Ugandan shilling
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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.
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 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.
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. 1, 2, 5 shilling coins were also minted during the new shilling changeover, and in that year only. 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.[link]
References
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