Kenyans have until the close of business Monday to return their old 1000 currency banknotes. The notes, which prominently feature a likeness of former president Jomo Kenyatta will become illegal tender starting Tuesday.
Newer, smaller notes were launched on June 1 this year by the central bank and Kenya’s President Uhuru Kenyatta at the Narok stadium during the Madaraka day celebrations.
One of the objectives of the printing of new currency was in fulfillment of the constitutional requirement as well as mop up the currency to clamp down on money laundering and fake currency in circulation.
During the launch of the notes, the CBK boss Dr. Patrick Njoroge stated the new banknotes bear features that make them more accessible to the visually, impaired members of our society.”
He further noted that “Our old 1000 notes were being used for illicit financial flows in Kenya and also other countries in the region, more recently we have seen the emergence of some counterfeits. These are grave concerns that would jeopardize proper transactions and the conduct of commerce in our currency.”