1000 Notes Worth More Than Ksh 100 Billion Yet to be Exchanged, CBK Reveals

Specimen of Ksh 1000 notes

The Central Bank of Kenya, on Friday, disclosed that old Ksh 1,000 notes worth billions are yet to be exchanged ahead of the September 30 deadline.

It was revealed that the old notes worth more than Ksh 100 billion were still yet to be swapped by citizens.

The regulator claimed that corrupt individuals still in possession of the old notes, were waiting till the deadline day to bank the illegally acquired money.

CBK pointed out that they had put 800 bank accounts under surveillance in a bid to prevent the incident from occurring.

Central Bank of Kenya headquarters in Nairobi

A section of retailers and supermarkets were reported to have started rejecting the old currency.

Reports indicated that the facilities had issued notices that they would not be accepting the notes between September 26 and 29.

Additional information alleged that such places faced legal action as the old Ksh 1,000 notes remained legal tender until the withdrawal date.

The phasing out of the old notes was announced in June this year following the unveiling of the new notes by President Uhuru Kenyatta.

CBK Governor Patrick Njoroge had directed individuals with between Ksh1 million and Ksh5 million, worth of the Ksh 1,000 denominations, to visit their banks (where they hold accounts) and make proper declarations on the source of their finances in order to be allowed to exchange or deposit.

β€œFor between Ksh1 million to Ksh5 million, you will need to go to your bank where they know you, your type of business and they will still ask the usual questions and you sign the usual declaration forms just like it has been done before,” remarked Njoroge.

CBK Boss Patrick Njoroge during a past meeting

Njoroge further reiterated that there will be no extension date for those who won’t have made the swap by the given time.

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