The Auditor General and the Bank of Uganda board have approved the central bank’s annual report for the Financial Year 2023/24 whose findings will be subject to scrutiny by Parliament’s Committee on Statutory Authorities and State Enterprises.
The highlights of the report include an increase in the net value of banknotes in circulation by Shs 477 billion from Shs 6.6 trillion in June 2022 to Shs 7.1 trillion in June 2023, while that of coins increased by Shs 9.9 trillion.
The increment is attributed to the high demand for cash in response to increased economic activity.
“As the Bank issued more new currency to meet the economy’s demand during the period 2022/23, currency issuance costs also grew by 16% from Shs172.3Bn in FY2021/22 to Shs199.3Bn in 2022/23,” the central bank’s report reads in part.
The Central Bank also revealed that as of 30th June 2023, mobile money transaction values significantly increased from Shs156 trillion in June 2022 to Shs191.3 trillion, while the number of registered mobile money customers stood at 42.9 million reflecting a 11.4% increase from 38.5 million in June 2022.