The Uganda shilling is the currency of Uganda, normally abbreviated as UGX or SHS. The Uganda currency has no subdivision. Prior to the shilling, monetary affairs in Uganda and the rest of East Africa was under the East African Currency Board (EACB). The currency board run the monetary economy in the then British colonies from 1921.
The East African Currency Board (EACB) printed money for Uganda, Kenya, Tanganyika and Somali-land. The Currency Board minted the Florin in 1921 replacing it with the shilling a year later.
The last currency issued by the East African Currency Board was in 1958, after which East African countries quickly gained independence. The EACB operations would eventually cease in 1963.
Read: Crane Bank Uganda dilema
Read: Crane Bank Taken over
In 1966 the Bank of Uganda Act created the Bank of Uganda and mandated it the role to issue the Uganda shilling. The Bank of Uganda act has since been amended severally to cater for changing times in the industry.
Uganda’s Currency has changed more than seven times since independence in 1966. From 1966, 1973, 1979, 1983 and 1986 issues were as a result of regime changes.
First Currency (1966 Issue)
The 1966 currency had coins of: 5 cents, 10 cents, 20 cents, 50 cents, 1 shilling, 2 shillings with bank notes of 5 shillings, 10 shillings, 20 shillings, and 100 shillings.
In 1973, a new Uganda Shilling was issued with the portrait of President Idi Amin Dada. Amin had captured power in 1971 from Milton Obote, the first prime minister of the independent republic of Uganda.The denominations of the 1966 Issue were maintained with however a 50-shilling note also issued. Milton Obote would later print his portrait on the subsequent new 1983 Uganda shilling bank notes.
The current series of currency notes was issued in May 2010 with an inclusion of the UGX 2,000 denomination.
The following denominations of currency are currently in circulation:
UGX 1,000 UGX 2,000 UGX 5,000 UGX10, 000 UGX 20,000 and UGX 50,000.
UGX; 1,2,5,10,50,100,200, 500 and 1000.