According to BoU, 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.
Bank of Uganda has cautioned the public using using currency banknotes and coins in making bouquets or any like creations.
This, the central bank argues, 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.
“The public is cautioned against any practice that mutilates, defaces, or compromises the integrity of Uganda Shilling currency. Florists, designers, gifting stylists, and their clients are particularly cautioned to avoid using currency banknotes and coins in making bouquets or any like creations,” the statement signed by BoU Communications Director Kenneth Egesa reads in part.
“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,” it adds.
Many members of the public are currently engaged in sharing bouquets with notes attached to them, especially on weddings and birthday parties.
According to BoU, 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.
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,” it says.
Bank of Uganda says it 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.
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