A Guide to Currency Uganda Shilling and Forex Market

The Uganda Shilling is the official currency of Uganda, and it's widely accepted in the country.

The Uganda Shilling is divided into 100 cents, just like the US dollar.

One of the most important things to know about the Uganda Shilling is that it's pegged to the US dollar. The exchange rate is around 3,500 UGX to 1 USD.

Uganda is a member of the East African Community (EAC), which aims to promote economic integration among its member states.

The Ugandan shilling is written in a unique notation, where prices are expressed as x/y, with x representing the amount in shillings and y representing the amount in cents.

You might see an equals sign or hyphen to represent zero amount, such as 50 cents written as "-/50" or 100 shillings as "100/=" or "100/-".

This notation was modeled after the pre-decimal sterling notation, which used pounds, shillings, and pence to express amounts.

The Ugandan shilling is abbreviated as UGX, which is the currency code used in the foreign exchange market to identify the country's currency and facilitate trading.

Locals often use the short form USh to refer to the currency within the country.

The Bank of Uganda, the country's central bank, has the sole authority to print and mint banknotes and coins, and is also responsible for the country's monetary policy and fiscal stability.

As of December 2023, $1 is equal to around 3,781 UGX, according to XE.

The Ugandan shilling has a rich history. It replaced the East African shilling in 1966 at par.

The country's first official currency was introduced in 1966, marking a significant milestone in Uganda's financial history.

The Ugandan shilling has undergone changes over the years, with a new shilling being introduced in 1987, valued at 100 old shillings.

The Bank of Uganda has played a crucial role in the country's monetary policy, with the central bank established in 1966 to take over from the East African Currency Board.

The Ugandan shilling has a fascinating history. The first Ugandan shilling, UGS, replaced the East African shilling in 1966 at par.

High inflation led to the introduction of a new shilling, UGX, in 1987, worth 100 old shillings. This change had a significant impact on the country's financial transactions.

The Ugandan shilling is usually a stable currency, and it predominates in most financial transactions in Uganda. The country's efficient foreign exchange market with low spreads contributes to this stability.

The United States dollar is also widely accepted in Uganda, and sterling is increasingly used.

The Ugandan shilling, abbreviated as UGX, is the official currency of Uganda, introduced in 1966.

It's worth noting that the shilling is a stable currency and is widely used in most financial transactions in Uganda.

The Ugandan shilling is subdivided into 100 cents, although after 2013, the shilling became the smallest unit of currency used and cents were abandoned.

The Bank of Uganda, or BOU, is the only entity with the right to mint, distribute, or destroy currency in Uganda.

The Ugandan shilling has a range of denominations, including coins of 50, 100, 200, 500, and 1,000 shillings, and banknotes of 1,000, 2,000, 5,000, 10,000, 20,000, and 50,000 shillings.

Here are the different denominations of Ugandan shilling banknotes:

The Ugandan shilling is also recognized in the forex market, with the currency code UGX used in international transactions.

The Ugandan shilling banknotes have a rich history. In 1966, the Bank of Uganda introduced notes in denominations of 5/=, 10/=, 20/= and 100/=.

The Ugandan shilling banknotes have undergone several changes over the years. In 1987, notes were introduced in the new currency in denominations of 5/=, 10/=, 20/=, 50/=, 100/= and 200/=.

Today, the Bank of Uganda issues a new family of notes featuring a harmonised banknote design that depict Uganda's rich historical, natural, and cultural heritage. Five images appear on all the six denominations: Ugandan mat patterns, Ugandan basketry, the map of Uganda, the Independence Monument, and a profile of a man wearing Karimojong headdress.

The Ugandan shilling banknotes currently in circulation are 1,000/=, 2,000/=, 5,000/=, 10,000/=, 20,000/= and 50,000/=.

Here's a list of the current Ugandan shilling banknotes in circulation as of April 2023:

It's worth noting that the Bank of Uganda was considering replacing the low-value notes such as the 1,000/= with coins in 2005 due to their frequent use and potential for disintegration.

The Ugandan shilling, also known as UGX, has a complex history of exchange rates. The first Ugandan shilling was introduced in 1966 and was pegged to the East African shilling at par.

To convert USD to UGX, you'll need to know the current exchange rate. According to XE, the UGX is most commonly paired with the USD. As of December 2023, $1 is equal to around 3,781 UGX.

You can calculate the conversion by dividing one by the USD/UGX rate. For example, if the rate is 3,671, it would cost 3,671 Ugandan shillings to buy one USD.

Here's a simple table to help you understand how the exchange rate affects the value of the UGX:

If the rate increases, it means the UGX has lost value relative to the USD. Conversely, if the rate decreases, the UGX has increased in value.

If you're planning a trip to Uganda, you'll need to know how to pay for things. Credit cards from VISA and Mastercard are widely accepted, especially in touristy areas.

To avoid high fees, consider using a prepaid travel card like Revolut, which offers excellent exchange rates and multi-currency balances. This can help you dodge sneaky fees while traveling.

You can also use debit cards linked to your bank account to make purchases and withdraw cash. However, prepaid travel cards are often the best option because they incur lower fees on Ugandan shilling currency exchange.

Here are some popular payment methods to consider in Uganda:

Remember to check beforehand how available mobile payment services are in Uganda, as they may not be widely accepted.

Travelling to Uganda can be a challenge when it comes to figuring out the best way to pay. Many forms of payments have become ubiquitous around the globe, making it easier to navigate.

Credit cards from VISA and Mastercard are widely accepted in Uganda, especially in touristy establishments. Debit cards linked to your bank account can also be used to make purchases and withdraw cash.

Having some Ugandan shilling banknotes is a good idea for small purchases, tipping, and emergencies. You can typically exchange currency at a bank or exchange bureau before or upon arrival.

Mobile payment services like Apple Pay, Google Pay, or Alipay are an increasingly popular way to pay, but availability varies. Prepaid travel cards are another option, offering good value, security, and convenience.

Using a prepaid travel card is often the best way to pay in Uganda, as they incur lower fees on Ugandan shilling currency exchange. Many prepaid travel cards also let you hold multi-currency balances, avoiding sneaky fees while traveling.

If you live in a country where Revolut is available – the US, UK, EU/EEA, Australia, Japan, Singapore, Azerbaijan, Sri Lanka, Brazil, or Chile – it's a great option to consider. The Wise Account is another excellent choice if you're from Canada or New Zealand.

Here are some popular payment options in Uganda:

Sending money abroad can be a hassle, especially if you're not aware of the fees and exchange rates involved. Many people send money to countries like Uganda, where high fees and exchange rates can eat into your transfer amount, often constituting more than 10% of the transfer amount.

Fortunately, there are alternative providers that offer better exchange rates than banks, but it's essential to find the cheapest provider depending on your location, transfer amount, and payment method.

International money transfers are a competitive market, with many trustworthy providers vying for your business. This competition can lead to better exchange rates, often far outdoing those offered by banks.