The government spent Shs193.757 billion to print new currency notes in 2025, rising from Shs174.209 billion spent in 2024, according to the latest Bank of Uganda (BoU) Integrated Annual Report for the year ended June 30, 2025.
The report authored and released by the Central Bank this on Monday 6th, details the institution’s operational and financial performance, including key expenditures, payments, and staff costs.
The report reveals that the cost of printing banknotes increased during the financial year, reflecting the continued demand for high-quality currency and the replacement of worn-out notes in circulation.
In the same financial year, the Central Bank spent Shs9.803 billion to mint coins, slightly lower than the Shs13.299 billion spent in 2024. The Bank attributed the reduction to efficiency improvements in coin production and supply chain management.
“The Bank continues to ensure that there is an adequate and clean supply of currency in the economy while managing production and distribution costs efficiently,” the report states.
The Bank of Uganda further reported that currency in circulation grew to Shs8.98 trillion by June 2025, up from Shs8.2 trillion the previous year, driven by increased economic activity and seasonal cash demand.
The report also highlights a sharp rise in employee-related expenses, noting that the Central Bank spent Shs239.210 billion on staff salaries, wages, and allowances in 2025—up from Shs192.263 billion in 2024.
According to the Bank, “the increase in staff costs was mainly due to salary adjustments, recruitment of specialized staff, and implementation of employee welfare and capacity-building programs.”
The Integrated Annual Report, which has been presented to the Minister of Finance, Planning, and Economic Development for onward transmission to Parliament, is prepared in accordance with Section 49(1) of the Bank of Uganda Act.
It further shows that the Central Bank’s total operating expenses rose moderately, consistent with its expanded operations in monetary policy, supervision, payment systems modernization, and financial stability initiatives.
In its conclusion, the report underscores the Bank’s commitment to transparency and prudent management of public resources, noting that *“every shilling spent supports the Bank’s mandate to maintain price stability and ensure a sound, resilient financial system for Uganda’s sustainable growth.”*
Meanwhile, the report also discloses that the Bank of Uganda extended loans amounting to Shs3.798 billion to its top Executive Management during the financial year 2025. The loans were issued at interest rates ranging between 0 and 3 percent and are repayable within 20 years, in line with the Bank’s policy.
“The advances are given at preferential rates ranging from 0 percent to 3 percent as determined by the Board of Directors. The loans are payable for periods between one and twenty years,” the report states.
The Bank earned Shs43 million in interest on these loans, up from Shs37 million the previous year, according to the report.
