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Government and Policy

Concerns Raised Over Material Used In Making New Banknotes

BY Juma · November 26, 2019 10:11 am

On the 30th of September, the Central Bank of Kenya (CBK) completely faced off the old 1,000 banknotes and replaced them with the new generational banknotes.

There was a lot of anxiety across the country given that the CBK had given Kenyans a couple of months to ensure that they exchange all their old 1,000 banknotes with the new ones.

READ: 10 Days Remaining For Your Current 1,000 Notes To Be Mere Paper 

In total, the Central Bank of Kenya was able to collect around 209,661,000 pieces of the old 1,000 banknotes, leaving out a total of 7,386,000 million pieces that became worthless after the 30th of September.

Kenyans who were known to be procrastinators and always waiting at the last minute were able to beat the deadline on the demonetization process and never asked for the extension of the period.

READ: Uncollected 7,386,000 Million Pieces Of Old Ksh 1,000 Notes Now Worthless

The other banknotes in 50, 100, 200 and 500 denominations are being faced off gradually even as they continue being accepted alongside the new ones.

Kenyans were happy with the new generational banknotes because they seemed attractive and smaller in size as compared to those being faced off.

As Kenyans continue to embrace and use the new generational banknotes, concerns have been raised over the quality of material that was used to make them.

It has emerged that the new currency notes are wearing off at a faster rate than the old generational notes. Most of them, especially the 50, 100, 200 and 500 banknotes are getting torn and wearing off before even they are six months old.

A new generation 50 shilling banknote

 

READ: CBK’s Monetary Policy Committee Reduces Lending Rate To 8.5%

The Central Bank of Kenya has remained mute on the concerns being raised over the quality of materials being used to make the banknotes and whether there is a deliberate move to print using low-quality materials so that someone can always have the tender to print the money.

What is your take on the quality of the new banknotes as compared to the old ones? Leave a comment.

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. (020) 528 0222 or Email: info@sokodirectory.com

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