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Ugandan shilling

shilingi ya Uganda (Swahili)
Obverse of the 1,000/= note
ISO 4217
Code	UGX (numeric: 800)
Denominations
Banknotes	1,000/=, 2,000/=, 5,000/=, 10,000/=, 20,000/=, 50,000/=
Coins
Freq. used	100/=, 200/=, 500/=, 1,000/=
Rarely used	50/=
Demographics
User(s)	Uganda
Issuance
Central bank	Bank of Uganda
Website	www.bou.or.ug
Valuation
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.

Notation

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

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.

Coins

First shilling

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 In 1972, cupro-nickel 5-shilling coins were issued but were withdrawn from circulation and are now very rare.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

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/=.

Banknotes

First shilling

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

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.

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 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

As of April 2023, these are the Ugandan shilling banknotes in circulation:

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

Exchange rates

See also

• Economy of Uganda
• Kenyan shilling
• Tanzanian shilling

References

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. "Currency". Bank of Uganda. Retrieved 3 April 2023.
7. "Uganda's 50,000 Shilling note". International Banknote Society. Retrieved 2020-06-12.

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

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