This archive report was first published on 2 October 2019.
On October 2, 2019, the Central Bank of Kenya (CBK) Governor Patrick Njoroge announced that an estimated Ksh.7.4 billion worth of old notes is now worthless paper.
According to the CBK Governor, the demonetization process was successful in dealing with illicit financial flows and counterfeits.
Dr. Njoroge revealed that over 7 million pieces of the old Ksh. 1,000 notes were not exchanged and are now worthless.
He compared the value of the unreturned money to the value lost during the Goldenberg case.
The Governor also noted that the hypothesis that Kenyans are procrastinators and wait until the last minute was disapproved, as Kenyans acted properly when they knew what was good for them.
He rubbished claims from critics that the demonetisation exercise did not go as planned, stating that there was no impact on inflation, no queue of buyers of high-value assets to launder money, and few queues at banks.
