This archive report was first published on 25 September 2019.
Published on September 25, 2019, the Central Bank of Kenya (CBK) Governor Dr. Patrick Njoroge has assured prisoners that they will not lose their money as the old Ksh1,000 notes are phased out.
Dr. Njoroge said that prisoners arrested before September 30 will have their money exchanged for new currency notes, which will be handed back to them when they are released.
The CBK Governor also raised concerns over suspicious cash trades on wheat in Narok County, hinting that some unscrupulous individuals could be using this opportunity to clean up dirty money before the set deadline of September 30, 2019.
On matters of economy, Dr. Njoroge said that overall inflation is well under control and is expected to remain within the target range in the near term, mainly due to expectations of lower food prices with the anticipated favorable weather conditions and lower electricity prices reflecting the reduced usage of expensive power sources.
“Food inflation declined to 6.7% in August from 7.9% in July following improved weather conditions,” Dr. Njoroge explained.
He added that the recent increase in international oil prices is expected to exert moderate upward pressure on fuel prices, but with limited pass-through effect on inflation.
“Leading signs of economic activities such as consumption-based taxes, growth in electricity and cement consumption, imports of intermediate goods and tourist arrivals indicate that growth has remained strong this year,” said Dr. Njoroge.
