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, 1,000 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 In 1972, cupro-nickel 5-shilling coins were issued but were withdrawn from circulation are now very rare.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.

First Ugandan shilling coins
Image Value Composition Diameter Weight Thickness Edge Issued
5 cents bronze 20 mm 3.21 g 1.38 mm Smooth 1966-1975
5 cents bronze-plated steel 20 mm 3.21 g 1.2 mm Smooth 1976
10 cents bronze 25 mm 5 g 1.5 mm Smooth 1966-1975
10 cents bronze-plated steel 25 mm 4.5 g 1.5 mm Smooth 1976
20 cents bronze 28 mm 9.76 g 2.07 mm Smooth 1966-1974
50 cents copper-nickel 22 mm 4.60 g 1.5 mm Reeded 1966-1974
50 cents copper-nickel-plated steel 22 mm 4 g 1.5 mm Reeded 1976
1 shilling copper-nickel 25.5 mm 6.50 g 1.5 mm Reeded 1966-1975
1 shilling copper-nickel-plated steel 25.5 mm 6.50 g 1.5 mm Reeded 1976
2 shilling copper-nickel 30 mm 11.7 g 1.5 mm Reeded 1976
5 shilling copper-nickel 30 mm (heptagonal) 13.5 g 2 mm Smooth 1976

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]

Second Ugandan shilling coins
Image Value Composition Diameter Weight Thickness Edge Issued
1 shilling copper-plated steel 19.5 mm (12-sided) 4.30 g 2.05 mm Smooth 1987
2 shilling copper-plated steel 24 mm (12-sided) 8 g 2.45 mm Smooth 1987
5 shilling stainless steel 22 mm (7-sided) 3.5 g 1.2 mm Smooth 1987
10 shilling stainless steel 26 mm (7-sided) 5.7 g 1.3 mm Smooth 1987
50 shilling Nickel-plated Steel 21 mm 3.9 g 1.8 mm Smooth 1998-2015
100 shilling Copper-nickel 27 mm 7 g 1.73 mm Reeded 1998-2008
100 shilling Nickel-plated Steel 27 mm 6.6 g 1.73 mm Reeded 2007-2015
200 shilling Copper-nickel 25 mm 8.5 g 2.05 mm Reeded 1998-2003
200 shilling Nickel-plated Steel 25 mm 7.25 g 2.05 mm Reeded 2007-2015
500 shilling Aluminum-brass 23.5 mm 9 g 2.9 mm Reeded 1998-2015
1000 shilling Bi-Metallic nickel-brass plated nickel center in nickel-brass ring 27 mm 10.25 g 3 mm Reeded 2012

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
African MobileMoney

Mobile Money is a mobile payments system based on accounts held by a mobile operator and accessible from subscribers’ mobile phones. The conversion of cash into electronic value (and vice versa) happens at retail stores (or agents). All transactions are authorised and recorded in real-time using SMS.

In 2009, GSMA made a grant to Safaricom to support the development of a social transfer payment project via M-Pesa.M-PESA was developed by Vodafone and first deployed by its Kenyan affiliate Safaricom. In May 2012, there were over 15 million customers of M-PESA in Kenya.

Cent (currency)

In many national currencies, the cent, commonly represented by the cent sign (a minuscule letter "c" crossed by a diagonal stroke or a vertical line: ¢; or a simple "c") is a monetary unit that equals ​1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word "centum" meaning hundred. Cent also refers to a coin worth one cent.

In the United States, the 1¢ coin is generally known by the nickname penny, alluding to the British coin and unit of that name.

In the European Union, coins designs are chosen nationally, while the reverse and the currency as a whole is managed by the European Central Bank (ECB).

In Canada, production of the 1¢ coin was ended in 2012.

EURion constellation

The EURion constellation (also known as Omron rings or doughnuts) is a pattern of symbols incorporated into a number of banknote designs worldwide since about 1996. It is added to help imaging software detect the presence of a banknote in a digital image. Such software can then block the user from reproducing banknotes to prevent counterfeiting using colour photocopiers. According to research from 2004, the EURion constellation is used for colour photocopiers but probably not used in computer software. It has been reported that Adobe Photoshop will not allow editing of an image of a banknote, but this is believed to be due to a different, unknown digital watermark rather than the EURion constellation.

