This archive report was first published on 21 August 2019.
As schools reopen in the first week of September, parents are being advised to give their school-going children the new generation Sh1,000 banknotes as pocket money to avoid losing value after September 30.
The Central Bank of Kenya (CBK) has issued a statement warning that the old generation Sh1,000 notes will become worthless by October 1.
CBK Governor Patrick Njoroge confirmed that the Sh50, Sh100, Sh200, and Sh500 notes will be phased out slowly, but the Sh1,000 notes have already been withdrawn by a gazette notice on Friday.
President Uhuru Kenyatta launched the new generation notes during the 56th Madaraka Day celebrations in Narok on June 1, 2019, with the aim of taming corruption and counterfeit notes.
CBK has also issued a similar circular to employers who pay monthly salary in cash and chama contributors, advising them to use the new generation notes to avoid any inconvenience.
