CBK says Uganda, Tanzania have finished converting old KSh 1,000 notes ▷ Kenya News

- CBK has received up to 116 million old KSh 1,000 old notes since the demonetisation kicked off

- 53% of the conversions happened during the last two weeks of June with only 24 transactions being above KSh 2 million

- Governor Njoroge said CBK was in talks with police, courts and prisons to ensure old KSh 1,000 notes they held as exhibits were exchanged

- There will be no penalty for those who will be holding the old currency past the deadline but the money will cease being legal tender

- CBK believes the demonetisation will help deal with money laundering and also net people holding proceeds of illegally acquired wealth

Central Bank of Kenya (CBK) has revealed that Uganda and Tanzania have finished conversion of the old KSh 1,000 notes and repatriated them to Kenya.

While addressing journalists on Tuesday, September 24, CBK Governor Patrick Njoroge said since the demonetisation process kicked off on June 1, the regulator had received up to 116 million old KSh 1,000 notes.

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With six days remaining to the September 30 deadline, Njoroge said most transactions the regulator processed were below KSh 2 million.

Only 24 transactions were above KSh 2 million and they averaged at KSh 3.1 million.

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Until September 1, 58% of currency exchange in value terms was less than KSh 500,000, 75% of exchange in value terms was less than KSh 1,000,000 while 91% of exchange in value terms was less than KSh 2,000,000.

53% of conversions were in the last two weeks of June. Demonetisation has been working well, and we are proceeding to the deadline of September 30.

We have received very good support from other jurisdictions during the demonetisation process," Njoroge said while insisting that all anti money laundering and combating of financing of terrorism checks will remain activated.

In a move to ensure compliance, Njoroge said CBK was in talks with authorities to ensure KSh 1,000 belonging to inmates in their custody was exchanged.

"We have worked with the prison authorities to convert any currencies they are holding on behalf of inmates. We have also worked with the Judiciary on money which may be held as court exhibits," the CBK boss stated.

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