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The first Ugandan shilling (UGS) replaced the East African shilling in 1966 at par. Following high inflation, a new shilling (UGX) was introduced in 1987 worth 100 old shillings. The shilling is usually a stable currency and predominates in most financial transactions in Uganda, which has a very efficient foreign exchange market with
De facto exchange-rate arrangements in 2022 as classified by the International Monetary Fund. Floating ( floating and free floating ) Soft pegs ( conventional peg , stabilized arrangement , crawling peg , crawl-like arrangement , pegged exchange rate within horizontal bands )
The exchange rate is grossly more favourable to the seller of the foreign currency than is the official bank rate, but such trading is usually illegal. [ citation needed ] In many rural areas there is still a strong bartering culture, the exchanged items being of more immediate value than official currency (following the principle that one can ...
The shilling was also used in parts of what is now Somalia, Ethiopia, and Eritrea when they were under British control. Before 1941, these areas, then known as Italian East Africa, used the Italian East African lira. In 1941, as a result of World War II, Britain regained control and introduced the shilling, at a rate of 1 shilling to 24 Lire.
A convention frequently used in retail pricing was to list prices over one pound all in shillings, rather than in pounds and shillings; for example, £4-18-0 would be written as 98/– (£4.90 in decimal currency). This is still seen in shilling categories of Scottish beer, such as 90/– beer.
The East African Currency Board (EACB) was established in 1919 to supply and oversee the currency of British colonies in British East Africa. It was established after Britain took control of mainland Tanzania from Germany at the end of World War I, and originally oversaw the territories of Uganda , Kenya , and Tanzania (excluding Zanzibar ).
B.M. Forex Bureau - Uganda House, 8-10 Kampala Road, Kampala Bakaal Express Money Transfer Services Limited 1A - Tropical Complex, 82 Ben Kiwanuka Street, Kampala Bakaal Express Money Transfer Services Limited 1B - 11 Malinga Road, Mengo, Kisenyi , Kampala .
Uganda's important link to the port of Mombasa is now mainly by road, which serves its transport needs and also those of neighboring Rwanda, Burundi, parts of the Democratic Republic of the Congo, and South Sudan. [33] An international airport is at Entebbe on the northern shores of Lake Victoria, about 41 kilometres (25 mi) south of Kampala. [34]