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New Banknotes for Uganda

Started by Bimat, May 05, 2010, 04:28:05 PM

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Bimat

BoU issues new currency notes
By Martin Luther Oketch

Posted Tuesday, May 4 2010 at 00:00

The Bank of Uganda yesterday introduced redesigned currency notes but the Central Bank said the old banknotes will remain in circulation until further notice.

"Both series will be legal tender and should continue to be used in cash transactions until the public is informed otherwise. This could take one-and-a -half or two years. Therefore, there will be no special exercise by the bank currency centres to exchange the current banknotes for the new banknotes. The Public is advised not to rush to banks to exchange the notes," said, Mr Emmanuel Tumusiime-Mutebile, the governor Bank of Uganda.

The new series of banknotes are scheduled to go into circulation on May 17.
The introduction of the new banknotes family is the first major change of currency in over 20 years. The Central Bank is also introducing a Shs2,000 bank note, which it says is meant to improve divisibility of the shilling. "The Bank has continually reviewed the security features of the notes to keep ahead of counterfeiters. We widened features on the notes to assist the public to easily differentiate the genuine notes from counterfeits in addition to assisting members of the public who may suffer from sight impairment to easily identify legal tender in its various denominations," Mr Mutebile said.

"I would also like to it make clear that the introduction of a new family of banknotes should have no effect whatsoever on the prices of goods and services. The amount of money in circulation will not be changed by the introduction of new bank notes and therefore no inflation should arise from these changes. There are also no changes in the Uganda coins."

Six banknotes were issued; Shs1,000, Shs2,000, Shs5,000, Shs10,000, Shs20,000 and Shs50,000. Uganda becomes the first country in Africa to launch the banknotes with the advanced security features called Spark.

Finance Minister Syda Bbumba who launched the redesigned notes said research and development will continue to produce new security features that can be utilised to safeguard the physical integrity of the shilling.

Source : Daily Monitor
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Figleaf

An unidentified coin is a piece of metal. An identified coin is a piece of history.

Bimat

The highest denominated banknote,Shs 50,000 is worth 18.23 euro(source: here. (approximately),and the current inflation rate in Uganda is 6%. So the situation in Uganda is not that bad,I think... 8)

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Bimat

Found images while surfing on internet. (Images from e-bay)

1000 Shillings:



2000 Shillings:



5000 Shillings:



10000 Shillings:



20000 Shillings:



Will add image of 50,000 shillings note later, can't find it at the moment.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Coinsforever

Quote from: Bimat on May 05, 2010, 06:58:20 PM
The highest denominated banknote,Shs 50,000 is worth 18.23 euro(source: here. (approximately),and the current inflation rate in Uganda is 6%. So the situation in Uganda is not that bad,I think... 8)

Aditya

Off the topic .
Zimbabwe is front runner  if interested read =http://online.wsj.com/article/SB10001424052748704050204576218690273479676.html#articleTabs=articlehere about inflation & highest denomination notes.

Cheers ;D
Every experience, good or bad, is a priceless collector's item.



http://knowledge-numismatics.blogspot.in/

Bimat

What I meant was highest denomination in circulation in Uganda. Zimbabwe does lead in the overall competition but it no more uses Zimbabwean currency. USD, EUR are official legal tenders.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Bimat

Developing country scoops currency award

Ugandan shilling wins 2011 Best Series Award from International Association of Currency Affairs.

Author: Central Banking Newsdesk
Source: Central Banking | 24 Oct 2011

The Ugandan shilling was named the best new banknote series at the 2011 Currency Conference held in Singapore earlier this month.

The International Association of Currency Affairs (IACA), a non-profit association based in the US handed out the award, naming the Philippines' new generation currency banknote series and the Sri Lankan rupee series as the top runners-up.

The IACA's membership includes central banks, financial institutions and industry players, and the best new banknote series award is open only to banknotes that were released for circulation in the past 18 months.
The winners were voted by IACA members during the general sessions of the Currency Conference from a shortlist of three finalists selected by the IACA Committee.

The Optically Variable Device Patch from Hologram Industries won the best new currency feature. This award is given to new security features issued in a banknote in the past 18 months. The patch security feature appeared on a banknote for the first time in the Bangko Sentral's 500-piso and 1,000-piso new generation currency series.

The patch changes colour when the note is rotated at 90 degrees.

Other awards handed out by the IACA included: best new coin or coin series; best new currency innovation, process or product; best public education programme; best currency website; and an outstanding achievement award.

Source: Central Banking
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

malawi

i have the set , without 50000 shilings , and is very nice set !!!

Bimat

Quote from: malawi on October 24, 2011, 11:10:32 PM
i have the set , without 50000 shilings , and is very nice set !!!
I don't have them but it is indeed a nice set of banknotes. 8)

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.