There are 217.6 Million Pieces of Ksh 1,000 in Circulation

There are a total of 217.6 million pieces of 1,000 shillings in circulation in Kenya according to a statement by the Central Bank of Kenya (CBK).

The Central Banks hopes to recall all the current 1,000 shilling notes from the market by the 1^st of October 2019 following the introduction of the new generational banknotes.

There are 30.8 million pieces of 500 shillings, 54.8 million pieces of 200 shillings, 126.4 million pieces of 100 shillings, 100.5 million of 50 shillings and 9.9 million pieces of 20 shillings.

The other banknotes, from 500 shillings and below will remain in circulation together with the new ones but the current 1,000 banknotes will lose their value after October 1^st.

According to CBK, at least 83 percent of the 1,000 banknotes will have been withdrawn by October 1^st with some politicians calling for the reduction of the deadline.

Read:

• Corrupt Leaders Hoarding Millions to Be Exposed by CBK’s Elimination of KSh. 1,000 Notes
• Current 1,000 Banknotes to Become Useless By October

The Case in Court

The rollout of the new currency is facing a legal battle after activist Okiya Omtatah went to court to block the same over the inclusion of the portrait of Mzee Jomo Kenyatta, contrary to the requirement of the constitution.

Article 231 (4) of the Constitution of Kenya states that “Notes and coins issued by the Central Bank of Kenya may bear images that depict or symbolize Kenya or an aspect of Kenya but shall not bear a portrait of any individual.”

The Chief Justice David Maraga has been asked by the High Court to constitute a 3-judge bench to deliberate on the matter.

Economic Concerns

There are concerns that the economy might feel the hit of the sudden withdrawal of the 1,000 shilling banknotes like what happened to India in 2016 when it rendered notes belonging to 86 percent of the country’s currency obsolete. It didn’t augur well with the economy.

Similarly, Canada retired its 1,000-dollar currency over its popularity in criminal use. The notes, however, retained their status as legal tenders, and many of them still remained at large. Other countries that have done the same include Singapore and Venezuela.