Ugandan shilling

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

The shilling (sign: USh. /=; code: UGX) is the currency of Uganda. Officially divided into cents until 2013, due to substantial inflation the shilling now has no subdivision.[1]

Symbol[edit]

Notation in the Ugandan shilling is written in the form of x/y, where x is the amount above 1 shilling, 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.

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 USh.-/5, USh.-/10, USh.-/20 and USh.-/50 and USh.1/= and USh.2/=. 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 In 1972, cupro-nickel 5-shilling coins were issued but were withdrawn from circulation are now very rare.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
5CentsUganda.PNG USh.-/5 bronze 20 mm 3.21 g 1.38 mm Smooth 1966–1975
USh.-/5 bronze-plated steel 20 mm 3.21 g 1.2 mm Smooth 1976
10CentsUganda.PNG USh.-/10 bronze 25 mm 5 g 1.5 mm Smooth 1966–1975
USh.-/10 bronze-plated steel 25 mm 4.5 g 1.5 mm Smooth 1976
20CentsUganda.PNG USh.-/20 bronze 28 mm 9.76 g 2.07 mm Smooth 1966–1974
USh.-/50 copper-nickel 22 mm 4.60 g 1.5 mm Reeded 1966–1974
USh.-/50 copper-nickel-plated steel 22 mm 4 g 1.5 mm Reeded 1976
USh.1/= copper-nickel 25.5 mm 6.50 g 1.5 mm Reeded 1966–1975
USh.1/= copper-nickel-plated steel 25.5 mm 6.50 g 1.5 mm Reeded 1976
2ChelinesUganda.PNG USh.2/= copper-nickel 30 mm 11.7 g 1.5 mm Reeded 1976
USh.5/= copper-nickel 30 mm (heptagonal) 13.5 g 2 mm Smooth 1976

Second shilling[edit]

In 1987, copper-plated-steel USh.1/= and USh.2/= and stainless-steel USh.5/= and USh.10/= coins were introduced, with the USh.5/= and USh.10/= curved-equilateral heptagonal in shape. In 1998, coins for USh.50/=, USh.100/=, USh.200/= and USh.500/= were introduced. Denominations currently circulating are USh.1/=, USh.2/=, USh.5/=, USh.10/=, USh.50/=, USh.100/=, USh.200/=, USh.500/=, and USh.1,000/=.[3]

Second Ugandan shilling coins
Image Value Composition Diameter Weight Thickness Edge Issued
1ugandanshilling.png USh.1/= copper-plated steel 19.5 mm (12-sided) 4.30 g 2.05 mm Smooth 1987
2ugandanshillings.png USh.2/= copper-plated steel 24 mm (12-sided) 8 g 2.45 mm Smooth 1987
5ugandanshillings.png USh.5/= stainless steel 22 mm (7-sided) 3.5 g 1.2 mm Smooth 1987
10ugandanshillings.png USh.10/= stainless steel 26 mm (7-sided) 5.7 g 1.3 mm Smooth 1987
50ugandanshillings.png USh.50/= Nickel-plated Steel 21 mm 3.9 g 1.8 mm Smooth 1998–2015
100ugandanshillings.png USh.100/= Copper-nickel 27 mm 7 g 1.73 mm Reeded 1998–2008
100ugandanshillings(non-magnetic).png USh.100/= Nickel-plated Steel 27 mm 6.6 g 1.73 mm Reeded 2007–2019
200ugandanshillings.png USh.200/= Copper-nickel 25 mm 8.5 g 2.05 mm Smooth 1998–2003
200ugandanshillings(non-magnetic).png USh.200/= Nickel-plated Steel 25 mm 7.25 g 2.05 mm Smooth 2007–2019
500ugandanshillings.png USh.500/= Aluminum-brass 23.5 mm 9 g 2.9 mm Reeded 1998–2019
1000sh.png USh.1000/= 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 USh.5/=, USh.10/=, USh.20/= and USh.100/=. In 1973, USh.50/= notes were introduced, followed by USh.500/= and USh.1,000/= in 1983 and USh.5,000/= in 1985.

Second shilling[edit]

In 1987, notes were introduced in the new currency in denominations of USh.5/=, USh.10/=, USh.20/=, USh.50/=, USh.100/= and USh.200/=. In 1991, USh.500/= and USh.1,000/= notes were added, followed by USh.5,000/= in 1993, USh.10,000/= in 1995, USh.20,000/= in 1999, USh.50,000/= in 2003 and USh.2,000/= in 2010. Banknotes currently in circulation are USh.1,000/=, USh.2,000/=, USh.5,000/=, USh.10,000/=, USh.20,000/= and USh.50,000/=. In 2005, the Bank of Uganda was considering whether to replace the low-value notes such as the USh.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]

  • USh.50,000/= yellow [6]
  • USh.20,000/= red
  • USh.10,000/= purple
  • USh.5,000/= green
  • USh.2,000/= blue
  • USh.1,000/= orange

Exchange rates[edit]

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

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.[7]

As of 11 June 2020, 1 US dollar was valued at USh.3,723/=[8]


See also[edit]

References[edit]

  1. ^ "UGX (Ugandan Shilling) Definition and History".
  2. ^ "Uganda shilling little changed but seen weakening". Reuters. Retrieved 2012-02-13.
  3. ^ "Currency – Bank of Uganda". www.bou.or.ug. Bank of Uganda.
  4. ^ "Choose sh1000 coins". newvision.co.ug. Retrieved 13 April 2018.
  5. ^ "SPARK trademark registration".
  6. ^ "Uganda's 50,000 Shilling note". www.theibns.org. Retrieved 2020-06-12.
  7. ^ "Exchange Rates". www.bou.or.ug. Retrieved 13 April 2018.
  8. ^ "Convert Ugandan Shilling to Dollars | UGX to USD Currency Converter". www.currency.me.uk. Retrieved 2020-06-12.

External links[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 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