Ugandan shilling
Shilingi ya Uganda (Swahili)
The 1000-shilling note depicts a farmer on one side and grain storage on the reverse. The 1000-shilling note depicts a farmer on one side and grain storage on the reverse.
ISO 4217 code	UGX
Central bank	Bank of Uganda
Website	www.bou.or.ug
User(s)	Uganda
Inflation	6%
Source	The World Factbook, 2006 est.
Subunit
1/100	cent
Symbol	USh
Coins
Freq. used	50, 100, 200, 500 shillings
Rarely used	10 shillings
Banknotes	1000, 2000, 5000, 10,000, 20,000, 50,000 shillings

The shilling (sign: USh; code: UGX) is the currency of Uganda. Officially, the shilling is subdivided into 100 cents but no subdivisions have been issued since the revaluation of the shilling in 1987.

History[link]

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.^[1]

Coins[link]

First shilling[link]

In 1966, coins were introduced in denominations of 5, 10, 20 and 50 cents and 1 and 2 shillings. The 5, 10 and 20 cent coins were struck in bronze, with the higher denominations struck in cupro-nickel. The 2 shilling was only issued that year. In 1972, cupro-nickel 5 shilling coins were issued but were withdrawn from circulation are now very rare. In 1976, copper-plated steel replaced bronze in the 5 and 10 cent and cupro-nickel-plated steel replaced cupro-nickel in the 50 cent and 1 shilling. In 1986, nickel-plated-steel 50 cent and 1 shilling coins were issued, the last coins of the first shilling.

Second shilling[link]

In 1987, cupro-nickel-plated-steel 1 and 2 shilling and stainless-steel 5 and 10 shilling coins were introduced, with the 5 and 10 shilling curved-equilateral heptagonal in shape. In 1998, coins for 50, 100, 200 and 500 shillings were introduced. Denominations currently circulating are 50, 100, 200 and 500 shillings.

Banknotes[link]

First shilling[link]

In 1966, the Bank of Uganda introduced notes in denominations of 5, 10, 20 and 100 shillings. In 1973, 50 shilling notes were introduced, followed by 500 and 1000 shillings in 1983 and 5000 shillings in 1985.

Second shilling[link]

In 1987, notes were introduced in the new currency in denominations of 5, 10, 20, 50, 100 and 200 shillings. In 1991, 500 and 1000 shilling notes were added, followed by 5000 shillings in 1993, 10,000 shillings in 1998, 20,000 shillings in 1999, 50,000 shillings in 2003 and 2000 shillings in 2010. Banknotes currently in circulation are 1000, 2000, 5000, 10,000, 20,000 and 50,000 shillings. In 2005, the Bank of Uganda was considering whether to replace the low value notes such as the 1000 shilling with coins. The lower denomination notes take a battering in daily use, often being very dirty and sometimes disintegrating.[2]

On 17 May 2010, the Bank of Uganda issued a new family of notes featuring a harmonized banknote design that depict Uganda’s rich historical, natural, and cultural heritage. They also bear improved security features. Five images appear on all the six denominations: Ugandan mat patterns, Ugandan basketry, the map of Uganda (complete with the equator line), the Independence Monument, and a profile of a man wearing Karimojong headdress. Bank of Uganda Governor Emmanuel Tumusiime Mutebile said the new notes did not constitute a currency reform, nor were they dictated by politics. 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 the ultra-modern security feature called SPARK,” an optical security feature from KBA-GIORI first used on Kazakhstan’s 5,000-tengé commemorative of 2008.^[2]

As of August 22nd, 2011, one US Dollar = 2,800 Ugandan Shillings. The exchange rate further dropped to USD1=UGX2901 in September 2011, but it bounced back to USD1=UGX2303 on 13 February, 2012.^[3]

See also[link]

• Economy of Uganda

References[link]

