The Central Bank of Kenya has said that it will not extend the deadline for the Sh 1000 notes to be exchanged with the new currency.
Speaking exclusively to KASS FM, Central Bank of Kenya Governor Patrick Njoroge said that the move was aimed at reducing money laundering which he said had negatively impacted Kenya’s economy.
He said that Kenyans should take the remaining time to return the old notes so as to be issued with the new currency, which he said contains better security features.
“However, everyone who takes more than five million shillings to the bank for exchange will be vetted to prevent people who have stashed corruption money in their houses from returning them into the system,” he said.
He further revealed that the Central Bank of Kenya was working closely with other banks in the region and other parts of the world to avoid people with illicit money from exchanging them in foreign countries.