BoU warns against using money for bouquets
What you need to know:
- The money bouquet has become one of the most treasured gifts in the country at traditional marriages and some social events. It has replaced flowers, fruits, and many other items.
The Bank of Uganda (BoU) has warned the public against a new money bouquet that involves folding banknotes, especially at functions or events. BoU says the trend shortens the currency’s lifespan.
“The money bouquet trend has brought with it several designs, several of which involve meticulous folding of the banknotes to mold the notes into artistic designs. Unfortunately, this weakens the banknotes,” Mr Charity Mugumya, the director of communications at BoU, said in a Tuesday email response to this publication.
“Banknotes are a medium of exchange and a store of value; that is why Central Banks print banknotes. Therefore, it is fair-minded to call banknote accessorisation within bouquets a misuse of money. Legal tender should be handled with care and respect. It is worth 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,’’ she added. This comes 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”.
The above prompted an immediate response from BoU. “BoU has learnt of a purported notice to the public titled “MISUSE OF MONEY” quoting the date “Wednesday, February 2, 2023”, among others, that is circulating electronically among the public,” the statement to this publication read in part.
It was further stated that BoU did not issue the notice. But emphasised that “The BoU is committed to maintaining the integrity of Uganda’s currency notes and coins’’.
The money bouquet has become one of the most treasured gifts in the country at traditional marriages and some social events. It has replaced flowers, fruits, and many other items.