UGX (Ugandan Shilling)

AAA

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.

INVESTOPEDIA EXPLAINS '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.

RELATED TERMS
  1. Authorized Forex Dealer

    Any type of financial institution that has received authorization ...
  2. Currency

    A generally accepted form of money, including coins and paper ...
  3. Quote Currency

    The second currency quoted in a currency pair in forex. In a ...
  4. Forex Futures

    An exchange-traded contract to buy or sell a specified amount ...
  5. Currency Pair

    The quotation and pricing structure of the currencies traded ...
  6. Base Currency

    The first currency quoted in a currency pair on forex. It is ...
RELATED FAQS
  1. If a country's currency is determined by the strength of its economy, why isn't the ...

    Generally speaking, when Country A's currency is worth more than that of Country B, it does not necessarily mean that Country ... Read Full Answer >>
Related Articles
  1. Options & Futures

    A Primer On The Forex Market

    Moving from equities to currencies requires you to adjust how you interpret quotes, margin, spreads and rollovers.
  2. Forex Education

    Currency Exchange: Floating Rate Vs. Fixed Rate

    Baffled by exchange rates? Wonder why some currencies fluctuate while others are pegged? This article has the answers.
  3. Forex Education

    Dollarization Explained

    Find out how fledgling economies can find some stability in their currency and attract foreign investment.
  4. Bonds & Fixed Income

    6 Factors That Influence Exchange Rates

    Find out how a currency's relative value reflects a country's economic health and impacts your investment returns.
  5. Investing

    The Best Way To Approach The Currency Hedge

    Currency is going to continue to be an important factor in investment choices, particularly as the dollar strengthens.
  6. Economics

    Does A Junk Rating Reflect Russia's Fundamentals?

    Moody’s, like other credit rating agencies, has downgraded Russia’s sovereign debt rating to non-investment grade, but does this reflect Russia's economy?
  7. Investing

    Hedged ETFs That Help You Cushion Currency Impact

    If you’re an investor holding non-U.S. assets, the returns on your investments will be affected when you translate your investment from its local currency
  8. Investing

    How To Take Advantage Of A Stronger U.S. Dollar?

    If you are invested in the market, you will feel the effects of a stronger dollar, especially if overseas interests are part of your diversified portfolio
  9. Economics

    Canadian Dollar Continues To Drop, But Why?

    The Canadian dollar-US dollar exchange rate is positively related to oil prices partly due to crude oil's big share of Canada's total FX currency earnings.
  10. Mutual Funds & ETFs

    Greedy on the Dollar? See This Leveraged ETN

    There are several ways to play the rise in the U.S. Dollar, and the UUPT ETN is definitely one way to consider playing it.

You May Also Like

Hot Definitions
  1. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  2. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  3. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  4. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  5. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  6. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
Trading Center