Over Ksh100M in Old Ksh1000 Notes Still in Circulation - CBK

  • With six days to go before the deadline, the Central Bank of Kenya (CBK) on Tuesday, September 24 announced that Kenyans were yet to return over Ksh100 million in old Ksh 1000 notes.

    CBK reported that it had received Ksh116 million in Ksh1,000 old notes ahead of September 30, 2019 deadline.

    The unchanged notes are almost half of the total Ksh 1000 notes in circulation which the banking regulator valued at Ksh217 million.

    Old Ksh1000 notes

    CBK asked the banks to be keener as the deadline looms noting that the majority of the notes might be submitted in the next few days.

    This information was brought to light during the Monetary Policy Committee (MPC) meeting held on Monday, September 23.

    Central Bank Governor Patrick Njoroge revealed that until September 1, 58% of currency exchange in value terms was less than KSh500,000,  75% of exchange in value terms was less than KSh1 million and 91% of exchange in value terms was less than KSh2 million.

    "Only 24 transactions were above KSh2 million averaging at KSh3.1 million," CBK added.
      
    The banking regulator further urged prison authorities to exchange the old notes that they were holding on behalf of the inmates.

    "We have also worked with the Judiciary on money which may be held as court exhibits," CBK tweeted.

    Njoroge also announced that over 50% of the exchanges were done during the last two weeks of  June.

    CBK then went ahead to raise alarm over a spike in cash wheat buyers in Narok claiming they suspected that dirty money was being used ahead of the old Ksh1000 note phase-out deadline.

    CBK Governor Patrick Njoroge