Currency Rates for Ugandan Shilling
Currency Exchange Rates for Ugandan Shilling - Currency Information on UGX – Ugandan shilling – Ush.
The Ugandan Shilling
The Ugandan economy and the East African region, in general, have been experiencing rapid economic growth. A growth rate of up to ten percent per annum has ensured the Ugandan shilling remains stable. The stability experienced now has not always been the norm. During Amin dictatorial rule the Ugandan shilling was literally valueless.
the Ugandan shilling was introduced in 1966. It replaced the East African shilling which for many years had been used in Uganda, Kenya, and Tanzania. At the same time the chief regulatory body, The Bank of Uganda was formed. Its chief role was to ensure the stability of the newly formed currency and the economy in general.
1987 was a difficult year for the Ugandan economy. Massive drought coupled with the dictatorial rule of Iddi Amin lead to inflation of up to two hundred percent. The Bank of Uganda introduced a new shilling whose value was one hundred times that of the original currency.
In 2010 the outdated Ugandan notes were given a fresher and contemporary look. This addressed the security issues as the old notes were easy to duplicate. Additionally, durable materials were now used to make the coins and notes ensuring they stayed longer in circulation.
Coins and notes available
The Ugandan shilling denominations have been subjected to change quite often. Currently, the coins are available in denominations of 50 Ugandan shilling, 100ush, 200ush, and 500ush. This generation of coins was introduced in the year 2000. The main aim was to reduce the cost of having to replace lower denomination notes frequently.
Notes are available in denominations of 1000ush, 2000ush and 5000ush. The 2000 shilling note is the latest addition to the currency. It was minted to address the issue of a mid-range note; the five thousand notes were too large.
Other currencies used.
Although no substitute currencies exist, the Kenyan shilling is commonly used in Uganda. Uganda being a landlocked country depends heavily on the Kenya as far as bilateral trade is concerned. Additionally, the Kenyan shilling is stronger compared to the Ugandan counterpart, this makes the Kenyan shilling more convenient to carry around.
Around 4000 Ugandan shillings are equivalent to one dollar. Minor changes in the exchange rate have occurred in the past one year. Although the Ugandan shilling has had a turbulent past, it is experiencing stability currently.
GBP to UGX
Banknotes are available in denominations of 1000, 2000, 5000, 10,000, 20,000 and 50,000 shillings.. Coins are available in denominations of 10, 20, 100, 200 and 500 shillings, though the 10 and 20 shilling coins are not used frequently.
First introduced in 1987, the shilling replaced the East African shilling at a 1:1 ratio, until a new shilling was introduced in 1987, replacing 100 old shillings with 1 new shilling, revaluating the currency. The foreign exchange currency code for UGX represents the Ugandan Shilling exchange rate. Bank Exchange Rates for Ugandan Shilling. The foreign exchange rates for Uganda also known as the ISO code UGX. Send money transfer online with us with the cheapest options.