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Kenya Retires Bank Notes, Zimbabwe Eases Mobile Cash Ban, and More

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Nyakundi Report

Newsroom 2 min read

This archive report was first published on 3 October 2019.

Kenya's central bank has retired $210 million worth of $10 bank notes, which will be shredded and compressed into briquettes with a face value of $10,000 each.

Published on October 3, 2019, the move has sparked curiosity, with some analysts wondering if the 210,000 briquettes could become unique collector items.

However, the central bank's governor, Patrick Njoroge, quickly dispelled any conservation hopes, stating that the briquettes could be burned.

Meanwhile, in Zimbabwe, the central bank has eased its ban on mobile cash payouts, restoring cash transactions involving mobile money services that it had banned on Monday.

The Reserve Bank of Zimbabwe said it had enhanced monitoring of the system to prevent abuse by agents who were charging commissions in excess of 40 per cent.

Additionally, police in Nigeria's largest city, Lagos, have busted another illegal maternity unit where captives were impregnated and forced to give birth to babies for sale.

Seven pregnant women and girls escaped the centre, and authorities found the compound in Isolo district.

Developing country debt has jumped to $7.8 trillion in 2018, with sub-Saharan Africa debt levels rising by eight percent, driven by Chinese credit and the International Monetary Fund's record aid to Argentina.

Finally, the United States has announced plans to slap tariffs on $7.5 billion of goods from Europe starting October 18 in retaliation to illegal subsidies on Airbus, following a favourable ruling by the World Trade Organisation.

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