February 20, 2017 No Comments
The Uganda banknotes are legal tender in Uganda printed by the Bank of Uganda. Ugandan banknotes are not printed in Uganda but abroad. The Thomas De-La Rue company has been printing Ugandan bank notes from the colonial times.
- Bank of Uganda currency notes were first printed in 1966. Bank of Uganda was started by an act of the Parliament of the Republic of Uganda. Official operations of the central bank started on August 16, 1966. Bank of Uganda started after the collapse of the East African community and the demise of the East African currency board.
- Apart from banknotes, the Bank of Uganda also mints coins. The Bank of Uganda currency coins are in the values 1, 2, 5, 10, 50, 100, 200, 500 and 1000, all are legal tender.
- The current series of Uganda banknotes (currency notes) is called the 2010 series. This is because these Uganda banknotes where printed in 2010 after two decades. These replaced the 1987 series curreny notes. The Uganda banknotes are 1000, 2000, 5000, 10000, 20000 and 50000.
- In 1973 IDI Amin Dada, the president of Uganda introduced bank notes with his portrait. Milton Obote too produced banknotes with his portrait in 1983.
- In the year 2009 the 1987 currency notes were coined. Currency notes of 50, 100, 200 and 500 where demonitized and currency coins introduced.
- The Uganda currency evolved from the cowrie shells which where introduced in the interior by Arab traders. Later the Indian rupee was introduced by the British. The Indian rupee was at par with the British Pound.
- Prior to cowrie shells, barter trade was practiced in Uganda. Items of barter trade in pre colonial Uganda included salt, bark cloth, iron implements, cattle, baskets etc
- The florin and the East Africa shillings were introduced for the British East Africa protectorate in about 1920. The Uganda shillings evolved from the East African shillings.
The German Hella, from neighboring German protectorate of Tanganyika also circulated in Uganda and Kenya.