State House has dismissed as fake a widely circulated social media statement claiming that government was planning to demonetise and replace some of Uganda's currency notes.
In a clarification issued on May 19, the Presidency said the alleged "Presidential Directive on Currency Change" did not originate from President Museveni, State House or the Bank of Uganda.
"We have noted a FAKE statement circulating on social media alleging a Presidential directive on changing Uganda's currency notes," the statement read.
Keep up with the latest headlines on WhatsApp | LinkedIn
"This statement is FALSE and did not originate from H.E. the President, State House, or the Bank of Uganda. Ugandans are advised to disregard it and rely only on official communication channels for government announcements."
The fake circular, which spread rapidly across WhatsApp and other social media platforms, purported to announce an immediate demonetization of the Shs50,000, Shs20,000 and Shs10,000 notes.
It falsely claimed that the move had been ordered to combat corruption, illicit financial flows, counterfeiting and the hoarding of undeclared cash outside the banking system.
The document further alleged that holders of the affected notes would be required to deposit them in commercial banks within a specified period, after which the notes would cease to be recognized in transactions.
The circulation of the fake notice comes amid heightened public speculation following reports that security operatives recently recovered large sums of money during searches at properties linked to former Speaker of Parliament Anita Among.
Among, one of Uganda's most influential political figures in recent years, has accumulated significant wealth over the past four years, including high-value properties in Kigo, Nakasero and Ntinda.
These residences were searched by security agencies as part of deeper probe into allegations of illicit accumulation of wealth, corruption and abuse of office.
Unverified claims have since circulated online alleging that her wealth was connected to illegal printing of currency notes, claims for which no official evidence has been publicly presented.
Analysts say the fake currency-change circular appears to have been crafted to exploit the public anxiety and speculation surrounding the ongoing investigations.
Uganda has historically changed or redesigned its currency on several occasions, often during periods of political transition or economic reform.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
The country's most significant currency reform occurred in 1987 when government introduced a new Uganda shilling to stabilize the economy and curb hyperinflation. Under the reform, one new shilling replaced 100 old shillings.
Since then, the country has not undertaken another demonetization exercise, although the Bank of Uganda introduced a redesigned family of banknotes and coins in 2010 with upgraded security features aimed at fighting counterfeiting and improving durability.
Financial experts note that any legitimate currency reform would typically be formally announced through the Bank of Uganda, the Ministry of Finance and official government communication platforms rather than through anonymous social media posts.
