disintegrating.[3]

On 17 May 2010, the Bank of Uganda issued a new family of notes featuring a harmonised banknote design that depict Uganda's rich historical, natural, and cultural heritage. They also bear improved security features. Five images appear on all the six denominations: Ugandan mat patterns, Ugandan basketry, the map of Uganda (complete with the equator line), the Independence Monument, and a profile of a man wearing Karimojong headdress. Bank of Uganda Governor Emmanuel Tumusiime Mutebile said the new notes did not constitute a currency reform, nor were they dictated by politics. The redesign, he said, was driven by the need to comply with international practices and to beat counterfeiters. Uganda is the first African country to introduce the advanced security feature SPARK[4] on a regular banknote series. SPARK is an optical security feature recognised by central banks worldwide and is used on a number of banknotes for protection against counterfeiting.

Current UGX exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

As of 22 August 2011, one US dollar (USD) equaled to 2,800 Ugandan Shillings (UGX). The exchange rate dropped to USD 1 = UGX 2,901 in September 2011, and it bounced back to USD 1 = UGX 2,303 on 13 February 2012.[5]

See also

References

  1. ^ "Uganda shilling little changed but seen weakening". Reuters. Retrieved 2012-02-13.
  2. ^ "Coins from Uganda – Numista". en.numista.com. Numista. Retrieved 13 April 2018.
  3. ^ "Choose sh1000 coins". newvision.co.ug. Retrieved 13 April 2018.
  4. ^ "SPARK trademark registration".
  5. ^ "Exchange Rates". www.bou.or.ug. Retrieved 13 April 2018.

External links

First Ugandan shilling
Preceded by:
East African shilling
Reason: currency independence
Ratio: at par
Note: independent shilling introduced in 1966, but EA shilling not demonetized until 1969
Currency of Uganda
1966 – 1987
Succeeded by:
Second Ugandan shilling
Reason: inflation
Ratio: 1 new shilling = 100 old shillings
Second Ugandan shilling
Preceded by:
First Ugandan shilling
Reason: inflation
Ratio: 1 new shilling = 100 old shillings
Currency of Uganda
1987 –
Succeeded by:
Current

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