CBK Insists deadline for the old shs 1000 notes is as stated
On 1st June CBK Governor Dr. Patrick Njoroge in presence of President Uhuru Kenyatta unveiled the new generation notes during the celebrations of Madaraka Day in Narok County, marking the end of the old generation notes. The unveiling followed the requirement of the 2010 constitution that no Kenyan currency should not bear portraits of any individual. What followed was a notice stating that starting October 1st 2019, no old Sh 1000 notes will be in circulation as the notes will cease to be a legal tender in the country – a process referred to as demonetization. All persons are therefore required to make haste and exchange the old shs 1000 notes with new ones before October 1st.
The CBK Governor explained that the move to demonetize the country of the old shs 1000 notes is so that the country can get rid of counterfeit shs 1000 notes that have become very common, catch a few corrupt individuals who have stack the old shs 1000 notes under their mattresses at home, and fight money laundering. More than a month after the directive to exchange the old shs 1000 notes with news ones was issued, Kenyans however still go to banks and ATMs only to be given the old notes. One wonders whether or not the government is actually serious about getting rid of the old notes. Despite this, CBK has reteriated that the deadline for getting rid of the old shs 1000 notes is as was stated on June 1st.
Up to now not only majority of the people have complied with the CBK set deadline but the banks themselves have not yet fully managed to dispense the new notes. A cursory inspection at some of Automated Vending Machines (ATMs) in the Nairobi CBD showed that a number of banks have not yet configured their machines to dispense the new currency notes despite the fact that the CBK Governor said that they had printed enough notes to be distributed in all the commercial banks in the country.
Well it’s a race against time for everyone in the whole country. Yesterday the DCI George Kinoti said that he is working hand in hand with CBK to facilitate exchange of the old notes held by the EACC and police officers. Apparently, the EACC and the police officers were holding huge amount of old currency money which they say was evidence of corruption acts in the country and they are not willing to submit them to the CBK since it would interfere with their investigations. The DCI George Kinoti at a statement yesterday ordered the EACC and police officers to exchange the currency with the CBK which they yet to comply.The CBK has remained adamant about its set date for deadline and Dr.Njoroge said no extensions or grace period that Kenyans are used to. We have less than three months to the deadline, let the countdown begin
