• What is UNN?
  • Why UNN?
  • Our Team
  • Support Us
Tuesday, January 31, 2023
  • Login
  • Home
  • Featured stories
  • Editors Choice
  • Trending Stories
  • News
  • Africa Today
  • Opinion
  • Literature
  • Videos
  • Sports
No Result
View All Result
  • Home
  • Featured stories
  • Editors Choice
  • Trending Stories
  • News
  • Africa Today
  • Opinion
  • Literature
  • Videos
  • Sports
No Result
View All Result
UNN Times
No Result
View All Result
Home Africa Today

Uganda set for new Legal Tender as EAC bloc Pushes for a Single Currency

The council of ministers set to meet and agree on the location of the monetary institute

Ronald Mugabi | UNN Times ReporterbyRonald Mugabi | UNN Times Reporter
January 17, 2023
in Africa Today, Business, Editors Choice, Featured stories, News, Trending Stories, Uganda
0
Uganda set for new Legal Tender as EAC bloc Pushes for a Single Currency

The EAC bloc is planning to have a single currency within the next two-three years.

29
VIEWS
Share on FacebookShare on Twitter

NAIROBI – Plans are in advanced stages for the East Africa Community – EAC bloc to adopt a common currency as well as setting-up a regional central bank – Secretary General, Peter Mathuki announced on Monday.

Mathuki said the council of ministers would soon meet to adopt the plan – and agree on the location of the East African monetary institute. For the bank to be operational, the institute has to be established first.

RELATED STORIES

Huge Crowds Welcome Pope to DR Congo on Start of Africa Trip

Huge Crowds Welcome Pope to DR Congo on Start of Africa Trip

January 31, 2023
Police Officers in Fight over Nsambya Barracks Housing Space

Police Officers in Fight over Nsambya Barracks Housing Space

January 31, 2023
Over 300 Arrested for Driving While Speaking on Phone

Over 300 Arrested for Driving While Speaking on Phone

January 31, 2023
BUL Advance into Stanbic Uganda Cup Round Of 32, Vipers Launch Bid

BUL Advance into Stanbic Uganda Cup Round Of 32, Vipers Launch Bid

January 31, 2023

“We are going to finalise where to have the institute this year and the Constitution that will create a roadmap for having a single currency,” said Mathuki in Machakos during the EAC staff retreat; adding: “In the next three to four years, we (EAC) will have a common currency.”

Some countries have been battling to be the host nation for the institute and have already made their requests known.

The discussion over the country to host had to be suspended during the 42nd council of ministers’ meeting in Tanzania mid last year.

A verification exercise to identify the best suited country placed Tanzania on the lead at 86.3 per cent, while Uganda, Burundi and Kenya followed in that order.

Kenya and Uganda, however, teamed up to dismiss Tanzania’s abilities on the matter.
The regional bloc, which is currently made of seven countries had earlier anticipated to have the single currency by 2024.

Last month, a taskforce formed to look into the matter proposed to have the implementation of the monetary union delayed until 2031.

East African Monetary Union is the third pillar of the EAC after the Customs Union and the Common Markets Protocol.

Already, Kampala regime whose President – Yoweri Museveni spends sleepless nights in having the protocols of the EAC operational, has unceremoniously phased out its traditional passport – replacing the same with the EAC designed identification.

Supporting the move, Mathuki said this would ease the doing of business amongst the member states, while facilitating free movement of persons within the countries.

“Apart from other benefits, its set-up makes the region borderless such that our people can move and trade freely as envisioned in the Common Market Protocol,” he said.

It’s important to note that before 1966 the function of managing monetary affairs of Uganda was vested in the East African Currency Board. In 1966 the BoU Act created the Bank of Uganda – and soon after started issuing Uganda’s first currency.

Ever since, the Uganda Currency has changed seven times. The 1966, 1973, 1979, 1983 and 1986 bank currency issues resulted from the respective regime changes.

The 1987 issue has undergone a series of upgrading, though not because of political factors but in an effort to crack down counterfeits and ease transactions as well.

When a new government came into power in 1986 – a new currency with a completely different design was introduced. This currency had coins of 5 cents, 1 shilling, and 2 shillings.

In 1999 new denomination coins of 50, 100, 200 and 500 shillings were introduced and on December 31, 2000, Notes of Uganda Shilling 5, 10, 20, 50, 100, 200 and 500 were demonetized – ceasing to be legal tenders.

The new currency also maintained the same Banknote denominations of; 1000 shillings and 5000 shillings and was upgraded over the years.

