The Bank of Uganda (BoU), the regulator of Uganda’s financial sector has spoken out for the first time on the ongoing public debate about the recent burial of socialite Ivan Ssemwanga where lots of money (Uganda Shilling notes) where thrown into his grave.
The public has come out to demand answers from the Central Bank to explain whether the recent act was lawful.
On Friday evening, the Central Bank issued the following statement in regard to the sags:
It has come to our notice that Uganda shilling notes were thrown into a grave during a recent burial ceremony.
The money, which was so mishandled, is likely to be defaced, soiled or damaged; and thereby no longer serve the purpose for which it was intended.
The national currency is minted and printed by the Central Bank to serve as:
- store of value, which means people can save it and use it later—smoothing their purchases over time;
- Unit of account, that is, provide a common base for prices; or
- Medium of exchange, something that people can use to buy and sell from one another.
The shilling is valuable because Ugandans collectively ascribe value to it and entrust the preservation of its integrity to the Bank of Uganda.
Because of its grand purpose and value it holds for us, the shilling deserves the status of a national symbol. This implies that our national currency should not be handled in a manner that is indecorous.
Accordingly, the public is urged strongly to refrain from any act, conduct or use of shilling notes and coins for purposes other than those for which the national currency is intended; or in a manner that results in the defacing, soiling or damaging of the Uganda shilling currency notes and coins.
Indeed, proposed amendments to the Bank of Uganda Act include a clause that will criminalize any practices such as defacing, soiling, mutilation or other forms of disrespect to the national currency. The public will be informed of the amendment once it is concluded
