The Central bank will phase out the old currency in a period of 3 years according to the statement from the State Minister for Planning, Ephraim Kamuntu.

While addressing a press conference in Kampala, Kamuntu said that the government has no money to print new currencies in a short period therefore the old currency will work along side the new currencies already in circulation.

Kamuntu says that the Central Bank will continue considering the old currency as a legal tender until it communicates otherwise.

The Minister says that it is very expensive to print money at once therefore phasing out the old currency will be gradual.

By Issa Asuman