Currency of Uganda
Ugandan shilling
shilingi ya Uganda
(
Swahili
)
|
---|
Obverse of the 1,000/
=
note
|
|
Code
| UGX (numeric:
800
)
|
---|
|
Banknotes
| 1,000/
=
, 2,000/
=
, 5,000/
=
, 10,000/
=
, 20,000/
=
, 50,000/
=
|
---|
Coins
| |
---|
Freq. used
| 100/
=
, 200/
=
, 500/
=
, 1,000/
=
|
---|
Rarely used
| 50/
=
|
---|
|
User(s)
|
Uganda
|
---|
|
Central bank
| Bank of Uganda
|
---|
Website
| www
.bou
.or
.ug
|
---|
|
Inflation
| 4.7%
|
---|
Source
| The World Factbook
, 2014 est.
|
---|
The
shilling
(
Swahili
:
shilingi
; abbreviation:
USh
;
ISO code
:
UGX
) is the
currency
of
Uganda
. Officially divided into
cents
until 2013, due to substantial inflation the shilling now has no subdivision.
[1]
Notation
[
edit
]
Prices in the Ugandan shilling are written in the form of
x/y
, where x is the amount in shillings, while y is the amount in cents. An
equals sign
or
hyphen
represents zero amount. For example, 50 cents is written as "-/
50
" and 100 shillings as "100/
=
" or "100/-". Sometimes the abbreviation
USh
is prefixed for distinction. If the amount is written using words as well as numerals, only the prefix is used (e.g. USh 10 million).
This pattern was modelled on
sterling
's
pre-decimal
notation, in which amounts were written in some combination of pounds (£), shillings (s), and pence (d, for
denarius
). In that notation, amounts under a pound were notated only in shillings and pence.
History
[
edit
]
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.
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.
[2]
Coins
[
edit
]
First shilling
[
edit
]
In 1966, coins were introduced in denominations of -/
5
, -/
10
, -/
20
and -/
50
and 1/
=
and 2/
=
. The -/
5
, -/
10
and -/
20
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 In 1972, cupro-nickel 5-shilling coins were issued but were withdrawn from circulation and are now very rare.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
|
bronze
|
20 mm
|
3.21 g
|
1.38 mm
|
Smooth
|
1966?1975
|
|
-/
5
|
bronze
-plated steel
|
20 mm
|
3.21 g
|
1.2 mm
|
Smooth
|
1976
|
|
-/
10
|
bronze
|
25 mm
|
5 g
|
1.5 mm
|
Smooth
|
1966?1975
|
|
-/
10
|
bronze
-plated steel
|
25 mm
|
4.5 g
|
1.5 mm
|
Smooth
|
1976
|
|
-/
20
|
bronze
|
28 mm
|
9.76 g
|
2.07 mm
|
Smooth
|
1966?1974
|
|
-/
50
|
copper-nickel
|
22 mm
|
4.60 g
|
1.5 mm
|
Reeded
|
1966?1974
|
|
-/
50
|
copper-nickel
-plated steel
|
22 mm
|
4 g
|
1.5 mm
|
Reeded
|
1976
|
|
1/
=
|
copper-nickel
|
25.5 mm
|
6.50 g
|
1.5 mm
|
Reeded
|
1966?1975
|
|
1/
=
|
copper-nickel
-plated steel
|
25.5 mm
|
6.50 g
|
1.5 mm
|
Reeded
|
1976
|
|
2/
=
|
copper-nickel
|
30 mm
|
11.7 g
|
1.5 mm
|
Reeded
|
1976
|
|
5/
=
|
copper-nickel
|
30 mm (heptagonal)
|
13.5 g
|
2 mm
|
Smooth
|
1976
|
Second shilling
[
edit
]
In 1987, copper-plated-steel 1/
=
and 2/
=
and stainless-steel 5/
=
and 10/
=
coins were introduced, with the 5/
=
and 10/
=
curved-equilateral heptagonal in shape. In 1998, coins for 50/
=
, 100/
=
, 200/
=
and 500/
=
were introduced. Denominations currently circulating are 50/
=
, 100/
=
, 200/
=
, 500/
=
, and 1,000/
=
.
