Finance:Ugandan shilling

Short description: Currency of Uganda

Ugandan shilling

shilingi ya Uganda (Swahili)
Obverse of the Template:Shilingi note
ISO 4217
Code	UGX (numeric: 800)
Denominations
Banknotes	Template:Shilingi, Template:Shilingi, Template:Shilingi, Template:Shilingi, Template:Shilingi, Template:Shilingi
Coins
Freq. used	Template:Shilingi, Template:Shilingi, Template:Shilingi, Template:Shilingi
Rarely used	Template:Shilingi, Template:Shilingi, Template:Shilingi, Template:Shilingi, Template:Shilingi
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

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 "Template:Shilingi" and 100 shillings as "Template:Shilingi" 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 Template:Shilingi, Template:Shilingi, Template:Shilingi and Template:Shilingi and Template:Shilingi and Template:Shilingi. The Template:Shilingi, Template:Shilingi and Template:Shilingi 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
	bronze	20 mm	3.21 g	1.38 mm	Smooth	1966–1975
	bronze-plated steel	20 mm	3.21 g	1.2 mm	Smooth	1976
	bronze	25 mm	5 g	1.5 mm	Smooth	1966–1975
	bronze-plated steel	25 mm	4.5 g	1.5 mm	Smooth	1976
	bronze	28 mm	9.76 g	2.07 mm	Smooth	1966–1974
	copper-nickel	22 mm	4.60 g	1.5 mm	Reeded	1966–1974
	copper-nickel-plated steel	22 mm	4 g	1.5 mm	Reeded	1976
	copper-nickel	25.5 mm	6.50 g	1.5 mm	Reeded	1966–1975
	copper-nickel-plated steel	25.5 mm	6.50 g	1.5 mm	Reeded	1976
	copper-nickel	30 mm	11.7 g	1.5 mm	Reeded	1976
	copper-nickel	30 mm (heptagonal)	13.5 g	2 mm	Smooth	1976

Second shilling

In 1987, copper-plated-steel Template:Shilingi and Template:Shilingi and stainless-steel Template:Shilingi and Template:Shilingi coins were introduced, with the Template:Shilingi and Template:Shilingi curved-equilateral heptagonal in shape. In 1998, coins forTemplate:Shilingi, Template:Shilingi, Template:Shilingi and Template:Shilingi were introduced. Denominations currently circulating are Template:Shilingi, Template:Shilingi, Template:Shilingi, Template:Shilingi, and Template:Shilingi.

Second Ugandan shilling coins
Image	Value	Composition	Reverse design	Diameter	Weight	Thickness	Edge	Issued
	Nickel-plated Steel	Ankole-Watusi	21 mm	3.9 g	1.8 mm	Smooth	1998–2015
	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
	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
	Aluminum-brass	East African crowned crane	23.5 mm	9 g	2.9 mm	Reeded	1998–2019
	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 Template:Shilingi, Template:Shilingi, Template:Shilingi and Template:Shilingi. In 1973, Template:Shilingi notes were introduced, followed by Template:Shilingi and Template:Shilingi in 1983 and Template:Shilingi in 1985.

Second shilling

In 1987, notes were introduced in the new currency in denominations of Template:Shilingi, Template:Shilingi, Template:Shilingi, Template:Shilingi, Template:Shilingi and Template:Shilingi. In 1991, Template:Shilingi and Template:Shilingi notes were added, followed by Template:Shilingi in 1993, Template:Shilingi in 1995, Template:Shilingi in 1999, Template:Shilingi in 2003 and Template:Shilingi in 2010. Banknotes currently in circulation are 1,000Template:Shilingi, 2,000Template:Shilingi, Template:Shilingi, Template:Shilingi, Template:Shilingi and Template:Shilingi. In 2005, the Bank of Uganda was considering whether to replace the low-value notes such as the Template:Shilingi 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
• Template:Shilingi red
• Template:Shilingi purple
• Template:Shilingi green
• Template:Shilingi blue
• Template:Shilingibrown

Exchange rates

As of 22 August 2011, one US dollar (USD) was worth USh Template:Shilingi. The exchange rate dropped to USh Template:Shilingi to US$1 in September 2011, and it bounced back to USh Template:Shilingi to US$1 on 13 February 2012.

See also

• Economy of Uganda
• Kenyan shilling
• Tanzanian shilling