The Central Bank has unveiled new bank notes to replace the current Ksh 1000 bank notes.
Government abolishes current Ksh 1000 Bank notes [Photos]
Those with the Ksh 1000 have until October 2019 to return them, new ones introduced
New bank notes with enhanced security features were unveiled by President Uhuru Kenyatta during the 2019 Madaraka Day celebrations in Narok County.
Speaking when he unveiled the new legal tender at the Madaraka Day celebrations in Narok, CBK Governor Patrick Njoroge said that “All the older Ksh.1000 series shall be withdrawn. All persons have until October 1, 2019 to exchange these notes, after which the older ones will cease to be legal tender”.
He said the CBK has completed the process of generating the new notes and they are already in circulation.
Present during the launch were Deputy President William Ruto, former Prime Minister Raila Odinga among other leaders.
The old Ksh 1000 notes will be withdrawn in graft war even as the country seeks to tame runaway corruption in the country.
The new generation notes came into effect yesterday, 31 May 2019 through a gazette notice will replace the current ones.
The current notes will cease to be legal tender on 01 October 2019 and those with the cash will have to take them to banks meaning that those with the old Ksh 1000 have until October 2019 to return them.
Analyst opine that corrupt individuals who have been keeping huge sums of money will now be compelled to bring their cash to the banks to exchange for the new currency.
It is expected that banks will put them to account to explain where the money is coming from.
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