Kenyans have less than 10 days to exchange their old 1,000 banknotes with the new generational notes or they will be left with meaningless paper after 30th of September.
The deadline for the ongoing demonetization process was set at 30th of September and the Central Bank of Kenya has vowed not to give any additional time.
As the deadline nears, Kenyans with millions of shillings stoked in their living rooms are growing more desperate with nowhere to exchange all the money at once given the stiff regulations set by CBK for Kenyan banks.
As the deadline nears, the CBK has put a total of 800 bank accounts on the watch list as possible accounts that might be used to clean illicit money. This is going to make things very difficult for many “tycoons” out there.
According to CBK, more than 100 billion shillings in old 1,000 denominations are still in the hands of individuals with the concern that corrupt government officials who have been hoarding the cash will take advantage of the last-minute rush to bank the cash.
The CBK has also put the commercial banks on high alert and asked them to report any transaction that will involve huge amounts of money. This, according to CBK is meant to fight money laundering activities as the deadline nears.
The Central Bank of Kenya got many by surprise when it announced that by 30th of September 2019, the old 1,000 banknotes would cease to function. The move was aimed at compelling individuals who had looted public money and hiding it in cash in their homes.
