The Bank of Uganda (BOU) has cautioned the public against any practice that mutilates or defaces the integrity of the currency, like designing money bouquet as a form of gifts because it disrupts cash flow and increases costs.
This development was confirmed in a statement released by the Bank of Uganda.
According to Kenneth Egesa, the director of communication at BOU, florists, designers, gift stylists, and their clients are particularly cautioned to avoid using currency banknotes and coins when making bouquets or any similar creations.
“This mainly involves the use of brand new banknotes that are stuck together using glue, cellotape, pins, clips, and other adhesive or fasteners as part of flora; bouquets for various social events and gifting ceremonies,” Egesa said.
He said that the practice destroys the utility of the banknotes, making them unusable in cash processing and distribution equipment such as cash counting machines and ATMs, which are critical parts of cash distribution systems.
“It also results in the premature withdrawal from circulation and replacement of banknotes at an avoidable cost to the public,” he added.
However, according to Egesa, the bank does not object to the use of cash as a gift, but they should use the usual use of exchange to facilitate payment transactions.
The Bank of Uganda is doing this in a bid to safeguarding the integrity of the national currency in circulation to fulfill its functionality as a medium of exchange and store of value.
