Bank of Uganda cautions florists against using Ugandan currency in making bouquets
Bank of Uganda has issued a warning to all Florists, designers, gifting stylists, and their clients against using Ugandan money for any practice that mutilates, defaces, or compromises the integrity of the Uganda Shilling currency.
In a statement released by Kenneth Egesa the director communications at the central bank of Uganda, the above-mentioned people (Florists, designers, gifting stylists) have been 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,” said Egesa.
This practice according to Bank of Uganda communications director, 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.
He added that 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,” he added.
The central bank further stated that it is committed to safeguarding the integrity of the national currency in circulation to fulfill its functionality as a medium of exchange, and store of value.
It should be noted that this is not the first-time bank of Uganda is warning the public against using new money bouquet that involves folding banknotes, especially at functions or events.
In February this year the authority stated that the Legal tender should be handled with care and respect, adding that banknote printing is an expensive venture, and this trend, if not curbed, will increase the cost burden of banknote printing on the taxpayer.
By this time, the central bank had come out after the Internet was flooded with a purported note which read “Bank of Uganda (BoU), in the exercise of its powers under section 98(1) of the Financial Institutions Act, 2004 (as amended) Wednesday, February 2, 2023, the public is informed that any Ugandan citizen caught misusing Uganda’s money in form of making gifts for their beloved ones will be charged and taken to prison.
