Saturday August 31, 2019-Central Bank of Kenya has so far collected more than half of the old 1,000 notes even as their expiry nears.
Speaking during an interview, CBK Governor, Patrick Njoroge, revealed that so far, banks have collected more than 100 million pieces of old Sh1,000 notes out 217 million pieces that were in circulation when the demonetisation was announced.
“We expect to collect more notes as the deadline nears because most people like doing things the last minute,” he said.
However, Dr Njoroge ruled out 100 percent success of the demonetisation, saying some have “laundered the illicit proceeds in properties in the country and abroad.”
CBK caught the country by surprise on Madaraka Day when it announced that it was withdrawing the Sh1,000 notes in a bid to counter counterfeits, corruption and money laundering.
During the demonetisation, individuals exchanging less than Sh1 million of the old notes and non-account holders were instructed to exchange them through the currency centres, CBK branches and commercial banks.
Bank customers and non-account holders having an excess of Sh5 million are required to get Central Bank’s approval.
The Kenyan DAILY POST