CBK issues warning over money bouquets
The Central Bank of Kenya (CBK) has warned businessmen involved in the trade of money bouquets over the mishandling of the Kenyan currency notes.
The Central Bank of Kenya (CBK) has warned businessmen involved in the trade of money bouquets over the mishandling of the Kenyan currency notes.
In a statement released on Monday, February 2, CBK noted that the mechanism of creating the bouques could damage the notes and render them unusable.
These include folding, glueing, stapling, pinning, fastening and tapping the note, which compromise the integrity of Kenya Shilling banknotes and render them unsuitable for circulation.
“The use of adhesives, pins, staples, and similar materials damages banknotes and interferes with the efficient operation of cash-handling and processing equipment, including automated teller machines (ATMs), cash counting machines, and sorting equipment.
“This results in increased rejection of banknotes during processing and leads to the premature withdrawal and replacement of currency, at an avoidable cost to the public and the Bank,” the statement read in part.
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The Central Bank maintained that while it does not object to the use of cash as a gift, such use should not involve any action that alters, damages, or defaces banknotes.
“Currency should remain in a condition that allows it to circulate freely and perform its intended functions as a medium of exchange, unit of account, and store of value,” it explained.
Additionally, the Central Bank invoked Section 367 of the Penal Code (Cap. 63, Laws of Kenya), which prohibits the defacement, mutilation, or impairment of currency notes.
It sensitised entrepreneurs who offer money bouquets to adopt alternative, non-damaging methods when presenting monetary gifts.
The CBK has also affirmed its commitment to safeguarding the integrity of the national currency in circulation to protect the quality, usability, and public confidence in the Kenya Shilling banknotes.
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