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CBK: Sh7.3B Of 1000 Old Notes Were Not Returned Therefore Worthless, Sh209B To Be Shredded Into Briquettes

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Each briquette the Governor is holding is equivalent to Ksh 1,000,000 in shredded banknotes.

In an update on the close of demonetization period that loaded on 30th September, the Central Bank of Kenya Governor announced that 217,047,000 pieces of KSh 1,000 as at June 1- 209,661,000 pieces of KSh 1,000 were received by the end of September 30.

The Governor also announced that 7,386,000 pieces of KSh 1,000 did not return. This means KSh 7,386,000,000 became worthless pieces of paper. “The value of money that did not come back is equivalent to the value lost during the Goldenberg case.” He said.

Njoroge however said, the demonetization has been successful because as CBK completed it smoothly, with AML/CFT filters firmly in place, and kept out money whose owners did not want to be subjected to the relevant checks in the system.

Governor maintained that the exercise opened a fresh phase for intelligence agencies to open investigations on suspicious activities which will continue in coming days to trail the roots and custodians of dirty money. “We cannot glorify criminals and ‘flamboyant businessmen’. We need to maintain a system that is devoid of this criminal activity.” Said the Governor.

According to CBK, the demonetisation process went well with value terms as follows:

Up to KSh. 500,000 were 62%
Up to KSh 1,000,000 were 79%
Up to KSh 2,000,000 were 92%

In number of transactions:

96% of transactions were under 500,000
99% of transactions were under KSh 1,000,000

 


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Kenya West is a trained investigative independent journalist and a socio-political commentator on matters Kenya and Africa. Do you have a story, Scandal you want me to write on? Send me tips to [in.kenyawest@protonmail.com]

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