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Bank Of Uganda Denies Plans Of Printing Currency Locally

Bank Of Uganda Denies Plans Of Printing Currency Locally

The chief financial institution in the country, Bank of Uganda has denied reports that have been making rounds on how it will start printing currency locally.

An article published by New Vision suggested that the Bank has plans of starting to print money in Uganda next year.

Taking to their X page, the bank said that this is not true. Being the ones with the mandate to print currency, there is no such a thing. The printing of money will go on as has been the case in the past.

“Bank of Uganda, which has the mandate to print the Uganda shilling, has no plans of printing currency domestically next year,” communicated the Bank.

Apparently, the Uganda Shillings is printed in three countries, the UK, Germany and France. Asked why the country can’t set up a factory to print her own money, Mr Adam Mugume the director of research and policy at the bank said that “Setting up a factory to print money internationally isn’t cost-effective because they print for the global currency.”

The cost of printing one note would be expensive since a country would be looking at printing it’s own note. That’s not to say that it’s not possible because several African countries print their own money.

However, it’s just 9 countries that print their own money on the Black man’s continent. The countries that are said to print their own money include Morocco, Algeria, Egypt, Sudan, Ghana, Nigeria.

The others are; the Democratic Republic of Congo (DRC), Kenya and South Africa.

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