UGX is the currency code and abbreviation used to represent the Ugandan Shilling, the official currency of Uganda. The Ugandan Shilling is the legal tender and medium of exchange in the East African country of Uganda.
The UGX is subdivided into smaller units called cents, although they are not widely used or circulated. The symbol for the Ugandan Shilling is "USh".
The Ugandan Shilling was introduced in 1966 to replace the East African Shilling, which was the currency used in Uganda before its independence. It is issued and regulated by the Bank of Uganda, the country's central bank. The bank is responsible for maintaining the stability and value of the currency, as well as managing monetary policy.
The UGX is used for various transactions within Uganda, including paying for goods and services, as well as for official government transactions. It is also commonly used for foreign exchange purposes, although the US Dollar is widely accepted in major tourist areas.
The value of the UGX in relation to other currencies fluctuates based on market forces such as supply and demand, inflation, and economic conditions. The exchange rate of the UGX is determined in the foreign exchange market and can be influenced by factors such as interest rates, foreign investments, and international trade.
