Money in circulation amounts to sh700b
Dec 23, 2004
CURRENCY in circulation has increased to sh700b from sh627b to cater for increased demand of the shilling during the festive season, Bank of Uganda’s (BOU) director of the currency department, Patrick Kaberenge, has said.
By Sylvia Juuko
CURRENCY in circulation has increased to sh700b from sh627b to cater for increased demand of the shilling during the festive season, Bank of Uganda’s (BOU) director of the currency department, Patrick Kaberenge, has said.
Kaberenge said during the monthly press briefing on Wednesday that sh36b of the sh700b are coins.
He said they plan to increase coins in circulation from 6% to 20%.
“We are working out ways to distribute coins effectively. We appeal to all banks to invigorate circulation of coins and the public to accept these coins,†Kaberenge said.
He said the central bank’s currency centres will start distributing coins in bulk to business people.
Ends
CURRENCY in circulation has increased to sh700b from sh627b to cater for increased demand of the shilling during the festive season, Bank of Uganda’s (BOU) director of the currency department, Patrick Kaberenge, has said.
Kaberenge said during the monthly press briefing on Wednesday that sh36b of the sh700b are coins.
He said they plan to increase coins in circulation from 6% to 20%.
“We are working out ways to distribute coins effectively. We appeal to all banks to invigorate circulation of coins and the public to accept these coins,†Kaberenge said.
He said the central bank’s currency centres will start distributing coins in bulk to business people.
Ends