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Can safe handling of money help to stop the spread of COVID-19?

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The medical fraternity and economists have tipped Ugandans on how to handle money and ably stay safe from contracting the fast-spreading coronavirus.

Ministry of Health officials and other medical personnel had earlier indicated that money can harbour coronavirus if touched by persons infected by the virus, which makes it a high likely route of transmission.

Mr Ramathan Ggoobi, an economist and lecturer at Makerere Business School (MUBS), advised that Bank of Uganda borrows a leaf from Kenya, which after the outbreak of the covid-19, their central bank opted to sanitise the money.

“Kenya approached it better to address it at a macro-level by recycling cash every week by sanitising the notes themselves,” Mr Ggoobi said.

“The central bank [of Kenya] provided that window where whatever money, banks received, they don’t recirculate it before the central bank had sanitised it. So they [the public] kept on getting new notes which are sanitised,” he added.

Whether it is viable in Uganda, Mr Ggoobi said: “It works perfectly because at the moment. The velocity of money depends on economic activity and the level of transaction is low [because] the currency itself is not circulating [highly].”

Daily Monitor

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