History
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 now a stable currency and predominates in most financial transactions in Uganda, which has a very efficient foreign exchange market with low spreads. The United States dollar is also widely accepted. The pound sterling and increasingly the euro are also used.
The Bank of Uganda cut its policy rate to 22% on 1 February 2012 after reduction of inflation for 3 consecutive months.
Read more about this topic: Ugandan Shilling
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“The History of the world is not the theatre of happiness. Periods of happiness are blank pages in it, for they are periods of harmony—periods when the antithesis is in abeyance.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“In nature, all is useful, all is beautiful. It is therefore beautiful, because it is alive, moving, reproductive; it is therefore useful, because it is symmetrical and fair. Beauty will not come at the call of a legislature, nor will it repeat in England or America its history in Greece. It will come, as always, unannounced, and spring up between the feet of brave and earnest men.”
—Ralph Waldo Emerson (1803–1882)
“History, as an entirety, could only exist in the eyes of an observer outside it and outside the world. History only exists, in the final analysis, for God.”
—Albert Camus (1913–1960)