BOU should delay the removal of 10,000-shilling notes from circulation
SIR— Recently, there has been an outcry in the press about the Bank of Uganda recalling the 5,000 and 10,000-shilling notes from circulation.
SIR— Recently, there has been an outcry in the press about the Bank of Uganda recalling the 5,000 and 10,000-shilling notes from circulation. If the analysis is true, these two dominations are still in large numbers in circulation, not only in the urban setting, but also in the rural areas. This is all due to the inadequate mode of public awareness used by BOU.
The three zeros are still fresh in people’s minds. If not checked, this can ignite similar sentiments as those expressed in the 1988 currency conversion. The use of the print and electronic media by BOU has not been effective as the media is preoccupied with the political rhetoric and events taking place in Uganda today.
The Bank of Uganda should devise a way of seeing that the deadline for recalling the two denominations is extended for two more months.
The Christmas season, compounded by the long school holiday, will make matters worse as parents are now saving for these two extraordinary events of the season.
People are bound to lose, stuck with the old notes, not because of ignorance, but due to insufficient awareness.
Kiapi K. Frederick
Kampala
The three zeros are still fresh in people’s minds. If not checked, this can ignite similar sentiments as those expressed in the 1988 currency conversion. The use of the print and electronic media by BOU has not been effective as the media is preoccupied with the political rhetoric and events taking place in Uganda today.
The Bank of Uganda should devise a way of seeing that the deadline for recalling the two denominations is extended for two more months.
The Christmas season, compounded by the long school holiday, will make matters worse as parents are now saving for these two extraordinary events of the season.
People are bound to lose, stuck with the old notes, not because of ignorance, but due to insufficient awareness.
Kiapi K. Frederick
Kampala