Uganda BANKING AND CURRENCY
Sources: The Library of Congress Country Studies; CIA World Factbook
Central Bank building in Kampala
Uganda's years of political turmoil left the country with substantial loan repayments, a weak currency, and soaring inflation. During the 1970s and early 1980s, numerous foreign loans were for nonproductive uses, especially military purchases. Even after the Museveni regime seized power, debts climbed while the productive capacity of the country deteriorated. To resolve these problems, the government tapped both external creditors and domestic sources, crowding out private-sector borrowers. The Museveni government then attempted to reduce the percentage of government borrowing from domestic sources and to reschedule payments of foreign loans. The government also implemented successive devaluations of the shilling in order to stabilize the economy.
Data as of December 1990
NOTE: The information regarding Uganda on this page is re-published from The Library of Congress Country Studies and the CIA World Factbook. No claims are made regarding the accuracy of Uganda BANKING AND CURRENCY information contained here. All suggestions for corrections of any errors about Uganda BANKING AND CURRENCY should be addressed to the Library of Congress and the CIA.