Inside Politics

All new currencies now in circulation, assures CBK boss

Wednesday, August 7th, 2019 00:00 |
Central Bank of Kenya.

Noel Wandera

Central Bank of Kenya (CBK) has asked the media to help sensitise senior citizens in rural areas to exchange old Sh1,000 notes with new currency before October 1,  saying all five denominations of the new notes are now in full circulation.

Governor Patrick Njoroge said all  commercial banks were dispensing all the five denominations either through ATMs or over the counter. 

He also urged parents to issue their children with new notes when schools open for third term next month, adding that employees should also pay their workers’ wages using the new currencies.

Njoroge who was speaking yesterday on Milele FM and Kameme morning shows said these steps are important in making Kenyans, especially in remote areas, learn about features of new currencies as deadline for retiring old Sh1,00 currencies approach.

“Going forward, we must be prepared. It would be good if parents gave their children the new notes to avoid inconveniencing them either when going to school or returning home in October and November after the September 30 demonetisation deadline,” he added. 

CBK kicked off the process of demonetising 217.6 million pieces of the Sh1,000 old series notes in June this year. Njoroge said the reason for the demonetisation was to counter the rising cases of illicit financial transactions and the emerging counterfeit notes. 

He said there had been reports of odd transactions in the banking sector which raised concern among Kenyans. 

Njoroge said CBK had to act quickly to stop the illegal transactions. “You don’t wait until the house is already burning before you use the fire extinguisher. When you smell smoke, grab the extinguisher and begin to deal with it,” he was quoted as saying then.

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