Ugandan shilling

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Ugandan shilling
shilingi ya Uganda (Swahili)
UgandanShillings1000.jpg
Obverse of the 1,000/= note
ISO 4217
CodeUGX (numeric: 800)
Denominations
Banknotes1,000/=, 2,000/=, 5,000/=, 10,000/=, 20,000/=, 50,000/=
Coins
 Freq. used100/=, 200/=, 500/=, 1,000/=
 Rarely used1/=, 2/=, 5/=, 10/=, 50/=
Demographics
User(s) Uganda
Issuance
Central bankBank of Uganda
 Websitewww.bou.or.ug
Valuation
Inflation4.7%
 SourceThe 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]

Sign in Kisoro with prices in Ugandan shillings; note the use of the '/=' symbol.

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 In 1972, cupro-nickel 5-shilling coins were issued but were withdrawn from circulation are now very rare.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 -/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
10CentsUganda.PNG -/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
20CentsUganda.PNG -/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
2ChelinesUganda.PNG 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.

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]

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

Exchange rates[edit]

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]

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

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.

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 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