CBK – Kenyans Still Hoarding Sh100 Billion Old Notes as Tanzanians, Ugandans Finish Conversion

CBK – Kenyans Still Hoarding Sh100 Billion Old Notes as Tanzanians, Ugandans Finish Conversion

September 25, 2019 0 By mykenyancareers

cbk - CBK – Kenyans Still Hoarding Sh100 Billion Old Notes as Tanzanians, Ugandans Finish ConversionKenyans are apparently still taking their sweet time as deadline day for the conversion of the old Sh1000 notes approaches.

As of September 1st, the Central Bank of Kenya had received 116 million pieces of the old currency notes. This means members of the public have less than a week to convert the remaining 101 million pieces of old notes lest they become obsolete after the September 30 deadline.

CBK governor Patrick Njoroge on Tuesday said 91 percent of the currency in value term collected by September 1 was less than Sh2 million. 58 percent of currency exchanged in value terms was less than Sh500,000, while 75 percent of currency was less than Sh1 million.

Njoroge, who spoke during post monetary Policy Meeting on Tuesday, added that at least 53 percent of total money converted so far was done in July.

Only 24 transactions were above Sh2 million with an average of Sh3.1 million per transaction.

The CBK Governor also noted; “Tanzania and Uganda have already finished the conversion of old Sh1,000 notes.”

Mr Njoroge also said he can not say whether it is legal or not for traders to set early deadlines, as several businesses started giving deadlines from last week.

‘I can’t tell whether it is legal or not. Businesses have their own way of complying to the set deadline,” the governor said.

Ⓒ 2019 Nairobi Wire