DEFINITION of 'UGX (Ugandan Shilling)'
The currency abbreviation for the Ugandan shilling (UGX), the currency for Uganda. The Ugandan shilling is made up of 100 cents and is often presented with the symbol USh. Even though the shilling is made up cents, no subdivisions have been used since the currency was revalued in 1987.
BREAKING DOWN 'UGX (Ugandan Shilling)'
The Ugandan shilling (UGS) was first introduced in 1966 and replaced the East African shilling at par. After many years of high inflation, the value of the shilling had decreased to a point at which it was necessary to introduce the new shilling in force today (UGX). The new shilling replaced the old at a rate of 100:1.
Although the new shilling is a very stable currency and is used in most transactions in Uganda, the U.S. dollar (USD), Great Britain pound (GPB) and the euro (EUR) are also widely used.