Central Bank warns on fake money
THE Bank of Uganda has warned against fake money being circulated, particularly the sh10,000, sh20,000 and sh50,000 bank notes. Kampala and Hoima are the biggest sources of the counterfeit notes, according to Juma Walusimbi, the bank’s communications director.
By Peter Kaujju
THE Bank of Uganda has warned against fake money being circulated, particularly the sh10,000, sh20,000 and sh50,000 bank notes. Kampala and Hoima are the biggest sources of the counterfeit notes, according to Juma Walusimbi, the bank’s communications director.
The fake notes are copies made by colour scanners. They can be recognised by the silver strip, taken from a lower denomination and glued to the fake notes.
“We want to warn the public that there is counterfeit currency in circulation. We are issuing the guide to help people recognise the features on bank notes and coins to safeguard their wealth,†Walusimbi said.
The guide, titled ‘Know your money. Guard against counterfeit currency’, advises people to check security features on the money, like the raised print, water mark, security thread and the quality of the paper.
“In partnership with the Police, we are going to find the criminals at the heart of this scam. We want to get those who import the equipment and facilitate the distribution of the fake money,†Walusimbi said.
The Police have confirmed that there is a problem with counterfeit money, which also includes American dollars.
“We are aware of the problem,†said spokesman Simeo Nsubuga. “It involves mostly sh20,000 and sh50,000 notes. But there is also a problem with the $50 and $100 notes. Some criminals approach businessmen claiming they can make black dollars for them.â€
On Monday, the Police arrested Jonathan Bbosa Ssiwemuke, a resident of Makindye, who was carrying fake dollar notes worth $50,000. “In addition, he had a negative of a sh20,000 note, which is used to print the fake money,†Nsubuga said.
Several shopkeepers, interviewed by The New Vision, said they had become victims of the scam.
“Most of the fake notes we get are sh50,000 denominations,†said Michael Kiwagama, the administration manager at Game Stores, one of the biggest shopping centres in Kampala.
“It has been rampant since the beginning of the year.†Game now encourages its staff to study the security features of the notes.
“We realised it was getting out of hand so the management decided to install ultraviolet lights to see the features of genuine money,†said a pump attendant at Pearl filling station in Old Kampala.
Eddy Babumba, a fish vendor in Kamwokya market, said he had been duped several times and lost sh40,000 recently. Big shopping centres like Shoprite, Uchumi and Half Price supermarkets have installed detectors to fight the vice.
Whoever gets a fake note should go to the nearest commercial bank, the Bank of Uganda or the Police, Walusimbi advised. He warned against peddling or passing on the fake notes to others.
THE Bank of Uganda has warned against fake money being circulated, particularly the sh10,000, sh20,000 and sh50,000 bank notes. Kampala and Hoima are the biggest sources of the counterfeit notes, according to Juma Walusimbi, the bank’s communications director.
The fake notes are copies made by colour scanners. They can be recognised by the silver strip, taken from a lower denomination and glued to the fake notes.
“We want to warn the public that there is counterfeit currency in circulation. We are issuing the guide to help people recognise the features on bank notes and coins to safeguard their wealth,†Walusimbi said.
The guide, titled ‘Know your money. Guard against counterfeit currency’, advises people to check security features on the money, like the raised print, water mark, security thread and the quality of the paper.
“In partnership with the Police, we are going to find the criminals at the heart of this scam. We want to get those who import the equipment and facilitate the distribution of the fake money,†Walusimbi said.
The Police have confirmed that there is a problem with counterfeit money, which also includes American dollars.
“We are aware of the problem,†said spokesman Simeo Nsubuga. “It involves mostly sh20,000 and sh50,000 notes. But there is also a problem with the $50 and $100 notes. Some criminals approach businessmen claiming they can make black dollars for them.â€
On Monday, the Police arrested Jonathan Bbosa Ssiwemuke, a resident of Makindye, who was carrying fake dollar notes worth $50,000. “In addition, he had a negative of a sh20,000 note, which is used to print the fake money,†Nsubuga said.
Several shopkeepers, interviewed by The New Vision, said they had become victims of the scam.
“Most of the fake notes we get are sh50,000 denominations,†said Michael Kiwagama, the administration manager at Game Stores, one of the biggest shopping centres in Kampala.
“It has been rampant since the beginning of the year.†Game now encourages its staff to study the security features of the notes.
“We realised it was getting out of hand so the management decided to install ultraviolet lights to see the features of genuine money,†said a pump attendant at Pearl filling station in Old Kampala.
Eddy Babumba, a fish vendor in Kamwokya market, said he had been duped several times and lost sh40,000 recently. Big shopping centres like Shoprite, Uchumi and Half Price supermarkets have installed detectors to fight the vice.
Whoever gets a fake note should go to the nearest commercial bank, the Bank of Uganda or the Police, Walusimbi advised. He warned against peddling or passing on the fake notes to others.