Code UGX Symbol USh | 1/100 cent Rarely used 10 shillings | |
Banknotes 1000, 2000, 5000, 10,000, 20,000, 50,000 shillings Freq. used 50, 100, 200, 500 shillings | ||
The shilling (sign: USh; code: UGX) is the currency of Uganda. Officially divided into cents until 2013, the shilling now has no subdivision.
Contents
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. The pound 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.
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 In 1972, cupro-nickel 5 shilling coins were issued but were withdrawn from circulation are now very rare.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, copper-plated-steel 1 and 2 shilling and stainless-steel five and ten shilling coins were introduced, with the five and ten shilling curved-equilateral heptagonal in shape. In 1998, coins for fifty, 100, 200 and 500 shillings were introduced. Denominations currently circulating are 50, 100, 200, 500, and 1,000 shillings.