The Governor of the Central Bank of Kenya Patrick Njoroge has outlined tough conditions for exchanging old currency. Kenyans holding large amounts of money will have to meet to exchange their money for the new generation currency.
Speaking to the media on Monday, he stated that it was important to educate members of the public on how to go about the changeover.
He emphasised that civic education was the banking regulator’s priority because uncertainty about currency is dangerous for the economy.
People who want to exchange the old notes for a value of less than Ksh1 million can do so at their bank branches.
Kenyans without bank accounts can exchange at any branch of any bank, or even at the CBK. They will need to have official identification.
Citizens who want to exchange amounts between Ksh1 million and Ksh5 million will need to go to their own banks.
Those who do not have bank accounts and want to exchange this amount will need to contact the CBK which will then endorse them and they can go to a designated bank branch.
People who want to exchange amounts above Ksh5 million will need to contact the CBK.
The trade of the old currency for the new one will be governed by the ‘Know Your Customer’ guidelines which require suspicious transactions, deposits or withdrawals to be reported to the concerned authorities.
Speaking about the contested design of the new currency, the matter would be handled by the courts but the rollout was still on course.
He also divulged the amounts of the old currency that is in circulation as below.
-217.6 million pieces of Ksh 1,000
-30.8 million pieces of Ksh 500
-54.8 million pieces of Ksh 200
-126.4 million pieces of Ksh 100
-100.5 million pieces of Ksh 50
-9.9 million pieces of Ksh 20