External links[link]

v t e Economy of Uganda Currency: Ugandan shilling Communications Banking  · Bank of Uganda  · Uganda Development Bank  · Communications  · History of Trade  · Transportation Industries: Agriculture  · Tourism

Michael Ezra Mulyoowa

Michael Ezra Mulyoowa, known in the media as Michael Ezra, is the Founder of Ezra Track Team Board ETTB, a Kampala-based sports philanthropic financing and talent search agency. He is a philanthropist known for his donations towards sporting causes in his home country. He is believed to be one of the wealthiest Africans alive.^[1]

Biography[link]

Born in Kampala, Uganda on July 20, 1973, Mr. Michael Ezra is a former Uganda national team sprinter. His known investment vehicle is Sunspace International, a holding company based out of Seychelles.The company has a wide portfolio with its main activity being venture capitalism but is also involved in international money and food markets,high-end real estate developments to mention but a few.^[2] It is reported that his Dubai investments alone stand at over $1.5 billion,with the bulk of it in real estate^[3] . The media have been fascinated by his opulent lifestyle. In November 2006, he paid over US$250,000 for an exclusive MontBlanc wristwatch.^[4] He gained international media attention with his £60 million bid for English Premiership club Leeds United^[5] as well as recent negotiations with Airbus to buy an A380.

Philanthropic Activity[link]

2003[link]

• Made his first public appearance with a 12 million Ugandan shilling sponsorship of the Uganda athletic team headed for the IAAF World Cross Country Championships in Lausanne, Switzerland.^[6]

2004[link]

• ETTB established national athletics camps across Uganda with the aim of scouting talent.

• Extended sponsorship to boxing, where he spent roughly US$500,000 in a qualification campaign and a nine-month camp for the Uganda national boxing team, The Bombers, in the run-up to the 2004 Summer Olympics in Athens.

2007[link]

• Expanded ETTB's activities into football (soccer), by spending UGX 60 million to send a cash-strapped Uganda national team, The Cranes, to Niamey, Niger for an Africa Cup of Nations qualifier.^[7]

• In September, he awarded The Cranes US$100,000. Awarding the coach $15,000, two assistant coaches $2,500 each and the 16 player squad $5,000 each after they beat Niger 3-1 in a qualifier.^[8]

2008[link]

• Together with other celebrities, he helped raise money for the McDonald's Children Aid Foundation charity in Hamburg, Germany.

Media News[link]

In February 2004 Michael Ezra made a £60 Million bid to buy then English Premiership club Leeds United,^[9] causing the club's shares to go up by 14% as a result. The bid was rejected by the club.

In mid-2004 Michael Ezra made the Government of Uganda a US$ 30 million dollar offer to purchase the Uganda National Stadium (Mandela National Stadium).Although the media reported that the then State Minister for Sports, Henry Oryem Okello, expressed his support of the offer, there was no official response from the Government of Uganda.^[10]

In 2006, he was named the man of the year by a public poll held annually by The New Vision, a Ugandan media house.He was the runner-up to the President of Uganda, H.E Yoweri Kaguta Museveni,for four years between 2003 and 2005 and in 2007.^[11]

In November 2006, he paid over a US$250,000 for an exclusive Mont Blanc wristwatch.^[12] The "one of one" timepiece was the object of an Emirates auction commemorating 100 years of Mont Blanc. With a reserve price of US$65,000, the auction attracted a total of 36 entries.^[13] Michael Ezra's bid constituted the single biggest purchase in the 60 year history of the Duty Free Industry. The timepiece was handed over to the Ugandan Businessman by His Highness Sheik Ahmed bin Saeed Al-Maktoum in Dubai.^[14]

In May 2008, he entered into negotiations with the French aircraft maker Airbus for an A380 to be used as a private jet.^[15]

In July 2009 a scam targeted towards fleecing Michael Ezra was discovered. He survived being conned by an American internet con artist who almost made away with US$5.93 million.^[16]

