Exclusive-Bizz-website-user-interface
Money Bouquet

Bank of Uganda Bans the Use Banknotes For Gift Bouquets Ahead of Christmas and Valentine’s Day

Ugandans have recently been embracing a new trend of utilizing Uganda Bank notes to create beautiful bouquets as presents for their dear ones.

However, this trend has caught the attention of the Bank of Uganda, prompting them to take action and urge people to cease this practice.

The bank has justified its stance by highlighting that this activity hampers the functionality of banknotes, rendering them unsuitable for use in cash processing and distribution devices like cash counting machines and ATMs.

The Bank maintains that while they do not oppose the idea of giving cash as a present, it should adhere to the customary practice of using currency to facilitate payment transactions.

Money Bouquet

Below is the full statement;

The public is cautioned against any practice that mutilates, defaces, or compromises
the integrity of Uganda’s 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. 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
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
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.
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.

ALSO READ: Kasuku Believes Vinka’s Musical Success Could Be At Stake If She Ditches Swangz Avenue, Unlike Nwagi

Facebook
Twitter
Email
WhatsApp

Leave a Reply

Your email address will not be published. Required fields are marked *

Similar posts

This option is available in Premium Addons Pro.

Send us a message!

Work with Us

Upload your work or resume, NOTE: your file should be a .pdf less than 5mbs

Newsletter Signup!

Newsletter Subscriptions