Ugandan shilling

File:038 35 Kisoro, 2000 constructed under swTws Project (7928190604).jpg with prices in Ugandan shillings; note the use of the '/=' symbol.]]

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Prices in the Ugandan shilling are written in the form of {{code|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 "{{shilingi|-|50}}" and 100 shillings as "{{shilingi|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.

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.{{cite web|url=https://news.yahoo.com/uganda-shilling-little-changed-seen-weakening-104203330.html|title=Uganda shilling little changed but seen weakening|publisher=Reuters|access-date=2012-02-13}}

In 1966, coins were introduced in denominations of {{shilingi|-|5}}, {{shilingi|-|10}}, {{shilingi|-|20}} and {{shilingi|-|50}} and {{shilingi|1}} and {{shilingi|2}}. The {{shilingi|-|5}}, {{shilingi|-|10}} and {{shilingi|-|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 In 1972, cupro-nickel 5-shilling coins were issued but were withdrawn from circulation and are now very rare.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.

In 1987, copper-plated-steel {{shilingi|1}} and {{shilingi|2}} and stainless-steel {{shilingi|5}} and {{shilingi|10}} coins were introduced, with the {{shilingi|5}} and {{shilingi|10}} curved-equilateral heptagonal in shape. In 1998, coins for{{shilingi| 50}}, {{shilingi|100}}, {{shilingi|200}} and {{shilingi|500}} were introduced. Denominations currently circulating are {{shilingi|50}}, {{shilingi|100}}, {{shilingi|200}}, {{shilingi|500}}, and {{shilingi|1,000}}.{{cite web|url=https://www.bou.or.ug/bou/bouwebsite/BankingandCurrency/currency.html|title=Currency – Bank of Uganda|publisher=Bank of Uganda| website=www.bou.or.ug}}

In 1966, the Bank of Uganda introduced notes in denominations of {{shilingi|5}}, {{shilingi|10}}, {{shilingi|20}} and {{shilingi|100}}. In 1973, {{shilingi|50}} notes were introduced, followed by {{shilingi|500}} and {{shilingi|1,000}} in 1983 and {{shilingi|5,000}} in 1985.{{cn|date=November 2023}}

In 1987, notes were introduced in the new currency in denominations of {{shilingi|5}}, {{shilingi|10}}, {{shilingi|20}}, {{shilingi|50}}, {{shilingi|100}} and {{shilingi|200}}. In 1991, {{shilingi|500}} and {{shilingi|1,000}} notes were added, followed by {{shilingi|5,000}} in 1993, {{shilingi|10,000}} in 1995, {{shilingi|20,000}} in 1999, {{shilingi|50,000}} in 2003 and {{shilingi|2,000}} in 2010. Banknotes currently in circulation are 1,000{{shilingi|}}, 2,000{{shilingi|}}, {{shilingi|5,000}}, {{shilingi|10,000}}, {{shilingi|20,000}} and {{shilingi|50,000}}. In 2005, the Bank of Uganda was considering whether to replace the low-value notes such as the {{shilingi|1,000}} with coins. The lower denomination notes take a battering in daily use, often being very dirty and sometimes disintegrating.{{cite web|url=https://www.newvision.co.ug/new_vision/news/1128188/choose-sh1000-coins|title=Choose sh1000 coins|website=newvision.co.ug|access-date=13 April 2018}}

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{{ cite web | title= SPARK trademark registration | url=http://www.trademarkia.com/spark-79023576.html}} 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.

As of April 2023, these are the Ugandan shilling banknotes in circulation:{{cite web |url=https://www.bou.or.ug/bou/bouwebsite/BankingandCurrency/currency.html |title= Currency |publisher=Bank of Uganda |access-date=3 April 2023}}

• 50,000/= yellow {{Cite web|title=Uganda's 50,000 Shilling note|url=https://www.theibns.org/joomla/index.php?option=com_content&view=article&id=217:uganda-50000-shilling-note&catid=13&Itemid=6|access-date=2020-06-12|publisher=International Banknote Society}}
• {{shilingi|20,000}} red
• {{shilingi|10,000}} purple
• {{shilingi|5,000}} green
• {{shilingi|2,000}} blue
• {{shilingi|1,000}} brown

{{Exchange rate|UGX|KYS|ZAR}}

{{Portal|Uganda}}

• Economy of Uganda
• Kenyan shilling
• Tanzanian shilling

{{Reflist}}

{{refbegin}}

• {{numis cite SCWC | date=1991}}
• {{numis cite SCWPM | date=1994}}

{{refend}}

{{n-start|title=First Ugandan shilling}}

{{n-before|currency=East African shilling|reason=currency independence|ratio=at par|note=independent shilling introduced in 1966, but EA shilling not demonetised until 1969}}

{{n-currency|location=Uganda|start=1966|end=1987}}

{{n-after|currency=Second Ugandan shilling|ratio=1 new shilling = 100 old shillings|reason=inflation}}

{{n-end}}

{{n-start|title=Second Ugandan shilling}}

{{n-before|currency=First Ugandan shilling|ratio=1 new shilling = 100 old shillings|reason=inflation}}

{{n-currency|location=Uganda|start=1987}}

{{n-after}}

{{n-end}}

{{Uganda topics}}

{{Currencies of Africa}}

{{Shilling}}

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Category:Circulating currencies

Category:Currencies of Africa

Shilling

Category:Currencies introduced in 1966

Category:Shillings