The Bank of Uganda has cautioned people against using the country’s notes as wrapped gifts for special occasions, noting that doing so compromises the integrity of the Uganda Shilling currency.
In a statement released on Friday, the bank cautioned florists, designers, gifting stylists, and their clients against using mainly 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 critical part of the cash distribution system” the statement reads.
Although the bank noted that it does not object to using cash as a gift, exchanging it as a wrapped gifts doesn’t align with the normal use of the currency.
“This exchange should conform to the normal use of currency to facilitate payment transactions……It also results in the premature withdrawal from circulation and replacement of banknotes at an avoidable cost to the public” the statement reads.
Of late, people across the country have embraced a fun culture of wrapping bank notes as gifts for different occasions including gifting them as success cards for students during examination periods.
With Valentines Day fast approaching, lovers across the country who had planned to give out wrapped money gifts are set to be at crossroads, with the central bank cautioning against the use of the country’s currency notes as wrapped gifts.
