Wednesday, October 2, 2019- Central Bank of Kenya Governor Dr Patrick Njoroge has revealed that Kenyans did not return Sh1000 notes worth Sh7.38 billion.

Speaking during a press conference on Wednesday, Njoroge said that out of 217 million Sh1, 000 notes, 209.6 million were returned by the end of the demonetisation process on September 30.

"By September 30, 209,661,000 pieces had been exchanged and therefore 7,386,000 million pieces are still held by individuals as worthless money," Njoroge said.

 "Demonetisation has been successful because we have completed it smoothly, with AML/CFT filters firmly in place, and kept out money whose owners did not want to be subjected to the relevant checks in the system." He added.

On the same breath, Dr Njoroge also explained the process through which the old notes will be destroyed.

"When we receive banknotes, we punch them and shred them, then compact them into a briquette. Each briquette the Governor is holding is equivalent to Ksh 1,000,000 in shredded banknotes," Njoroge said.

The regulator also revealed that 3,172 suspicious transactions were flagged during the demonetisation period.

The Central Bank of Kenya rolled out new generation Sh1000 note in June 1, with Kenyans given to September 30 to exchange their old bills at the bank or be stuck with bundles of useless cash.

The operation was aimed at flushing out dirty money being hoarded by tax evaders, crooked businessmen and criminal groups.

The Kenyan DAILY POST.

Post a Comment