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Encyclopedia > Ugandan shilling

The Ugandan shilling is the currency of Uganda. Its ISO 4217 currency code is UGX. Technically a shilling consists of 100 cents, but due to inflation this fact is effectively ignored. ISO 4217 is the international standard describing three letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO). ...


The Ugandan shilling replaced the East African shilling in 1966 at par. Following high inflation, a new shilling was introduced in 1987 worth 100 old shillings. The East African Shilling is the proposed name for the common currency the East African Community plans to introduce by 2009. ...


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. Foreign exchange has several meanings: In telecommunications, Foreign exchange service is a type of network service. ... The United States dollar is the official currency of the United States. ... GBP redirects here. ... The euro (plural euro--but note linguistic issues concerning the euro, symbol: €; banking code: EUR) is the official currency of the European Union and single currency for over 300 million Europeans in the following twelve European Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands...

The 1000 shilling note depicts a farmer on one side and grain storage on the reverse.
Enlarge
The 1000 shilling note depicts a farmer on one side and grain storage on the reverse.

The notes in circulation within Uganda are the 50,000, 20,000, 10,000, 5000 and 1000 shilling notes. 200, 100 and 50 shilling coins are also used, as are 10 shilling coins which, although no longer produced, are still legal tender. 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] Image File history File links The Ugandan shilling is the national currency of Uganda. ... Image File history File links The Ugandan shilling is the national currency of Uganda. ... Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. ... The Bank of Uganda building on Kampala Road in Kampala The Bank of Uganda (BOU) is the national bank of Uganda in East Africa. ... A coin is usually a piece of hard material, generally metal and usually in the shape of a disc, which is issued by a government to be used as a form of money. ...


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Ugandan shilling
Preceded by:
East African shilling
Reason: currency independence
Ratio: at par		 Currency of Uganda
1966 – 1987		 Succeeded by:
Ugandan new shilling
Reason: inflation
Ratio: 1 new shilling = 100 shillings
Ugandan new shilling
Preceded by:
Ugandan old shilling
Reason: inflation
Ratio: 1 new shilling = 100 shillings		 Currency of Uganda
1987 –		 Succeeded by:
Current
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East Comorian franc | Djiboutian franc | Eritrean nakfa | Ethiopian birr | Kenyan shilling | Seychelles rupee | Somali shilling | Somaliland shilling | Tanzanian shilling | Ugandan shilling
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  Results from FactBites:
 
Ugandan shilling - Wikipedia, the free encyclopedia (249 words)
The Ugandan shilling replaced the East African shilling in 1966 at par.
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 1000 shilling note depicts a farmer on one side and grain storage on the reverse.
  More results at FactBites »


 

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