Ugandan Shilling

The Uganda Shilling is the official currency of Uganda. It is subdivided into 100 cents. The Central Bank of Uganda is responsible for issuing the currency. The Ugandan shilling replaced the East African shilling in 1966 at par. The first Ugandan shilling replaced the East African shilling in 1966 at par. The shilling was pegged to the British pound at a rate of 2 shillings = 1 pound, or $1 = £0.50. This was revised in 1973 to a rate of $1 = £0.45. The shilling was devalued in 1978 to a rate of $1 = £0.40, and again in 1980 to a rate of $1 = £0.30. The shilling was floated in 1987. Inflation has been a problem in Uganda, and the currency has been devalued several times. The shilling was devalued in October 1987 to a rate of $1 = £0.27, in September 1991 to a rate of $1 = £0.18, and in November 2009 to a rate of $1 = £0.06. The shilling has been relatively stable since 2009, with a slight devaluation in 2012 to a rate of $1 = £0.05. The Uganda shilling is used in Uganda, Kenya, and Tanzania. It is also the currency of the East African Community.