What is the Ugandan shilling (Ugandan Shilling)’
Ugx is the Currency abbreviation for the Ugandan shilling, the Currency of Uganda. The Ugandan shilling is made up of 100 cents and is often presented with the symbol ush. Although the shilling is cents, no subdivisions have been used since the Currency was revolverman in 1987.
Breaking down the ‘Ugandan shilling (Ugandan Shilling)’
Ugx is the reduction of the currency used in the African country of Uganda. Ugandan shilling, or GHS, was first introduced in 1966 and replaced the East African shilling at par. Up to this point, management of monetary Affairs in Uganda is a responsibility of the Board of the East African currency. In Bou act created the Bank of Uganda in 1966, leading to the introduction of the first official currency of the country in the same year.
After its initial release, the Currency of Uganda has changed several times as a result, the government is regime change. Currency in the latest reprint in 1987 was made a few upgrades designed to reduce counterfeiting and improve security.
Bank of Uganda is the only organization with the right to mint, distribute or destroy currency in Uganda. Currently banknotes are issued in the Ugandan shilling denominations of 1,000; 2,000; 5,000; 10,000; 20,000 and 50,000. Coins are available in Ugandan shilling denomination 1, 2, 5, 10, 50, 100, 200, 500 and 1000.
Although the new shilling is a very stable currency and used in most transactions in Uganda, the United States dollar (USD), British pound (gpb) and Euro (EUR) are also widely used.
The Ugandan shilling and the economy of Uganda
Has long been mired in periods of severe poverty, Uganda has made substantial economic progress in recent years. In times of economic problems, monetary system felt the impact. After many years of high inflation, the value of the shilling was reduced to the point where it was necessary to introduce a new shilling in force today (Ugandan shilling). The new shilling replaced the old at a rate of 100:1.
Uganda is a country with a very diverse population consisted of dozens of individual ethnic groups. It boasts fertile lands, rich in natural resources. This may explain why he was called the “pearl of Africa” Winston Churchill after he visited the region while the country was under British rule. It is not surprising that the country’s economy is based primarily on agriculture. In may 2010, the renewed series of banknotes was issued which included ugx 2,000 denomination with the theme “gifted by nature” and “Uganda over time.”