Traders rejecting Shs50 coin-MP


The MP for Terego County has tasked government to explain why the public is losing confidence in the Shs50 coin denomination, especially now that Uganda is on the eve of an election.

Mr Kassiano Wadri (FDC) said there was increasing rejection of the Shs50 coins by shopkeepers and public service transport van conductors.

“Right now, wherever you go with the Shs50 coin to make a transaction, it is rejected. What plan does the government have now that the public has lost confidence in this denomination as a medium of exchange?” Mr Wadri asked during Prime Minister’s Question Time yesterday.

He said many traders started rejecting the coin last year yet in the 1990s, every denomination, even a coin, had value.

Dr Rukahana Rugunda, the Prime Minister, said what was important is that Bank of Uganda (BoU) had reaffirmed the sanctity of the coin.

In December last year, BoU issued a notice to the public, through social networking site, Twitter, reassuring the public that the Shs50 coin is still legal tender.

“Therefore, it is legal tender it should be used. We, as leaders, should encourage our people to use the coin because it is recognised, sanctified, accepted by the Bank of Uganda,” Dr Rugunda said.

Previously, the coin could buy a matchbox but now one needs Shs100 to buy it.

Reported by Nelson Wesonga, Solomon Arinaitwe and Yasiin Mugerwa

SOURCE: Daily Monitor


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