The currency of Uganda. Currency code (UGX)

What Is the UGX (Ugandan Shilling)?

UGX is the currency code for the Ugandan shilling, the national currency for the Republic of Uganda, although the symbol USh is used to represent the currency locally. Up until 2013, the Ugandan shilling was divisible into 100 cents. After 2013, shilling became is the smallest unit of currency used and cents were abandoned.

Understanding the Uganda Shilling (UGX)

Before 1966, the East African Currency Board handled monetary policy for the nation and the country used the common East African shilling as currency, along with several neighboring countries. With the creation of the Bank of Uganda (BoU) in 1966, financial decisions transferred to the new central bank, and the nation introduced the country’s first official currency.

The Bank of Uganda is the only entity with the right to mint, distribute, or destroy currency in Uganda. Coins have denominations of one, two, five, 10, 50, 100, 200, 500, and 1,000 shillings, while banknotes have denominations of 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000 shillings.

The first issue Ugandan shilling (UGS), was introduced in 1966 and replaced the East African shilling at par. In 1987, the government issued a new shilling which received the currency symbol of UGX. The new shilling was valued at 100 old shillings. The Ugandan Shilling is floating against other currencies.

In 2010, the Bank of Uganda circulated an issue of shilling banknotes with enhanced security features and images depicting the nation's history and culture.5 Although the new shilling is a stable currency and used in most financial transactions in Uganda, the U.S. dollar (USD), Great Britain pound (GBP), and the euro (EUR) also see use in the nation.