East African shilling

The East African shilling was the currency issued for use in British controlled areas in East Africa from 1921 until 1969. It was produced by the East African Currency Board. It is also the proposed name for a common currency that the East African Community plans to introduce.

The shilling was subdivided into 100 cents, and a pound was equivalent to twenty shillings.

Economy of Uganda

Endowed with significant natural resources, including ample fertile land, regular rainfall, and mineral deposits, it is thought that Uganda could feed all of Africa if it were commercially farmed. The economy of Uganda has great potential, and it appeared poised for rapid economic growth and development.Chronic political instability and erratic economic management since self-rule has produced a record of persistent economic decline that has left Uganda among the world's poorest and least-developed countries. The national energy needs have historically been more than domestic energy generation, though large petroleum reserves have been found in the country's west.After the turmoil of the Amin period, the country began a program of economic recovery in 1981 that received considerable foreign assistance. From mid-1984 onward, overly expansionist fiscal and monetary policies and the renewed outbreak of civil strife led to a setback in economic performance.The economy grew since the 1990s. Real gross domestic product (GDP) grew at an average of 6.7% annually during the period 1990–2015. , whereas real GDP per capita grew at 3.3% per annum during the same period. During this period, the Ugandan economy experienced economic transformation: the share of agriculture value added in GDP declined from 56% in 1990 to 24% in 2015; the share of industry grew from 11% to 20% (with manufacturing increasing at a slower pace, from 6% to 9% of GDP); and the share of services went from 32% to 55%.

Egyptian pound

The Egyptian pound (Egyptian Arabic: جنيه مصرى‎ Genēh Maṣri [ɡeˈneː(h) ˈmɑsˤɾi]; sign: E£, L.E. ج.م; code: EGP) is the currency of Egypt. It is divided into 100 piastres, or ersh (Egyptian Arabic: قرش‎ [ʔeɾʃ]; plural قروش [ʔʊˈɾuːʃ]), or 1,000 milliemes (Egyptian Arabic: مليم‎ [mælˈliːm]; French: millième).

The Egyptian pound is frequently abbreviated as LE or L.E., which stands for livre égyptienne (French for Egyptian pound). E£ and £E are commonly used on the internet. The name Genēh [ɡeˈneː(h)] is derived from the Guinea coin, which had almost the same value of 100 piastres at the end of the 19th century.

Emmanuel Tumusiime-Mutebile

Emmanuel Tumusiime-Mutebile is a Ugandan economist and banker. He is the governor of the Bank of Uganda, the central bank of Uganda. He was first appointed to that position on 1 January 2001 and was re-appointed for a second five-year term on 1 January 2006. In December 2015, he was re-appointed for a fourth five-year term, effective 12 January 2016.

ISO 4217

ISO 4217 is a standard first published by International Organization for Standardization in 1978, which delineates currency designators, country codes (alpha and numeric), and references to minor units in three tables:

Table A.1 – Current currency & funds code list

Table A.2 – Current funds codes

Table A.3 – List of codes for historic denominations of currencies & fundsThe tables, history and ongoing discussion are maintained by SIX Interbank Clearing on behalf of ISO and the Swiss Association for Standardization.The ISO 4217 code list is used in banking and business globally. In many countries the ISO codes for the more common currencies are so well known publicly that exchange rates published in newspapers or posted in banks use only these to delineate the currencies, instead of translated currency names or ambiguous currency symbols. ISO 4217 codes are used on airline tickets and international train tickets to remove any ambiguity about the price.

Lake Bunyonyi

Lake Bunyonyi ("Place of many little birds") is in south-western Uganda between Kisoro and Kabale, and it is close to the border with Rwanda. The lake appears on the 5,000 Ugandan shilling note under the title "Lake Bunyonyi and terraces".

Towns on its shores include Kyevu and Muko, while its 29 islands include Punishment Island and Bushara Island.

List of central banks of Africa

There are two African currency unions associated with multinational central banks; the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Members of both currency unions use the CFA Franc as their legal tender.

Below is a list of the central banks and currencies of Africa.

List of circulating currencies

This list contains the 180 currencies recognized as legal tender in United Nations (UN) member states, UN observer states, partially recognized or unrecognized states, and their dependencies. However excluding the pegged (fixed exchange rate) currencies, there are only 130 currencies (which are independent or pegged to a currency basket). Dependencies and unrecognized states are listed here only if another currency is used in their territory that is different from the one of the state that administers them or has jurisdiction over them.

