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B.O.U warns against money bouquets

B.O.U warns against money bouquets

(Courtesy photo)

Creative entrepreneurs advised to preserve currency integrity as unique money bouquet trend gains popularity

In a recent statement, the Bank of Uganda has issued a public caution against the growing trend of using currency banknotes in artistic creations, particularly in the form of money bouquets. The central bank expressed concern over the misuse of brand-new banknotes, warning that such practices compromise the integrity of the Uganda Shilling and hinder its functionality in cash processing and distribution systems.

Florists, designers, and gifting stylists, who have found success in creating unique money bouquets for various social events and gifting ceremonies, are specifically urged to avoid using adhesives or fasteners like glue, cello-tape, pins, and clips to affix banknotes together.

This practice renders the currency unusable in essential cash handling equipment such as ATMs and cash counting machines, resulting in premature withdrawal from circulation and replacement at an avoidable cost to the public.

While acknowledging the creative ingenuity of entrepreneurs in this space, the Bank of Uganda emphasized the importance of preserving the functionality of currency for regular payment transactions. The central bank clarified that it does not object to the use of cash as a gift but encourages adherence to standard practices to ensure the seamless circulation of currency in the economy.

The unique trend of money bouquets has gained significant popularity, especially in Kampala, where creative young entrepreneurs have found a source of income in a nation facing job scarcity. These money bouquets have become a common sight at birthday parties, success celebrations, proposals, and other social events.

Despite the economic opportunities presented by this creative venture, entrepreneurs are now urged to strike a balance between their artistic pursuits and the need to safeguard the integrity of the national currency.

The Bank of Uganda remains committed to upholding the proper functioning of the Uganda Shilling as a medium of exchange and store of value.

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