In August 2010,on his arrival back into the country, the media reported that Michael Ezra had not remitted taxes to the tune of 1.1 Billion (approximately $500,000) to the Uganda government.This prompted the tax body,URA,to request the government to impose a travel ban.Although,whether it was implemented or not was not revealed.^[17] Around the same time it emerged in the mainstream media that Michael Ezra was ordered by the commercial court to pay back a loan of roughly Ush 430 Million (approx. $195,000),including interest,to National Bank of Commerce (Uganda).^[18]

In September 2010, he called a press conference in one of the most luxurious hotels in the Ugandan capital Kampala and displayed a stack of $ 3 Million dollars to prove to the world that he is yet to go broke as alleged by the Ugandan media.^[19] The allegations stem from his failure to pay Uganda's tax body 1.3 billion Shillings in taxes. The tax body had asked the Internal Affairs ministry to withhold his passport.^[20]

In October 2010,while touring Nyayo Stadium in Nairobi Kenya,he informed the Daily Monitor of his offer to the Uganda Cranes of US$ 650,000 should they qualify to the 2012 African Cup of Nations in Equatorial Guinea and Gabon.He has also thrown in an additional US$ 50,000 if they win the Group J qualifier against Kenya's Harambee Stars on the 9th of October 2010 in Nairobi Kenya.The $650,000 will be broken down as follows 18 Players $30,000 each, Coach $60,000, Assistant Coach $25,000, Goalkeeping Coach $25,000.^[21]

In February 2011, Michael Ezra was ‘arrested’ by the Kenyan police who were acting on an arrest warrant issued by the court the previous year. It was said Ezra did not honor court summons to defend himself against allegations that he issued a cheque worth $200,000, which was dishonored, to a Kenyan company.^[22] Ezra, through his lawyer, said he was not aware of the summons and denied the charges brought against him. His lawyer said that the offense was a misdemeanor and bailable. He also argued that Ezra was a prominent international businessman who owned numerous properties in Kenya and was not arrested but handed himself to the authorities and therefore was not a flight risk. The Judge granted a bail of Ksh 6 Million ($78,000).^[23] Ezra’s lawyer claimed in court that a Kenyan businessman was framing his client with the intention of extorting money from him. The case is to be heard on 10 May 2011.^[24]

In October 2011; Michael Ezra Mulyoowa, in true philanthropic style, said he will award the Uganda Cranes with half of the October 2010 pledge of US$ 650,000 despite them not qualifying for the Africa Cup Of Nations. He promised they would receive the money by the end of November 2011. Each of the 18 players stands to receive US$15,000. The Cranes coach would pocket US$30,000 with his assistant and goalkeeping coach receiving US$12,500 each.^[25]

References[link]

• / On-board auction nets $250,000 for Charity Maktoob News November 20, 2006
• / Biggest transaction in travel retail. The Moddie Report November 21, 2006
• / Smile Train Charity dinner attracts notable guest. The Moddie Report June 6, 2007
• Ugandan tycoon orders second Airbus. Luxist May 8, 2008
• /Leeds bid delayed by board row. RTE Sport February 10, 2004
• Businessman escapes $5.93 Million scam. The Gulf Today
• / Ugandan tycoon upbeat on bid. BBC News February 11, 2004
• Cranes rewarded US$100,000. The New Vision September 25, 2007
• Ezra wins $250,000 watch auction. The New Vision November 19, 2006
• Ezra pays for cranes trip. The New Vision October 2, 2006
• Why Ezra bought watch. The New vision November 27, 2006
• Excited Ezra gives team $100,000 despite maths. The Daily monitor September 27, 2007
• Ezra extends support to arua. The Daily Monitor October 13, 2007
• Ezra supports local film. The Daily Monitor December 22, 2007
• Ezra supports Ugandan Boxing The Age April 28, 2004
• Ezra offers 1.6 Billion if cranes qualify The Daily Monitor October 5, 2010

External links[link]

• Official Michael Ezra site

Footnotes[link]