BoU has urged Ugandans to stop misusing currency banknotes
The Bank of Uganda (BoU) has warned the public against any practice that mutilates, defaces, or compromises the integrity of Uganda Shilling currency.
Kenneth Egesa, the Director Communications at BoU says florists, designers, gifting stylists, and their clients are particularly cautioned to avoid using currency banknotes and coins in making bouquets or any like creations.
“This mainly involves the use of brand-new banknotes that are stuck together using glue, cello-tape, pins, clips, and other adhesives or fasteners as part of floral bouquets for various social events and gifting ceremonies,” Egesa says in a statement.
He adds: “This practice destroys the utility of banknotes making them unusable in cash processing and distribution equipment such as cash counting machines and ATMs, which are a critical part of the cash distribution systems. It also results in the premature withdrawal from circulation and replacement of banknotes at an avoidable cost to the public.”
He says whereas the Bank does not object to using cash as a gift, this exchange should conform to the normal use of currency to facilitate payment transactions.
He adds that the Bank of Uganda is committed to safeguarding the integrity of the national currency in circulation to fulfil its functionality as a medium of exchange, and store of value.