List of currencies in Africa

African currency was originally formed from basic items, materials, animals and even people available in the locality to create a medium of exchange. This started to change from the 17th century onwards, as European colonial powers introduced their own monetary system into the countries they administered. As African countries achieved independence during the 20th century, some retained the new denominations that had been introduced, though others renamed their currencies for various reasons. Today inflation often creates a demand for more stable (but forbidden) foreign currency, while in rural areas the original bartering system is still in widespread usage. As of January 1, 2013, the Zambian Kwacha (ZMW) has the strongest currency in Africa.

Prostitution in Uganda

Prostitution in Uganda is illegal according to Uganda’s 1950 Penal Code, but is widespread despite this. Many turn to prostitution because of poverty and lack of other opportunities. A study of Kampala teachers in 2008 showed that teachers were turning to prostitution to increase their income. A sex worker can earn around 1.5 million Ugandan shillings (£439) per month, whereas this would be a yearly wage for a secondary school teacher. There are many Kenyan prostitutes in the country.Sex trafficking, HIV, and Child prostitution are problems in the country.

Redenomination

Redenomination is the process of changing the face value of banknotes or coins used in circulating currency. It may be done because inflation has made the currency unit so small that only large denominations of the currency are circulated. In such cases the name of the currency may change or the original name may be used with a temporary qualifier such as "new". Redenomination may be done for other reasons such as adopting a new currency as with the Euro or decimalisation. The article deals with these various types of redenomination in detail.

Rwenzururu

Rwenzururu is a subnational kingdom in western Uganda, located in the Rwenzori Mountains on the border with the Democratic Republic of the Congo. The kingdom includes the districts of Bundibugyo, Kasese and Ntoroko. Rwenzururu is also the name given to the region the kingdom is located in.

Shilling

The shilling is a unit of currency formerly used in Austria, the United Kingdom, Australia, New Zealand, United States and other British Commonwealth countries.

Currently the shilling is used as a currency in four east African countries: Kenya (Kenyan shilling), Tanzania (Tanzanian shilling), Uganda (Ugandan shilling) and Somalia (Somali shilling). It is also the proposed currency that the east African community plans to introduce (east African shilling).

The word shilling comes from old English "Scilling", a monetary term meaning twentieth of a pound, and from the Proto-Germanic root skiljaną meaning 'to separate, split, divide.' The word "Scilling" is mentioned in the earliest recorded Germanic law codes, those of Æthelberht of Kent.

Slang terms for the old shilling coins include "bob" and "hog". While the derivation of "bob" is uncertain, John Camden Hotten in his 1864 Slang Dictionary says the original version was "bobstick" and speculates that it may be connected with Sir Robert Walpole.One abbreviation for shilling is s (for solidus, see £sd). Often it was represented by a solidus symbol ("/"), which may have originally stood for a long s or ſ, thus 1/9 would be one shilling and ninepence (and equivalent to 21d; the shilling itself was equal to 12d). A price with no pence was sometimes written with a solidus and a dash: 11/–.

The solidus symbol is still used for the Kenyan shilling (one of the successors to East African shilling), rather than sh.

During the Great Recoinage of 1816, the mint was instructed to coin one troy pound (weighing 5760 grains or 373 g) of standard (0.925 fine) silver into 66 shillings, or its equivalent in other denominations. This set the weight of the shilling, and its subsequent decimal replacement 5 new pence coin, at 87.2727 grains or 5.655 grams from 1816 until 1990, when a new smaller 5p coin was introduced.

In the past, the English world has had various myths about the shilling. One myth was that it was deemed to be the value of a cow in Kent or a sheep elsewhere.

Shilling (disambiguation)

The shilling is a coin worth one twentieth of a pound, formerly used in British Commonwealth countries. Several countries in Africa continue to have national currencies named shillings.

Units of currency:

Shilling (British coin)

Shilling (English coin)

Shilling (Irish coin)

Kenyan shilling

Somali shilling

Tanzanian shilling

Ugandan shilling

The former East African shilling

Tooro Kingdom

Tooro is one of the five traditional kingdoms located within the borders of Uganda. The current Omukama of Toro is King Rukidi IV. The people native to the kingdom are the Batooro, and their language is likewise called Rutooro.

Uganda (disambiguation)

Uganda is a country in Africa.

History
Geography
Politics
Economy
Society
Currencies of Africa
North
Central
East
South
West

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