Uganda gives banknotes a facelift

The Bank of Uganda on Monday launched a USh2000 ($0.94) note to enhance the currency's divisibility, alongside revamped versions of five other existing denominations.

"Besides a harmonised banknote design that depicts Uganda's rich historical, natural and cultural heritage, the new notes bear improved security features," the central bank said. The new family of bills will come into circulation on 17 May.

The 50,000; 20,000; 10,000; 5,000 and 1,000 bills have been overhauled for the first time since 1987. Emmanuel Tumusiime-Mutebile, the governor of the central bank, said at the launch event that unlike in the past, the new currency was not being issued for political reasons. "Until very recently, the government did not even know that we were engaged in producing this new series," he said, in a clip shown by NTV, a Ugandan broadcaster.

The new bills, printed by De La Rue, a banknote manufacturer, bear an optical security device, formed of magnetic pigments. When the banknote is tilted, the device produces a moving image, offering a higher level of security against counterfeits.

The new banknote will circulate alongside current banknotes. The old series will remain legal tender. The new notes, which are smaller than their existing counterparts, will be phased in through the banking system, rather than through an exchange operation.