It’s no longer a question of what, but when. The government of Uganda says it will gradually phase out small denomination paper notes as one of the measures to reduce the cost of printing and circulating money. This is the second time the Bank of Uganda is committing to the recommendations of the International Monetary Fund (IMF) to reduce the cost of money. “Given high currency printing costs, we have conducted a market study to compare printing costs, and a cost-benefit analysis of replacing low denomination banknotes with coins,” the government told IMF in June last year in a letter…
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