Bank of Uganda has distanced itself from a report that printing of Uganda currency notes in the country will kick off next year. 

In a message that they relayed on X, formerly Twitter, BOU said the role of printing the local currency, the Uganda Shilling, falls directly under their docket.  

“Bank of Uganda, which has the mandate to print the Uganda shilling, has no plans of printing currency domestically next year,” they said in a message posted Wednesday night.

However, on June 11, 2016, a joint venture agreement was penned between Uganda Printing and Publishing Corporation (UPPCL), the Ministry of Finance, Planning and Economic Development, the Office of the President and the consortium of Veridos GmbH and Giesecke and Devrient GmbH, to produce security documents like Bank notes, passports, national IDs and cheques.

This resulted in the formation of a joint venture company called Uganda Security Printing Company (USPC) Ltd, under whose docket printing of security documents falls. This company falls under the President's Office.

USPC has since undertaken the printing of national IDs and cheques, among other documents.  

During the time of the signing of the MoU, President Yoweri Museveni was quoted as saying that there was a haemorrhage of resources that was unjustified through the printing of local currency abroad. He said about $25m was being spent each year to print Ugandan currency.