This archive report was first published on 11 August 2019.
As the October 1 deadline for phasing out the Sh1,000 note draws near, the Central Bank of Kenya (CBK) has made it clear that the deadline will not be rescinded.
CBK Governor Patrick Njoroge emphasized the importance of complying with the notice, stating, "It is for the good of the economy that all comply."
According to Dr. Njoroge, the CBK has sensed attempts of fraud as those who have been hoarding the note try to offload the money in the market.
These individuals are allegedly launching unregulated money lending businesses and attempting to buy properties in cash.
As a result, the CBK will be monitoring bulk and suspect banking transactions to cushion the economy against inflation and money laundering.
The CBK has already disbursed enough new generation notes, and 95 percent of automated teller machines have been modified to dispense the Sh1,000 note.
Going forward, the CBK will ensure a "controlled injection of the new notes into the market."
Published on August 11, 2019, at 22:00.
