KSh 7 billion in old 1,000 notes still in Kenyans' hands - Central Bank of Kenya ▷ Kenya News

- A total of 217,047,000 pieces of old KSh 1,000 notes worth KSh 217 billion were in circulation as at June 1, 2019.

- A total of 209,661,000 pieces of the old KSh 1,000 notes worth KSh 209 billion had been returned to CBK by September 30.

- The balance of 7,386,000 pieces of the old KSh 1,000 notes worth KSh 7.38 billion that were not returned

Central Bank of Kenya (CBK) on Wednesday, October 2, announced it had received 209,661,000 pieces of KSh 1,000 (KSh 209 billion) by the end of September 30, 2019, the deadline for exchanging the old currency.

The banking sector regulator noted there were a total of 217,047,000 pieces of old KSh 1,000 notes (KSh 217 billion) in circulation as at June 1, 2019, and this means the balance of 7,386,000 pieces of KSh 1,000 (KSh 7.38 billion) was not returned.

READ ALSO: Kenyans bid goodbye to old KSh 1,000 notes, usher in new generation currency

Central Bank of Kenya (CBK) governor Patrick Njoroge on October 2 said pieces of old KSh 1000 notes worth KSh 209 billion would be destroyed. Photo: CBK
Source: UGC

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Addressing the press on Wednesday afternoon, CBK boss Patrick Njoroge stated the 7,386,000 pieces of old KSh 1000 notes that were not returned had become worthless papers and will now be shredded into tiny pieces.

"If you put all the 217 million pieces of the KSh 1,000 notes, they would fit in only five 40-ft containers. When we receive banknotes, we punch them and shred them, then compact them into a briquette," Governor Njoroge said.

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The old KSh 1,000 currency ceased to be a legal tender in Kenya on the midnight of Monday, September 30, as per the deadline set by the regulator.

The old denomination will be replaced with the new generation currency which was unveiled by President Uhuru Kenyatta on June 1, 2019.

According to the CBK, the large old notes were being used for illicit financial flows across the country and this partly informed the decision to withdraw the old Ksh 1000 denomination. Photo: CBK.
Source: UGC

All Kenyans had until end of September 2019 to exchange the notes, after which the new ones will fully take over.

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Kenyans mourn end of old KSh 1000 notes - On Tuko TV

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