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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
In 1989 falling world market prices for coffee reduced growth to 6.6 percent, and a further decline to 3.4 percent growth occurred in 1990, in part because of drought, low coffee prices, and a decline in manufacturing output. [6] Many government policies were aimed at restoring the confidence of the private sector. [8]
Sources from within the government reveal that the main concern at present is the manner in which millions of dollars have been lost in the past decade, money that could allegedly have stayed in Uganda for investment in the public sector; a Global Financial Integrity report recently revealed that illicit money flows from Uganda between 2001 and ...
US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica
In 1921, notes were issued by the East African Currency Board in denominations of 5/-, 10/-, 20/-, 100/-, 200/-, 1,000/- and 10,000/-, with the notes of 20 shillings and above having their denominations expressed also in pounds (£1, £5, £10, £50 and £500). In 1943, 1/- notes were issued, the only occasion that such notes were produced ...
The top five banks held a combined market share of 57.54 percent of total national banking assets. [27] As of 30 June 2023, as reported by the Daily Monitor, total banking assets in Uganda were USh48.3 trillion (approx. US$12.9 billion). [28]
Location of Uganda. Uganda, officially the Republic of Uganda, is a landlocked country in East Africa. Uganda's economy generates income from annual exports that include coffee ($466.6 million), tea ($72.1 million), and fish ($136.2 million). [1] The country has commenced economic reforms and growth has been robust.
The Uganda Securities Exchange (USE) is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's central bank. [2] The exchange opened to trading in January 1998.