Kenyans in the diaspora have been asked to consider heading back home to exchange their old notes with the new currency before the set deadline of October 1.
While making the announcement, Central Bank of Kenya (CBK) Governor Dr. Patrick Njoroge made it clear that the regulator won’t make any provisions for the old notes to be exchanged outside the borders.
It emerges that all the foreign banks have already been notified not to accept the old currency as this will lead to the country being unable to achieve their mission to combat illicit money flows.
“If you have the Kenyan currency and you happen to be outside the country, there is only one way to get value for it before October 1,” said Njoroge.
“You have to take a trip here and go through the procedures outlined in the Gazette notice and subsequent releases. You cannot convert it to any other currency out there since this would defeat the process of demonetization.”
Currently, the citizens in Kenya with more than Ksh5 million are being allowed to visit commercial banks for the exchange. However, they are also required to explain beyond reasonable doubt the source of their money.
The CBK boss also made it clear that all Kenyans in and outside the country should ensure that they are through with making the exchange before the set period lapses as it will not be extended.
“Kenyans love extensions, but if we have an extension to this process, it defeats the purpose of the demonetization. So, come midnight of the last day of September, that’s it,” Njoroge said.