[20] According to a seminal study by Robert Triffin, it took between 30 and 70 years for the US dollar to overtake the pound sterling as the dominant international currency (see Triffin, R. (1960), Gold and the dollar crisis: the future of convertibility, Yale University Press: New Haven).
The new entry into our banking market has spurred a dramatic expansion of the physical presence of banks in Uganda. The number of commercial bank branches has expanded from 194 in 2007 to the current level of 544. The 12 new entrants to our market in the last six years contributed 152 of these new branches.