MBARARA: Central Bank Urged to Rid 50 Shillings Coin

Dr. Loius Kasekende addressing journalists at Mbarara University on Friday

Residents of Mbarara in western Uganda have questioned the existence of the 50 shillings coin in the national currency, doctor when it has lost nearly all its value.

This matter was raised before Bank of Uganda officials during one of their ongoing nationwide community outreaches ahead of the banks centenary celebrations.

The question of the “worthless coin” was raised to the Central Bank’s Deputy Governor Dr Louis Kasekende by one Emmanuel Twebaze.

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Mr Twebaze, who is also a local radio personality told the governor that the there was no point keeping a domination that is no longer acceptable in the day to day trade transactions.

“Clearly the coin has lost all its value and is no longer welcome; why hasn’t Bank of Uganda scrapped it from circulation?” he queried as the meeting backed him up.

In response, Deputy Governor Kasekende revealed that the same question has been raised multiple times on other platforms. He noted however, that taking a denomination off the currency involves a long and exhaustive process, and urged the locals to be patient.

In the meantime he stressed that the 50 Shs. coin is still a part of the legal tender and that rejecting it illegal.

At the same meeting, locals raised a concern of certain businesses accepting only foreign currencies.

A university student told Bank of Uganda officials that some businesses especially those owned by foreigners were rejecting the local currency and demanding to be pain in dollars.

Dr Kasekende said the bank will establish complaint desks at all their branches around the country where all these concerns can be raised.


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