Ugandan shilling

Ugandan shilling

Shilingi ya Uganda Template:Sw icon
File:UgandanShillings20000.jpg The 1000 shilling note depicts a farmer on one side and grain storage on the reverse 20000 shillings
ISO 4217
Code	UGX (numeric: 800)
Unit
Symbol	USh‎
Denominations
Subunit
1/100	cent
Banknotes	1000, 5000, 10000, 20000, 50000 shillings
Coins
Freq. used	50, 100, 200, 500 shillings
Rarely used	10 Shillings.
Demographics
User(s)	Uganda
Issuance
Central bank	Bank of Uganda
Website	www.bou.or.ug
Valuation
Inflation	6%
Source	The World Factbook, 2006 est.

The Shilling (sign: USh; code: UGX) is the currency of Uganda. Technically, the shilling is subdivided into 100 cents but no subdivisions have been issued since the revaluation of the shilling in 1987.

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 now a stable currency and predominates in most financial transactions in Uganda, which has a very efficient foreign exchange market with low spreads. The U.S. dollar is also widely accepted. The pound sterling and increasingly the euro are also used.

Coins

First shilling

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 In 1972, cupro-nickel 5 shilling coins were issued but were withdrawn from circulation are now very rare.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

Second shilling

In 1987, cupro-nickel-plated-steel 1 and 2 shilling and stainless-steel 5 and 10 shilling coins were introduced, with the 5 and 10 shilling curved-equilateral heptagonal in shape. In 1998, coins for 50, 100, 200 and 500 shillings were introduced. Denominations currently circulating are 10, 50, 100, 200 and 500 shillings.

Banknotes

First shilling

In 1966, the Bank of Uganda introduced notes in denominations of 5, 10, 20 and 100 shillings. In 1973, 50 shilling notes were introduced, followed by 500 and 1000 shillings in 1983 and 5000 shillings in 1985.

Second shilling

In 1987, notes were introduced in the new currency in denominations of 5, 10, 20, 50, 100 and 200 shillings. In 1991, 500 and 1000 shilling notes were added, followed by 5000 shillings in 1993, 10,000 shillings in 1998, 20,000 shillings in 1999 and 50,000 shillings in 2003. Banknotes currently in circulation are 1000, 5000, 10,000, 20,000 and 50,000 shillings. In 2005, the Bank of Uganda was considering whether to replace the low value notes such as the 1000 shilling with coins. The lower denomination notes take a battering in daily use, often being very dirty and sometimes disintegrating.[1]

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

As of October 28, 2009, one US Dollar = 1883.2 Ugandan Shillings

See also

• Economy of Uganda

References

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

External links

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