Central Bank of Kenya urges employers to pay workers in new KSh 1,000 note ▷ Kenya News

- CBK reminded employers workers will not be able to use old KSh 1000 note after September 30

- The regulator had announced October 1 as deadline for total withdrawal of old KSh 1000 currency

- CBK boss Njoroge argued the old currency was being used for illicit financial flows in the country and across the region

Central Bank of Kenya (CBK) has advised employers who pay salaries and wages in cash to start paying their employees in the new KSh 1000 note.

The regulator reminded the employers their employees will not be able to use the old KSh 1000 note past September 30, 2019, which is the deadline for withdrawal of the old currency from circulation.

READ ALSO: Education CS George Magoha bans all non-academic activities in schools in third term

Central Bank of Kenya had said the old KSh 1,000 note will cease to be legal tender from October 2019. It would be phased out to pave way for the brand new currency. Photo: CBK.
Source: UGC

READ ALSO: Magazeti ya Kenya Jumatano Agosti 21: Chama cha Jubilee kuvunjwa na kubuniwa upya- Maina Kamanda

In a statement shared on Twitter on Wednesday, August 21, CBK noted paying workers in the old bank note would transfer the burden of beating the October 2019 deadline to them, since they would be forced to either spend the old cash or take it to the bank for exchange with new ones.

"If you pay your workers in cash, remember to pay them in the new KSh. 1,000 notes. Do not transfer the deadline burden to them. They will not be able to use the old KSh 1000 notes after September 30," said the regulator.

READ ALSO: New report shows 50% of Kenya's population trapped in debt cycle

The Central Bank had kicked off the process of phasing out the old notes in circulation and replacing them with new generation currency.

All Kenyans have until end of September 2019 to exchange the old KSh 1,000 note, after which the new one will fully take over.

READ ALSO: Maryanne Kitany says she paid Senator Linturi’s 200k rent arrears

Governor Patrick Njoroge, CBK boss, had indicated the old KSh 1000 note was being used for illicit financial flows across the country and in other nations across the region.

"To deal with these concerns conclusively, all the older one thousand shillings will be withdrawn. All persons have until October 1, 2019, to exchange those notes, after which the older one thousand shillings notes will cease to be legal tenders," he said in June 2019.

Do you have an inspirational story you would like us to publish? Please reach us through [email protected] or WhatsApp: 0732482690. Contact Tuko.co.ke instantly.

Kenyan House help from heaven - On Tuko TV

Subscribe to watch new videos

Source: Tuko Kenya