Uganda: Coins in Short Supply
Arizona Coin Collector
FROM:
http://allafrica.com/stories/200812180062.html
Uganda: Coins in Short Supply
Macrines Nyapendi
17 December 2008
Kampala - Banks, foreign exchange bureaus and
retailers in Kampala have been hit by a
shortage of small change bills.
The problem is made worse by ATM machines that
dispense only currency notes obliging users to
opt for larger withdrawals.
The Central Bank is adamant that there is enough
currency in circulation, but declined to reveal
how much currency of small bills is in
circulation. Central Bank insists that they
adequately supply coins and small bill notes
despite what commercial banks may say.
However, one BOU cashier said commercial banks
are only getting coins worth sh500,000 a day.
The source said; "We have a shortage of change
especially the 1000s, 500s and 5000s; the sh50
coins are in plenty but people do not want then
because of their bulkiness."
"We have more than enough small bills in
circulation. There is no shortage at all,"
Walusimbi said.
Walusimbi said the small bills are obtainable
from the banking hall between 9am and 3pm. But
the reality on the ground is different: After
spending two weeks running up and down the
banking hall, the writer got in touch with
Walusimbi and asked him to help her get small
bills of sh100, sh200, sh500 and sh1000 notes
worth sh10m.
Walusimbi offered to get the money from the
cashier in the banking hall after 15minute the
story changed to "I can only get you small
bills for sh5m. At 12:45pm the writer went to
the banking hall to get the change but failed
because the cashier assured that they DO NOT
have change.
At the close of business the writer walked
away without change. That is the situation
on the ground.
The total currency in circulation is
sh1120.32b as of October 2008.
..
Lorrie S.
it's like Planet of the Apes there.
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