CBK governor's response to claims of currency shortage

The CBK governor Patrick Njoroge speaks after CS Matiang'i said there is a shortage of Sh100 and Sh200 notes

Governor Patrick Njoroge of the Central Bank of Kenya

The Central Bank of Kenya CBK has dismissed the allegations by Cabinet Secretary for Interior Fred Matiang’i that banks are experiencing shortages of Sh200 notes.

In an extensive press released by the CBK governor Patrick Njoroge, the CBK supplied banks with enough Sh200 notes for the month and that banks had not made any complain of experiencing the shortage of the notes.

“I don’t know where the story about small notes is coming from, all I can tell you is that we supply notes as demanded by banks for instance in the month of July we supplied an equivalent of Sh2.1 billion of the Sh100 notes. Where we stand, when a bank demands we supply,” Dr Njoroge said.

While addressing stakeholders during the launch of the inaugural Money Laundering and Terrorism Financing National Risk Assessment Report (2021), CS Matiang’i said politicians seeking elective office in the August 9, General Election were hoarding the notes for distribution during campaigns.

The cabinet secretary said that politicians who were using money to influence voters’ decisions are likely to plunder public resources if elected into office.

If you put these people into elective positions do you think they will actually firm up the regulatory environment? It is a question we have to ask ourselves,” Dr Matiang’i said.

He added that a number of billionaire car dealers were suspected to be funding politicians or were used to launder money.

Car dealers changed billions of shillings. How many cars do you need to sell to be able to have billions and all these dealers are friends of senior politicians? They are now the ones financing all these Sh200 and Sh500 notes in the villages and so on,” Matiang’i stated.

In May, the CS expressed worry in the candidates who have offered themselves for election in the upcoming August 9 polls.

CS Matiang'i said the country risks having almost half of elected office holders belonging to money laundering gangs if Kenyans allow the candidates to bribe their way to the leadership seats.

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