This archive report was first published on 24 September 2019.
As of September 24, 2019, the Central Bank of Kenya (CBK) has made significant progress in the demonetization process of the old 1,000 shillings note. According to CBK Governor Dr. Patrick Njoroge, more than half of the conversions from old currency notes to new notes were done during the last two weeks of June.
Dr. Njoroge emphasized 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.
The CBK has received support from other countries during the demonetization process. Uganda and Tanzania have completed old to new currency conversions and repatriated their holdings of the old 1,000 shillings notes.
Dr. Njoroge also revealed that the central bank is liaising with the prison authorities to convert any currencies they were holding on behalf of inmates and working with the Judiciary to ensure that old currency exhibit money was also exchanged.
Once the old notes are returned, they are crossed off the CBK register and destroyed as per usual protocol. Dr. Njoroge maintained that the end month deadline for the old 1,000 shillings note would be enforced.
