This archive report was first published on 23 July 2019.
CBK Boss Admits Shortage of KSh 1,000 Notes ¶
Published on July 23, 2019, at 7:33 am
Benki Kuu (CBK) Governor Patrick Njoroge has acknowledged a shortage of new KSh 1,000 notes in the country, which has caused a delay in the withdrawal of old notes.
Speaking to Royal Media Services, Njoroge said there is a minor issue with the distribution of the new notes, which has led to the old notes remaining in circulation.
"When we started, we gave Kenyans the first batch of new notes to use. However, by this week, we expected the ATMs to have the new KSh 1,000 notes," Njoroge said.
The shortage of new notes has caused inconvenience to individuals and financial institutions, who are now facing a challenge in withdrawing the old notes from circulation.
According to the CBK, the withdrawal of old notes began on May 31, 2019, and is expected to be completed by September 30, 2019.
However, Njoroge has assured Kenyans that there will be enough new notes in circulation by the end of August, and that the withdrawal of old notes will be completed by September 30.
"We have a plan to ensure that the new notes reach every corner of Kenya. We have two months to do this, and we believe it will be enough time to withdraw the old notes from circulation," Njoroge said.
The CBK has also announced that it will not extend the deadline for withdrawing old notes, which will cease to be legal tender on October 1, 2019.
The move is aimed at eliminating counterfeit and unfit currency from circulation in the country.
