CBK to Increase Supply of New Banknotes This Week

The Central Bank Governor Dr. Patrick Njoroge said that the new banknotes would be increased in circulation this week.

This is to address the current reports of a shortage of the newly launched notes countrywide.

“People will get their salaries in new banknotes this month,” said the Governor while appearing before the Public Investment Parliamentary Committee.

The old new notes supply has been low since June 1 when they were introduced. Further, the CBK gave a directive that the old-look 1, 000 banknotes would cease being used in a few months.

The Governor further stated that they have also addressed the ATM issue and configured them to dispense the new notes.

While speaking at the Committee, he said that they had gone further to starting supplying the notes to far-reaching places across the country.

The demonetization of the funds in the country has been approached with great caution, with Kenya having picked valuable lessons from India.

The old 1,000 banknotes will cease circulating on October 1, 2019. Nonetheless, the old KSh500, KSh200, KSh100, and KSh50 notes will be slowly phased out.