A Glance into Bank of Uganda Report by COSASE

The Central Bank took to X formerly Twitter announcing the approval of the 2022/2023 report by both the Board and Auditor General John Muwanga, and when formally tabled before Parliament, the report findings will be subject to scrutiny by Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE).

The net value of banknotes in circulation increased by UGX477bn from UGX6.6tn in June 2022 to UGX7.1tn in June 2023 while that of coins increased by UGX9.9tn and this was on account of increased demand for cash in response to increased economic activity. The UGX50,000 notes commanded the largest share of notes in circulation as of 30th June 2023 accounting for 46% followed by UGX20,000 notes at 25% and UGX10,000 notes at 17%. Coins, UGX1000 note and UGX2000 notes as the least banknotes in circulation commanding 3% and 2% respectively.

To maintain currency in line with the policy on currency, the currency department sorts cash deposited by commercial banks and issues both new and reissue banknotes into circulation. During the FY2022/23, currency department sorted banknotes amounting to UGX10.3tn, a growth of 8% from the value of UGX9.tn sorted in the previous financial year. Out of the UGX10.3tn sorted, UGX7.9tn was returned as reissue, while UGX1.775tn was cancelled and UGX682.74bn was shredded online.

According to Bank of Uganda, the UGX50,000 notes commanded the largest share of notes in circulation as of 30th June 2023 accounting for 46% followed by UGX20,000 notes at 25% and UGX10,000 notes at 17%. Coins, UGX1000 note and UGX2000 notes were the least banknotes in circulation commanding 3% and 2% respectively.

Agago county Legislator raised alarm on the cost of printing money in Uganda and called on Bank of Uganda to promote cashless transactions in the economy, after discovering that in 2022/2023, the Central Bank spent UGX199bn on the printing and issuance of money.

The concern followed the revelation in the 2022/2023 Annual Report of the Bank of Uganda, that highlighted that currency issuance costs grew by 16% from UGX172.3bn in FY2021/22 to UGX199.3bn in 2022/23, thus prompting Hon Lagen David to urge Bank of Uganda to increase the sensitization on the need by the citizenry to embrace cashless transactions in Uganda so as to reduce on the cost of printing and issuance of money.

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St Lawrence University has offered 100 slots of full scholarship to the Office of Hon Lagen David Atuka

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Lagen David

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