What is the Ugandan shilling (UGX)
Credit Ratings & Outlook
In the latest credit ratings from December 1970, Fitch has a stable outlook with a B rating. Finally, S&P last issued a B+ rating, with a stable outlook.
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
In 2010 the total GDP was $17,010,765,766 in US Dollars, while the per capita GDP was $508. It grew by 5.18% over the previous year.
The latest unemployment rate for 2009 is 4.20%.
Consumer Price Index
The latest consumer price index for 2010 is 149.97.
The current head of the government is Prime Minister Amama Mbabazi, and the head of state is President Yoweri Museveni (in an executive role).
The Ugandan shilling, denoted by UGX, is the official currency of Uganda. The UGX has proven a relatively stable currency which has prevailed in the majority of Uganda’s financial transactions. Uganda has an efficient foreign exchange market with narrow spreads. The Bank of Uganda is debating replacing the lower value notes such as 1000 shilling with coins, as these notes are widely handled and take a battering in daily use, which causes them to be very filthy.
Sovereign Ratings for Uganda
What does it look like?
Uganda’s politics are based on a democratic parliamentary system. Its government contains three braches: the executive, the legislative, and the judicial. The executive branch is run by the Head of State, which is the president. He is elected for a five-year term by popular vote. From the elected legislatures, the president appoints a cabinet. The president with the assistance of the prime minister does supervision of the cabinet. Legislative responsibility is held with the unicameral national assembly, which contains 303 seats. Out of these 303, 214 members are directly elected and legally established special interest groups nominate the remaining 81. The breakdown is as follows: women-56, army-10, disabled-5, youth-5, and labor-5. The judicial branch works as an independent branch of government and is made up of the magistrate’s courts, high courts, courts of appeals, and Supreme Court. The president appoints the High Court judges, while the Court of Appeal judges are appointed by the president and approved by the legislature.
Chief of State President Lt. Gen. Yoweri Kaguta MUSEVENI (since seizing power 26 January 1986); note – the president is both chief of state and head of government
Head of Government President Lt. Gen. Yoweri Kaguta MUSEVENI (since seizing power 26 January 1986); Prime Minister Apolo NSIBAMBI (since 5 April 1999); note – the prime minister assists the president in the supervision of the cabinet
Cabinet Cabinet appointed by the president from among elected legislators
Elections president reelected by popular vote for a five-year term; election last held on 23 February 2006 (next to be held in February 2011)
Election Results Lt. Gen. Yoweri Kaguta MUSEVENI elected president; percent of vote – Lt. Gen. Yoweri Kaguta MUSEVENI 59.3%, Kizza BESIGYE 37.4%, other 3.3%
Key Economic Factors
Uganda has very many important natural resources such as fertile soils, consistent rainfall, and considerable mineral deposits of copper and cobalt. This all accounts for the fact that Uganda’s most important sector of the economy being agriculture as it employs over 80% of the work force and coffee accounts for the majority of export revenues. Ever since 1986, Uganda’s government with the assistance of foreign countries and international agencies has undergone policy changes to help restore and stabilize its economy. Specifically, the reforms targets are to curb inflation and promote production and export earnings. From 1990-2001 these reforms, which included: the continuous investment in the rehabilitation of infrastructure, better incentives for production and exports, cutting inflation, enhancing domestic security, and the return of Indian-Ugandan exiled entrepreneurs, all helped Uganda’s economy reach a solid performance. However, maintaining strong growth remains somewhat dubious due to corruption within the government and their falling of determination to pursue reforms. However, from 2001-2004 Uganda’s export markets continued to show a solid growth.
Sugar, brewing, tobacco, cotton textiles, cement, and steel production.
Coffee, tea, cotton, tobacco, cassava (tapioca), potatoes, corn, millet, pulses; beef, goat meat, milk, poultry and cut flowers.
Major Trading Partners:
Kenya, Switzerland, Netherlands, India, Belgium and UAE.
Capital equipment, vehicles, petroleum, medical supplies and cereals.
Coffee, fish and fish products, tea, gold, cotton, flowers and horticultural products.
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- Other Currencies Accepted: United States Dollar, British Pound and the Euro
- Currency Peg:No
- Black Market for Currency:Probable
- Currency Volatility:unknown
- Estimated GDP Per Capita:.22 billion (2009 est.) .55 billion (2008 est.) .44 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:English (official national language, taught in grade schools, used in courts of law and by most newspapers and some radio broadcasts), Ganda or Luganda (most widely used of the Niger-Congo languages, preferred for native language publications in the capital and may be taught in school), other Niger-Congo languages, Nilo-Saharan languages, Swahili, Arabic