In 1995, a new denomination of 10,000 was introduced. It was later upgraded, and on January 2, 2006, the upgraded 10,000 shilling Banknote was issued.

In 1999, Bank of Uganda issued out a new 20,000 banknote. It was also upgraded, and on November 1, 2004, the upgraded 20,000-shilling note was also issued.

On December 1, 2003, Bank of Uganda issued out a new 50,000-Shilling note.

The 1987 series would however cease to be legal tender on March 30, 2013. The public was allowed to exchange this currency at any commercial bank branch at full face value between March 31, 2013 and May 30, 2013; – but the same process continued at any of the central Bank’s branches until December.

The latest family of currency notes was issued in May 2010 with an inclusion of the Ugx2, 000 denomination under the themes; Gifted by Nature. All the issues before 1987 were demonetised.

And the only challenge remains whether the public won’t be rushed in the planned introduction a common EAC single currency as case was with the passport and other protocols.

Tags: East African CommunityLegal TenderSingle Currencyunntimes
Previous Post

High Court picks Interest in Uganda Muslim Supreme Council-Basajjabalaba Case File

Next Post

Why Minister Betty Amongi Twisted her tongue on Corruption Allegations at NSSF

Related Posts

Huge Crowds Welcome Pope to DR Congo on Start of Africa Trip

byMoses Kalaire | UNN Times Reporter
January 31, 2023
0
Huge Crowds Welcome Pope to DR Congo on Start of Africa Trip

KINSASA – Pope Francis arrived in the Democratic Republic of Congo - DR Congo as part of a six-day visit...

Read more

Police Officers in Fight over Nsambya Barracks Housing Space

byRonald Mugabi | UNN Times Reporter
January 31, 2023
0
Police Officers in Fight over Nsambya Barracks Housing Space

KAMPALA – The fight for space between serving and retired police officers - including their civilian relatives at Nsambya barracks...

Read more

Over 300 Arrested for Driving While Speaking on Phone

byRonald Mugabi | UNN Times Reporter
January 31, 2023
0
Over 300 Arrested for Driving While Speaking on Phone

KAMPALA – Traffic police has raised a red-flag over the increasing incidents of motorists speaking on their mobile phones while...

Read more

BUL Advance into Stanbic Uganda Cup Round Of 32, Vipers Launch Bid

byMoses Kalaire | UNN Times Reporter
January 31, 2023
0
BUL Advance into Stanbic Uganda Cup Round Of 32, Vipers Launch Bid

Sparks          0-1 BUL Ntinda United   1-3 Ndejje University Fixture: Tuesday, January 31    @4pm: Bujumbura United...

Read more

Runners Optimistic Ahead of KIX Senshu International Marathon

byMoses Kalaire | UNN Times Reporter
January 31, 2023
0
Runners Optimistic Ahead of KIX Senshu International Marathon

GULU – Two marathoners from Gulu City are hopeful to put up a good show in the upcoming 2023 KIX...

Read more

Bicycle Race in Fight against Teenage Pregnancies in Acholi Stepped Up

byMoses Kalaire | UNN Times Reporter
January 31, 2023
0
Bicycle Race in Fight against Teenage Pregnancies in Acholi Stepped Up

GULU – The MTN Uganda-sponsored Acholi Heritage Bicycle Races were staged separately - over the weekend in the districts of...

Read more
Next Post
Why Minister Betty Amongi Twisted her tongue on Corruption Allegations at NSSF

Why Minister Betty Amongi Twisted her tongue on Corruption Allegations at NSSF

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

About us

UNN is a new people powered TV channel, Radio station and Newspaper leading the revolution. We’re a media outlet focused on inspiring and empowering you while telling the truth, because as they say, the truth will set you free.

Recent

Huge Crowds Welcome Pope to DR Congo on Start of Africa Trip

Police Officers in Fight over Nsambya Barracks Housing Space

Over 300 Arrested for Driving While Speaking on Phone

BUL Advance into Stanbic Uganda Cup Round Of 32, Vipers Launch Bid

Runners Optimistic Ahead of KIX Senshu International Marathon

Bicycle Race in Fight against Teenage Pregnancies in Acholi Stepped Up

Follow Us

Tweets by GetUNN

Facebook

© 2023 UNN Times

No Result
View All Result
  • Home
  • Featured stories
  • Editors Choice
  • Trending Stories
  • News
  • Africa Today
  • Opinion
  • Literature
  • Videos
  • Sports

© 2023

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.