Kampala, Uganda | THE BLACK EXAMINER | The annual report for the Financial Year 2023/24, as approved by the Auditor General and the Bank of Uganda board, is set to undergo scrutiny by the Parliament’s Committee on Statutory Authorities and State Enterprises.

Notable highlights from the report encompass a rise in the net value of banknotes in circulation, surging from Shs 6.6 trillion in June 2022 to Shs 7.1 trillion in June 2023, signifying an increase of Shs 477 billion. Additionally, the value of coins saw a substantial increase of Shs 9.9 trillion. This surge can be attributed to heightened demand for cash in response to an upswing in economic activity.

The report from the central bank indicates, “As the Bank issued more new currency to meet the economy’s demand during the 2022/23 period, currency issuance costs also saw a 16% increase, climbing from Shs 172.3 billion in FY2021/22 to Shs 199.3 billion in 2022/23.”

Furthermore, the Central Bank’s report reveals that by the end of June 2023, the value of mobile money transactions witnessed a significant boost, surging from Shs 156 trillion in June 2022 to Shs 191.3 trillion. Moreover, the number of registered mobile money customers rose to 42.9 million, reflecting an 11.4% increase from the 38.5 million recorded in June 2022.