Uganda Currency
Uganda Currency is the form of money exchange in the Country that can be used to make business transactions and enable the economy to grow. Tourists visiting Uganda on a safaris Uganda Package will have a chance to use the Ugandan Currency as they transact any economic activities like buying Uganda is a landlocked country located in East Africa. This country is bordered by Sudan to the north, the Democratic Republic of Congo to the west, Kenya to the east, Tanzania to the south.
The currency of Uganda is known as shillings and it is issued by the Bank of Uganda. The currency code for Ugandan shillings is UGX. Currency has gone through many changes over the years as well as a series of upgrades. The latest currency notes were issued in 2010 with denominations such as 50000 notes, 20000 notes, 10000 notes, 5000 notes, 2000 notes, and 1000 notes.
Other denominations of the Ugandan shillings include coins such as the 1000-shilling coin, 500-shilling coin, 200-shilling coin, 100-shilling coin. The Ugandan shilling also consisted of the 50 shillings coin though it is rare to find during transactions.
Ugandan shillings can be converted to other currencies from the bank and foreign exchange points around the country. There are also different places for exchanging different currencies at different border points.
Most of the transactions within the country in the tourism and hospitality industry involve using US dollars for organizations such as hotels, tours, and travel agencies and Uganda Wildlife Authority.
Banks in Uganda where the Ugandan shilling can be exchanged include Stanbic bank, Centenary bank, Orient bank, KCB bank, Diamond trust bank Uganda, Equity bank, Exim bank, Eco bank Uganda, Finca Uganda, Postbank Uganda limited, Bank of Africa, Interswitch bank, Housing Finance Bank, and many others.
Many saving schemes have been introduced in Uganda and this has greatly improved the standards of living of many people who use their savings to startup businesses. Different banks also offer loans to the people of Uganda making it easy to carry out transactions and to meet basic needs.
The currency used in Uganda consists of different symbols which include the following;
- The 50000 shillings note consists of the independence monument, the crested crane, silverback gorilla, the map of Uganda, where the equator crosses in Uganda among others.
- The 20000 shillings note consists of the coat of arms symbol, a drum, a cow, the map of Uganda, the Nile river, the independence monument, and many other features.
- The 10000 shillings note consists of a banana plant, independence monument, coat of arms and many other features.
- The 5000 shillings note is green in color and consists of features such as the map of Uganda, s birds nest, independence monument, coat of arms and many other features.
- The 2000 shillings note consists of a blue color, fish symbol, independence monument, map of Uganda and many other features.
- The 1000 shillings note is the smallest denomination of Ugandan currency and it consists of the map of Uganda, the Uganda kob, the independence monument, and many other features.
The unique features on the currency notes represent different aspects within Uganda as a country and the beauty found within the country as well as highlighting different sectors and landmarks in Uganda.
Certain security features are put on the currency to differentiate it from the counterfeit currency and they include a watermark and electrotype, a windowed security thread, high-quality paper, foil images, the color change image which is available on 1000, 2000 and 5000 shillings notes.
The currencies which work in Uganda include US dollar, pound sterling, Japanese yen, Swiss franc, Australian dollar, Canadian dollar, Swedish krone, Norwegian krone, Danish krone, euros, New Zealand dollar, Kenya shilling, Tanzania shilling among others.
Regular changes in currency can also be shown online and this makes it easier to keep up with the exchange rates of different currencies around the world.
People who visit Uganda are also encouraged to exchange their currency into Ugandan shilling for easier transactions as they tour around the different attractions in the country or carry out other types of transactions.
Many different forex bureaus display the exchange rates for different currencies such as the US dollar, British pound, yen, euro, Kenya shillings, Rwandese francs, and many other currencies. The exchange rates are also indicated alongside the currencies.
Different factors determine the rate of exchanging the Ugandan currency and other currencies and they include political stability, level of employment, interest rates, inflation, level of economic activities in a country.
The currency of Uganda has been embraced by the country people over the years despite the many changes made in its denominations and the value of the money itself and the Ugandan shilling has also aided trade around the country.
