Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

Governor Mutua backs unveiling new bank notes

The governor added that the move was timely, and that more energy should be applied towards addressing any suspicious transactions happening in the banks/FILE

NAIROBI, Kenya, Jun 3 – Machakos Governor Alfred Mutua has lauded President Uhuru Kenyatta’s move of unveiling the new Sh1,000 currency notes aimed at fighting graft.

The Maendeleo Chap Chap leader said the move was important due to billions of unpaid taxes and loot stolen from Kenyan citizens by some politicians who have stashed them in form of the current bank notes.

“It is clear why the Sh1,000 notes are being recalled in such a public manner. We all suspect that unpaid taxes and loot stolen from our people by some leaders is stored in the form of these bank notes,” he said.

The governor added that the move was timely, and that more energy should be applied towards addressing any suspicious transactions happening in the banks.

“This is a great step towards fighting corruption and cleaning up Kenya. I urge investigative bodies to track money being banked or converted into US dollars. What cannot be accounted for should be taken by the State and used to buffer the exchequer,” said the governor in a press statement to newsrooms.

He further urged citizens to remain confident of exchanging their clean-earned cash.

“We must acknowledge some people keep legally obtained cash instead of banking it and they should be allowed to change what they have to the new bills. It is not illegal to keep cash. Wananchi should not be forced to bank their money,” he said.

The Central Bank Governor Patrick Njoroge declared that Sh1,000 notes will stop being a legal tender after October 1, 2019.

Other currency notes including for Sh500, 200, 100 and 50 were also unveiled during the Madaraka Day Celebrations held in Narok County.

Mutua also noted that the new directive on change of currency notes will also act as a catalyst to economic growth by having more money injected into the economy.

Advertisement. Scroll to continue reading.

“We should expect an increase in the amount of money being spent and this will increase consumer spending and also create more job opportunities,” he said.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...