CBK confirms shortage of new currency notes

NEW CURRENCY NOTES - CBK confirms shortage of new currency notes
CBK Governor confirmed the shortage, especially that of the one thousand shillings note in banks and ATMs/FILE

NAIROBI, Kenya, Jul 23- Central bank Of Kenya (CBK) has confirmed that there is a shortage of circulation of the new notes since their introduction in June. 

Speaking in a media interview, CBK Governor Patrick Njoroge confirmed the shortage, especially that of the one thousand shillings note in banks and ATMs.

Njoroge said the new notes that are in circulation were mainly released into the public for feedback purposes.

“At the beginning, we were distributing the new notes all over the country so that people can get to know and feel them. However, from last week, we started to put out all the notes,” said Njoroge.

“By the end of this week, in most of the ATMs and the counter, we will be dispensing the new notes, especially the new one thousand shilling note” he adds.

Last Month, CBK confirmed the release of new currency notes to commercial banks making the cash accessible to the public.

The old generation 1000-shilling banknotes are expected to cease circulation in the Kenyan market as from first October 2019.

This has been seen as government’s move to curb counterfeiting and illicit financial flows that have seen several arrests in the country in the past months.

“The objective of this measure is to deal conclusively with the emerging concerns about illicit financial flows and counterfeits,” according to May 31st gazette notice on demonetization of the 1000-shilling note.

 

 

Author: worldwidenewscast

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