June 24, 2024

Bank of Uganda bans banknote gifts

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The Bank of Uganda has cautioned Ugandans against defacing the national currency by using bank notes as gifts.

But the central bank warned on Wednesday that such practices constitute mutilation and defacing and compromise the integrity of the Uganda Shilling currency, which is illegal.

It became even more prominent in the lead-up to this year’s national examinations as parents and guardians gifted these bouquets to their candidate children to wish them success.

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“Florists, designers, gifting stylists, and their clients are particularly cautioned to avoid using currency banknotes and coins in making bouquets or any like creations,” said Kenneth Egesa, the bank’s spokesperson.

“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 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.”

However, the Minister for Higher Education, Hon. John Chrysestom Muyingo, warned that this might demoralize other learners whose parents cannot afford such gifts.

In conclusion, the Central Bank said in its statement yesterday that although it is not against using cash as a gift, this exchange should conform to the normal use of currency to facilitate payment transactions.

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written by @enock katamba

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