CBK explains why there is a shortage of sh. 1,000 notes in the country

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CBK Governor Patrick Njoroge has said that the crisis of sh. 1,000 notes in the country because there is a shortage of the new sh. 1,000.

According to Njoroge, the central bank will retain the old notes until the crisis is sorted out.

Njoroge also indicated that the bank is dedicated to ensuring there are enough new notes in the market to meet the demand.

“When we started off, the first batch of notes were there to give Kenyans a taste of the new currency.” he said.

Njoroge also mentioned that bank ATMs should from this week start to dispense the new sH. 1,000 notes.

“However, you should from this week, expect bank ATMs to churn out new Ksh.1, 000 notes,” he said.

An official from the bank, who spoke on condition of anonymity, said that the bank has put in place different measures to ensure that the new notes are on the market.

CBK governor also said that he has a grand plan to ensure that the process of getting new notes is easier for the Kenyans. 

Old series Ksh.1000 notes will cease to become legal tender on October 1, 2019 with the CBK having ruled out any extensions to the deadline in a measure aimed at ridding the economy off proceeds from illicit trade and counterfeiting.

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