Kenyans rush to beat 1000 old notes exchange deadline

Written By: Regina Manyara/Christine Muchira
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All Kenyans still in possession of the old 1,000 banknotes have Monday only to exchange them with the new generational banknotes.

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With the deadline to exchange the old 1000shs notes with the new ones few hours away, a section of Kenyans are on a last minute dash.

Commercial banks over the weekend reported increased transactions ahead of the last minute deadline rush.

Speaking to KBC on phone Raphel Ngera a banker says the weekend registered a surge in transactions with retailers and small businesses taking the lead however no large transactions were reported.

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According to CBK, there were 217.6 million pieces of the old 1,000 notes that were in circulation.

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However banks say transactions were low in comparison to the month of July after the directive by the Central Bank Governor to commence the process that targets 217 million shillings in old 1000 shillings notes.

The only place remaining for Kenyans to exchange their old banknotes with the new banknotes is the commercial banks.

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Enshrined in law under article 231(4) of the constitution that states currency should not bear peoples portraits, the demonetization process was in part meant to stem corruption and illicit financial flows.

The CBK has insisted that no time will be added to extend the deadline saying that people had been given enough time.

CBK Governor Patrick Njoroge will Tuesday host a press conference on the demonetisation of the 1000 shillings note.

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Meanwhile, it was business as usual in Kisumu and Busia County, as Kenyans went about their businesses despite the looming deadline.

According to the Central Bank of Kenya, conversions stood at 100 million shillings notes as at the end of August against a target of 217 million.

The shortfall by close of business this evening will be deemed as dirty money that did not transition into the economy.

 

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