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

The demonetization process of the old 1000 notes was a success as the Central Bank of Kenya has announced.

CBK says it received a commendable amount of the old 1000 shillings note, something that is rare among Kenyans.

By September 30^th, about 209,661,000 pieces had been exchanged and disposed, against CBKs original projection of 217 million pieces.

7,386,000 million pieces of the worthless notes are still being held by some individuals.

Kenyans are so used to procrastinating events, expecting that a deadline would be given, but this was not the case as CBK says Kenyans responded very well during the process.

“The hypothesis that Kenyans are procrastinators and wait until the last minute was disapproved. Kenyans will act properly when they know what is good for them,” noted the CBK governor, Patrick Njoroge.

The Demonetization exercise which took effect in June, was so vigorous in August, with the regulator saying that more than 161,082,470 transactions were done during the month.

CBK is currently working on curbing the flow of counterfeit money into the economy, stating that its new anti-money laundering system will put a stop to this.

During the demonetization process, 3172 suspicious transactions were flagged off.

The regulator now plans to get rid of the old notes, which it says were going to fit in five 40 -feet containers.

“…when we receive banknotes, we punch them and shred them, then compact them into a briquette. Each briquette the Governor is holding is equivalent to 1,000,000 shillings in shredded banknotes.”

Focus now shifts on the other denominations with CBK stating it is in the process, with new versions already in circulation.

Here is how money is still in circulation;

• 8 million pieces of 500 shillings
• 8 million pieces of 200 shillings
• 4 million pieces of 100 shillings
• 5 million pieces of 50 shillings
• 9 million pieces of 20 shillings