UGANDAN SHILLING Meaning and
Definition
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The Ugandan Shilling is the official currency of Uganda, a country located in East Africa. It is denoted by the currency code UGX and is subdivided into 100 smaller units known as cents. The abbreviation "USh" is commonly used to represent the currency symbol.
The Ugandan Shilling is issued and regulated by the Bank of Uganda, the country's central bank. It was first introduced in 1966, replacing the East African Shilling, as a means of promoting monetary independence within Uganda.
The value of the Ugandan Shilling fluctuates in accordance with market forces, primarily influenced by factors such as supply and demand, inflation rates, as well as domestic and international economic conditions. The Bank of Uganda plays a crucial role in managing the currency's stability and liquidity through its monetary policy decisions.
The use of the Ugandan Shilling is widespread within the country for all financial transactions and obligations, including trade, services, and consumer purchases. Additionally, it is accepted as legal tender by local businesses and institutions.
As an aggregate measure of value, the Ugandan Shilling functions as a medium of exchange, store of value, and unit of account within Uganda's economy. It provides a common means for individuals, businesses, and the government to assess and compare the worth of goods, services, and assets, facilitating economic transactions and financial planning.
Common Misspellings for UGANDAN SHILLING
- ygandan shilling
- hgandan shilling
- jgandan shilling
- igandan shilling
- 8gandan shilling
- 7gandan shilling
- ufandan shilling
- uvandan shilling
- ubandan shilling
- uhandan shilling
- uyandan shilling
- utandan shilling
- ugzndan shilling
- ugsndan shilling
- ugwndan shilling
- ugqndan shilling
- ugabdan shilling
- ugamdan shilling
- ugajdan shilling
Etymology of UGANDAN SHILLING
The word "Ugandan Shilling" has a straightforward etymology. "Ugandan" refers to the country of Uganda, located in East Africa. It is derived from the name of the indigenous people of the region, the Baganda. "Shilling", on the other hand, is derived from the Old English word "scilling", which originally referred to a weight of silver. Over time, it evolved to become a standard currency unit, used in various countries including Uganda. Thus, the term "Ugandan Shilling" is a combination of the country name and the currency unit.
