Half of conversions to new notes done in June

Written By: Stanley Wabomba
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CBK Governor Dr. Patrick Njoroge
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More than half of conversions from old currency notes to new notes were done during the last two weeks of June, the Central Bank says.

CBK Governor Dr. Patrick Njoroge maintains that the old 1,000 shillings note will be worthless come Tuesday next week and he is urging traders to speak to their banks to ensure that their old Ksh 1000 notes are received by close of business Monday next week.

He says the central bank has received support from other countries during the demonetization process.

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Uganda and Tanzania have completed old to new currency conversions and repatriated their holdings of the old 1,000 shillings notes.

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The governor says the central bank is liaising with the prison authorities to convert any currencies they were holding on behalf of inmates.

The bank was also working with the Judiciary to ensure that old currency exhibit money was also exchanged.

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He said once the old notes are returned, they are crossed off the CBK register and destroyed as per usual protocol.

He maintains that the end month deadline for the old 1,000 shillings note would be enforced and is urging traders to speak to their banks to ensure that their old 1000-shilling notes were received by close of business on Monday next week.

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The central bank governor says as at 1st of this month, 58 percent of the value of old to new currency exchanges were worth up to half a million shillings while 17 percent of the conversions were between half a million to one million shillings.

Dr. Njoroge says 16 percent of the value of exchanges was between one and two million shillings while only 24 currency conversion transactions were above 2,000,000 shillings.

 

 

 

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