Bank of Uganda Launches News Series of Bank Notes

On 3rd May 2010 Bank of Uganda (BOU) launched a series of new Banknotes. This series constitute a new family of banknotes which will go into circulation from 17th May 2010.

The new notes are in the usual denominations of Shs. 50,000, Shs. 20,000, Shs. 10,000, Shs. 5,000 and Shs. 1,000 with a new entrant of the Shs.2,000 note. Besides a harmonized banknote design that depict Uganda’s rich historical, natural and cultural heritage, the new notes bear improved security features. The new banknotes are not the same size but they are all smaller than the current banknotes.

Coins are not affected by this change.

It is important for the public to note that this is only a change in design. The new series have the same value as the current banknotes and both series will circulate side by side until further notice. Bank of Uganda assures the public that they can freely carry out transactions in both series of banknotes. The new banknotes will reach the public through the normal banking system and normal transactions.

There will be no arrangement for exchange counters at the Central Bank, or at the branches and Curency Centres upcountry.

BOU Governor, Prof. Emmanuel Tumusiime Mutebile said the new notes did not constitute a currency reform, nor were they dictated by politics. He said over the years, the bank had issued new currency notes mainly for political reasons, usually after a change in government. “This is the first time that BOU has introduced new notes on its own,” he explained.

The redesign, he said, was driven by the need to comply with international practices and to beat counterfeiters. “Uganda is the first country in Africa to introduce ultra –modern security feature called SPARK,” he said.

The notes were printed by De La Rue, the world’s largest commercial security printer.