Countries that use the UGX
Currency Exchange Rates for Ugandan Shilling? Convert GBP to UGX at todays exchange rate. See historical and money transfer restrictions for Uganda.
What is the conversion rate between GBP and UGX? To answer this question we must first get to know what exactly UGX is. UGX is the national currency of Uganda, an African country, this is to say that UGX stands for Ugandan Shilling(s). The Bank of Uganda (Uganda's official national bank) is responsible for emitting this currency and at present the exchange rate is 1 GBP = 4,697.53 UGX. Over the past six months, the UGX has had several ups and lows, hitting a high of over 4,700 in May and a low of roughly 4,100 in October of last year. In other words, the UGX has fluctuated nearly 15% in the past six months, thus, it is not a very stable currency. It is said that the sharp depreciation of the UGX is largely due to the strengthening of the USD, among other minor factors.
Importance of Knowing the
Currency Exchange Rate
Some people may ask what the meaning of GBP to UGX or UGX to GBP is. This is the exchange from one currency to another (GBP standing for Sterling Pounds and UGX standing for Ugandan Schillings). Why is this important? Mainly because of travel and investments, one must be aware not only of the current exchange rate but also of the evolution of the currency exchange rate over time, this will help one to evaluate whether or not it is a good idea to invest in a foreign country or currency, among other factors.
Symbols and Designations
Another important element to take into account is the currency's symbol and its designation, so what are these? The Ugandan Shilling symbol is USh and its international designation is UGX, the latter being used for transactions and operations. For example, in Great Britain the Sterling Pound is represented by the symbol Â£ and its international designation is GBP (Great Britain's Pound).
Currency Information on Ugandan Shilling - UGX – Ugandan shilling – Ush
Banknotes are available in denominations of 1000, 2000, 5000, 10,000, 20,000 and 50,000 shillings.
Coins are available in denominations of 10, 20, 100, 200 and 500 shillings, though the 10 and 20 shilling coins are not used frequently.
First introduced in 1987, the shilling replaced the East African shilling at a 1:1 ratio, until a new shilling was introduced in 1987, replacing 100 old shillings with 1 new shilling, revaluating the currency.
We are an international business and work with companies around the world, especially California in the US and Australia. Our providers are based in different countries so we need to be constantly up to date about the current foreign exchange rates. Otherwise, we would be wasting money during the currency transfer process and obviously this is not what a business wants.
Comment written by Victoria Brown Wine Industry.
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