BOU cautions against the misuse of currency banknotes

Bank of Uganda cautioned the public against the misuse of currency banknotes.

The practices in which currency banknotes are misused include making bouquets or any like creations, which has become a trend in recent years.

According to Kenneth Egesa, the  Communication Director the  concern is particularly on the 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.

He explained that the 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 use of currency banknotes in bouquets or other decorative arrangements is not only damaging to the banknotes themselves but also poses a risk to public health,The adhesives used to bind the banknotes together can release harmful chemicals, and the banknotes can harbor bacteria and other pathogens.”Egesa stated.

He encouraged the public to use banknotes in their normal role as a medium of exchange adding  that the BoU 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.

 Egesa also asked the public to report any instances of currency mutilation or defacement to the nearest police station or BoU branch.