[3]
Second Ugandan shilling coins
|
Image
|
Value
|
Composition
|
Reverse design
|
Diameter
|
Weight
|
Thickness
|
Edge
|
Issued
|
|
50/
=
|
Nickel-plated Steel
|
Ankole-Watusi
|
21 mm
|
3.9 g
|
1.8 mm
|
Smooth
|
1998?2015
|
|
100/
=
|
Copper-nickel
|
27 mm
|
7 g
|
1.73 mm
|
Reeded
|
1998?2008
|
|
Nickel-plated Steel
|
27 mm
|
6.6 g
|
1.73 mm
|
Reeded
|
2007?2019
|
|
200/
=
|
Copper-nickel
|
Nile perch
|
25 mm
|
8.5 g
|
2.05 mm
|
Smooth
|
1998?2003
|
|
Nickel
-plated Steel
|
25 mm
|
7.25 g
|
2.05 mm
|
Smooth
|
2007?2019
|
|
500/
=
|
Aluminum
-
brass
|
East African crowned crane
|
23.5 mm
|
9 g
|
2.9 mm
|
Reeded
|
1998?2019
|
|
1,000/
=
|
Bi-Metallic nickel-brass plated nickel center in
nickel
-
brass
ring
|
27 mm
|
10.25 g
|
3 mm
|
Reeded
|
2012
|
Banknotes
[
edit
]
First shilling
[
edit
]
In 1966, the
Bank of Uganda
introduced notes in denominations of 5/
=
, 10/
=
, 20/
=
and 100/
=
. In 1973, 50/
=
notes were introduced, followed by 500/
=
and 1,000/
=
in 1983 and 5,000/
=
in 1985.
[
citation needed
]
Second shilling
[
edit
]
In 1987, notes were introduced in the new currency in denominations of 5/
=
, 10/
=
, 20/
=
, 50/
=
, 100/
=
and 200/
=
. In 1991, 500/
=
and 1,000/
=
notes were added, followed by 5,000/
=
in 1993, 10,000/
=
in 1995, 20,000/
=
in 1999, 50,000/
=
in 2003 and 2,000/
=
in 2010. Banknotes currently in circulation are 1,000/
=
, 2,000/
=
, 5,000/
=
, 10,000/
=
, 20,000/
=
and 50,000/
=
. In 2005, the
Bank of Uganda
was considering whether to replace the low-value
notes
such as the 1,000/
=
with
coins
. The lower denomination notes take a battering in daily use, often being very dirty and sometimes disintegrating.
[4]
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
[5]
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 notes
[
edit
]
As of April 2023, these are the Ugandan shilling banknotes in circulation:
[6]
- 50,000/= yellow
[7]
- 20,000/
=
red
- 10,000/
=
purple
- 5,000/
=
green
- 2,000/
=
blue
- 1,000/
=
brown
Exchange rates
[
edit
]
| This section needs to be
updated
.
Please help update this article to reflect recent events or newly available information.
(
August 2023
)
|
As of 22 August 2011, one US dollar (USD) was worth USh 2,800/
=
. The exchange rate dropped to USh 2,901/
=
to US$1 in September 2011, and it bounced back to USh 2,303/
=
to US$1 on 13 February 2012.
[8]
[
dead link
]
See also
[
edit
]
References
[
edit
]
First Ugandan shilling
Preceded by:
East African shilling
Reason:
currency independence
Ratio:
at par
Note:
independent shilling introduced in 1966, but EA shilling not demonetised 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
|
|
---|
North
| |
---|
Central
| |
---|
East
| |
---|
South
| |
---|
West
| |
---|
|
---|
Circulating
| |
---|
Defunct
| |
---|
As a denomination
| |
---|
Proposed
| |
---|
See also
| |
---|