Uganda eyes printing it’s own currency to cut costs
The Deputy Governor of the Bank of Uganda, Prof Augustus Nuwagaba, has said that Bank of Uganda is currently studying the feasibility of printing the Country’s currency, as the government pushes to reduce the cost of outsourcing its production.
Nuwagaba said the move is part of government efforts to strengthening the country’s capacity to produce sensitive security documents. He said the central bank is carefully conducting research to establish whether local production would be viable and cost-effective.
Nuwagaba said that printing money from outside the Country is costly but also printing from within the Country has its effect adding that the findings of the ongoing study will guide the government in deciding whether Uganda should begin printing its currency domestically.
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