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Friday, September 29, 2006

Uganda to issue more UShs 5 coins!

Absurd economics...

1US$ = UShs 1866
Lowest US coin is USc 1 = UShs 18.66
UShs 5 = USc 0.268 (US$ 0.00268)

KShs 1 = UShs 26
UShs 5 = KShs 0.1937

Why would the CBU (even after Museveni's edict) do something so stupid as issue such valueless coins? Even Kenyans have moved to the KShs 1 coin & forgotten about the 50 cent coin!

I think I should go acquire a furnace, ship it to Uganda, accumulate Ugandan coins & smelt them down... then export the metal to China... who will turn them into goods to re-import into Uganda!

4 comments:

Kudrinketh said...

This is becoming stupid economics. Its going to cost them so much money to mint these valueless coins!

coldtusker said...

That's why I think I am going to "hoard" these coins and make them into ingots!

tu said...

I agree with you it makes more sense to hoard the coins than spend them.I dont think u can buy a sweet over there with that coin.

pesa

coldtusker said...

Even sweets in Kenya (I loved the minty Tropicals... explains my numerous dental visits!) cost KES 2/- or more thus UGX 50/-...

What will KES 0.20 buy you???
Why waste good money minting & shipping these coins?

By forcing commercial banks to distribute these (worthless) coins the banks have to charge higher fees which leads to further complaints!

Kweli... hii ndiyo Africa...

So... how much does a decent sized furnace cost??? Since Uganda has an electricity shortage, I think I need to get one that runs on charcoal!