Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
As most credit companies, both digital and conventional microcredit providers shy away from issuing loans due to high-risk environment under the coronavirus pandemic, Mwananchi Credit has instead increased its loans portfolio/FILE


Uganda, Tanzania beat demonitization deadline as Kenyans play catch-up

Central Bank Governor Patrick Njoroge says the two countries have already returned all the old notes while Kenya is yet to complete the exchange process, hoping to get a deadline extension/FILE

NAIROBI, Kenya, Sep 25 – Uganda and Tanzania have already completed the conversion from old to new 1000 notes, ahead of the demonetization deadline set for September 30.

Central Bank Governor Patrick Njoroge says the two countries have already returned all the old notes while Kenya is yet to complete the exchange process, hoping to get a deadline extension.

“The two countries have finished their conversions and repatriated their holdings of the old Sh1000 notes, Kenya has not finished returning all the old notes,” said CBK governor.

Njoroge added that majority of the exchange across the country was done in the last week of June, after the announcement of the 1000 notes being rendered worthless from October 1st.

He further maintained that there will be no punishment of any form should one fail to beat the set deadline to return the old 1000 notes, only that the note will no longer be useful in any market across the world.

Traders still using the old 1000 notes will need to speak to their banks to ensure they are exchanged by close of business Monday next week.

The governor also says the central bank is liaising with the prison authorities to convert any currencies they were holding on behalf of inmates.

The bank was also working with the Judiciary to ensure that old currency exhibit money was also exchanged.

Once the old notes are returned, they will be crossed off the CBK register and destroyed as per the usual protocol.

As at 1st of September, 58 percent of the value of old to new currency exchanges were worth up to half a million shillings while 17 percent of the conversions were between half a million to one million shillings.

Advertisement. Scroll to continue reading.

Njoroge says 16 percent of the value of exchanges was between one and two million shillings while only 24 currency conversion transactions were above 2,000,000 shillings.

Click to comment

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...


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


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


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


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