The Bank of Uganda (BOU) spent Shs 193.76 billion to print new banknotes in the 2024/25 financial year, a significant rise from Shs 174.21 billion in the previous year, according to the BOU Integrated Annual Report released in October 2025.
An additional Shs 9.8 billion was spent on minting coins, Shs 1.1 billion on currency stock management, Shs 339 million on accessories, Shs 5.4 billion on machine maintenance, and Shs 502 million on bullion van maintenance.
Currency in circulation rose by Shs 771 billion, from Shs 8.21 trillion in FY 2023/24 to Shs 8.98 trillion in FY 2024/25. The value of banknotes increased by Shs 763 billion, while coins grew by Shs 9 billion, driven by economic activity and seasonal cash demand.
The net increase in circulation was attributed to higher withdrawals than deposits, despite a 5% decline in both inflows and outflows, resulting in a net outflow of Shs 771 billion—a 12% drop from the Shs 878 billion recorded the previous year. BOU linked the contraction in movements to enhanced interbank collaboration and increased currency recycling within the banking system.
The report shows Uganda’s financial system remained sound and resilient, with: Non-performing loans declining to 3.7% from 4.9%, Liquidity and capital buffers remaining above regulatory thresholds while Improved bank profitability, supporting market confidence.
Interest income rose to Shs 1.6 trillion in FY 2024/25, up 15% from Shs 1.44 trillion the previous year, mainly due to returns on Government Advances and Securities.
Interest expenses increased to Shs 209 billion, up from Shs 125 billion, driven by cross-currency repurchase agreements with financial institutions totaling USD 300 million and EUR 50 million.
BOU’s total operating expenditure rose to Shs 660 billion in FY 2024/25, from Shs 621 billion the previous year, but remained within the approved budget of Shs 706 billion. Currency-related expenses were the only line item that exceeded projections.
The Bank recorded an unrealised foreign exchange loss of Shs 212 billion due to the appreciation of the Uganda Shilling, reversing a gain of Shs 226 billion in FY 2023/24.
Despite the loss, BOU’s total assets rose by 21.5% to Shs 31.8 trillion, up from Shs 26.2 trillion, while total liabilities grew 23.9% to Shs 25.7 trillion.
The Bank’s net worth increased by 12.4%, reaching Shs 6.1 trillion, up from Shs 5.43 trillion, bolstered by a total comprehensive gain of Shs 679 billion.
