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The East African shilling was the sterling unit of account in British -controlled areas of East Africa from 1921 until 1969. [2] It was issued by the East African Currency Board. It is also the proposed name for a common currency that the East African Community plans to introduce. The shilling was divided into 100 cents, and twenty shillings ...
P35. Blue-black on yellow and orange underprinting. March 31, 1953 – February 1, 1956. 100 shillings. 5 pounds. P36. Blue-black on green and lilac underprinting. For table standards, see the banknote specification table.
Similarly, in East Africa, the member countries of the East African Community planned to introduce a single currency, the East African shilling until 2012. [7] Following delays, this was postponed initially to 2024, [8] [9] then to 2031. [10]
On 14 September 1966, the Kenyan shilling replaced the East African shilling at par, although the latter was not demonetised until 1969. The Central Bank of Kenya issued notes in denominations of 5/=, 10/=, 20/=, 50/= and 100/=. All of the notes feature a portrait of Kenya's first prime minister and president, Jomo Kenyatta, on the front and ...
The East African shilling had itself been created in 1922 as a monetary unit out of the Indian rupee when the rising price of silver in the wake of the First World War caused the Indian rupees that circulated in British East Africa to rise in value to two shillings sterling. The East African shilling was launched at par with the shilling ...
The first Ugandan shilling (UGS) replaced the East African shilling in 1966 at par. Following high inflation, a new shilling (UGX) was introduced in 1987 worth 100 old shillings. The shilling is usually a stable currency and predominates in most financial transactions in Uganda, which has a very efficient foreign exchange market with low spreads.
The East African Currency Board ( EACB) was established in 1919 to supply and oversee the currency of British colonies in British East Africa. It was established after Britain took control of mainland Tanzania from Germany at the end of World War I, and originally oversaw the territories of Uganda, Kenya, and Tanzania (excluding Zanzibar ).
Maria Theresa thalers were allowed to circulate with a value of 1 shilling and 10 + 1 ⁄ 2 pence (or 45 lire). The East African shilling became the money of account on 1 July 1942; it eventually became the sole legal tender and remained so until 1945. Regular notes of the East African Currency Board were used for circulation in Ethiopia.