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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 ...
A map of indigenously made pre-colonial African currencies and their respective minting states. In pre-colonial times, many objects were sometimes used as currency in Africa. These included shells, [1] ingots, gold (gold dust and gold coins (the Asante)), arrowheads, iron, salt, cattle, goats, blankets, axes, beads, and many others.
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 ).
The history of East Africa has been divided into its prehistory, the major polities flourishing, the colonial period, and the post-colonial period, in which the current nations were formed. East Africa is the eastern region of Africa, bordered by North Africa, Central Africa, Southern Africa, the Indian Ocean, and the Sahara Desert.
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 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 provided a common currency from 1919 to 1966. The customs union between Kenya and Uganda in 1917, which Tanganyika joined in 1927, was followed by the East African High Commission (EAHC) from 1948 to 1961, the East African Common Services Organization (EACSO) from 1961 to 1967, and the EAC [ 11 ] from 1967 to 1977.
5.6%. Source. The World Factbook, 2015 est. The shilling (Swahili: shilingi; abbreviation: TSh; code: TZS) is the currency of Tanzania. It is subdivided into 100 cents (senti in Swahili). The Tanzanian shilling replaced the East African shilling on 14 June 1966 at par. [1]