This archive report was first published on 30 September 2019.
As the deadline to exchange old 1000 shilling banknotes for new ones draws near, Kenyans are in a last-minute rush to beat the deadline.
According to the Central Bank of Kenya, there were 217.6 million pieces of the old 1000 notes in circulation, but transactions have been low compared to the month of July after the directive by the Central Bank Governor to commence the process.
Commercial banks have reported increased transactions over the weekend, with retailers and small businesses taking the lead, but no large transactions were reported.
Speaking to KBC, Raphel Ngera, a banker, said the weekend registered a surge in transactions, but the Central Bank of Kenya has insisted that no time will be added to extend the deadline, saying people had been given enough time.
CBK Governor Patrick Njoroge will host a press conference on Tuesday to discuss the demonetisation of the 1000 shilling note.
Meanwhile, it was business as usual in Kisumu and Busia County, as Kenyans went about their daily activities despite the looming deadline.
As of the end of August, conversions stood at 100 million shillings notes, far short of the target of 217 million.
The shortfall by close of business on Monday will be deemed as 'dirty money' that did not transition into the economy.
