News in Brief

Lower Print Costs for Uganda

The value of cash in circulation (CIC) in Uganda grew by 5.6% in 2020/21 to 6.03 trillion Ugandan shillings. Of this, banknotes grew by 6% to 5.83 trillion shillings, and coins by 2.65% to 193 billion shillings.

Despite this, the Bank of Uganda saved 45.52 billion shillings in banknote printing costs over the last financial year, due to improved processing and new issuance guidelines. 75% of notes were reissued (versus a previous policy of 70% and a goal of 80%), and 25% of notes were new.

A ‘general decline in demand for cash was also a factor in reducing the central bank’s currency costs, the central bank said in its latest annual report.

According to the report, the cost of banknote printing declined 23.6% for the 2020–21 financial year, from 193 billion shillings to 147.5 billion.