The new generation of currencies were introduced to fight money laundering, counterfeits and corruption
Kenya’s New Currencies Begins Circulation, Tomorrow, October 1.
Today is the last day Kenya would use old 1,000 shilling banknote and other smaller denominations as legal tender.
The new currencies which were introduced in June, with customers given four months to exchange them for the new currency will come into circulation on October 1, 2019.
The governor of the Central Bank Patrick Njoroge said the operation was intended to tackle corruption and illicit financial flows.
The new generation of banknotes were introduced to fight money laundering, counterfeits and corruption, the government had said.
The design of the new currency, which features an image of a statue of Kenya’s first President, Jomo Kenyatta – the current president’s father, has sparked anger among some Kenyans.
A human rights activist challenged the use of the former president’s image arguing it contravened the constitution which outlaws the use of portraits of individuals in any currency.
The High Court ruled last week that President Jomo Kenyatta’s statue was not a portrait.
The court also declined to extend the expiry date of old Sh1,000 notes.
The old 1,000 shilling notes is being withdrawn to crack down on embezzlement and tackle counterfeits
In recent days, shopkeepers have reported a number of large transactions being made in cash – including that of a luxury Mercedes car.
One bar is offering to swap the banknotes for its clientele and is holding an “Old Notes Send Off Party”.
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