Bank of Uganda (BoU) director of research & policydid not provide details of when BoU expects to wholly phase out the notes and which other notes have been considered for replacement. PHOTO | MORGAN MBABAZI | NMG
Uganda has indicated it is conducting a cost benefit analysis that will inform the decision to replace low denomination banknotes with coins.
In a letter published in the June International Monetary Fund (IMF) Fourth Review for Uganda sent to IMF Managing Director Ms Kristalina Georgieva, Finance Minister Matia Kasiaja and Bank of Uganda (BoU) Director of Research & Policy Adam Mugume noted that printing costs for banknotes had continued to escalate thus necessitating a market study to see which ones can be replaced with coins.
