The Central Bank of Kenya (CBK) has failed to meet its target of the replacement of the old 1000 banknotes that was supposed to be in circulation with an estimated 30 billion shillings remaining a mystery.
CBK, in a move meant to cleanse the Country off dirty money that was being laundered secretly printed new 1000 shillings banknotes that would facilitate currency replacement.
The secretly printed 1000 shilling banknotes were publicly unveiled on the Madaraka Day on 1st of June 2019 catching Kenyans by surprise.
Some of those suspected to have been hoarding dirty cash in 1000 shilling banknotes include rogue business people and politicians.
The old thousand notes are marked to be worthless from tomorrow, 1st of October 2019 and today, 30th of September 2019, is the last day when any old 1000 shilling note can be exchanged at the bank.
Authorities have been on a keen lookout for those hoarding illicit money such as drug peddlers, tax evaders, terrorist financiers, money launderer’s and politicians but none have been caught with billions of shillings remaining a mystery.
How CBK will manage to reconcile its financial books with the difference created by the missing billions and where is the money?
The old 1000 shillings notes yet to be changed is totaling to 30 billion shillings as questions arise on why those hoarding the billions cannot have it changed to the new currency.
Is it possible that 30 billion shillings will be exchanged by the close of business today and if not, will the money print be enough for circulation?
The CBK governor has requested to be allowed to address the media with reports of how much money has been returned so far by the end of this week.
By the end of August 2019, 100 billion shillings of old 1000 banknotes had been exchanged.
The exchange of old 1000 notes will enable the CBK to be sure of how much money is in circulation and will easily inform its decisions in future.