• About
  • Advertise
  • Privacy & Policy
  • Contact
Kenyan Business Feed
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home News

CBK says it locked Sh7bn out of the economy through old Sh1000 note phase-out

Kenyan Business Feed by Kenyan Business Feed
CBK says it locked Sh7bn out of the economy through old Sh1000 note phase-out
Share on FacebookShare on Twitter
Sh1000 old notes

The Central Bank of Kenya collected 209,661,000 pieces of the old Sh1,000 notes (Sh209 billion) by September 30.

As at June 1, there were 217,047,000 pieces of the old Sh1,000 banknotes in circulation with 3,172 suspicious transactions under probe.

7,386,000 pieces of the former Sh1,000 notes (Sh7 billion) was not returned. According to Central Bank of Kenya (CBK) Governor Patrick Njoroge, “This means Sh7,386,000,000 became worthless pieces of paper.” By September 30, 149,692,000 pieces of the new Sh1,000 notes (Sh149 billion) were in circulation.

When the old Sh1.000 notes are received, they are punched and then shredded into pieces. They are then compacted and packaged into briquettes.

Each briquette CBK Governor Patrick Njoroge is holding is equivalent to Sh1,000,000 in shredded banknotes.

“If you put all the 217 million pieces of the Sh1,000 notes, they would fit in only five 40-ft containers,” said CBK boss Patrick Njoroge.

CBK Governor Patrick Njoroge said the demonetisation process “proceeded very well.” In value terms, transactions worth up to Sh500,000 were 62 per cent, up to Sh1 million were 79 per cent and up to Sh2 million were 92 per cent.

Robust anti money laundering frameworks were put in place during the exercise to ensure the process was effective and smooth running.
CBK did 15 targeted inspections during the period, which was higher than in normal periods. 3,172 suspicious transactions were also flagged during the demonetisation period.
“Some of the stories that have been told of people buying big-ticket items such as cars in cash are quite fanciful,” said Njoroge.

According to the CBK Governor, the demonetisation process had neither an impact on the inflation rate nor exchange rate.
“There was no queue of buyers of high-value assets to launder money – AML/ CFT measures were applied on the forex market, thus no impact on the exchange rate,” he said. He further dismissed the hypothesis that Kenyans are procrastinators and wait until the last minute saying it was disproved through this process and that “Kenyans will act properly when they know what is good for them.”


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]
Tags: CBK
Kenyan Business Feed

Kenyan Business Feed

Recommended.

Gakuyo draws 5-phased Ekeza Sacco deposit payments schedule

May 9, 2019

IEBC downplays query on Sh691m food spend

May 8, 2019

Subscribe.

Trending.

Tourism CS Rebecca Miano on Tuesday convened coastal public-private stakeholders in Mombasa to accelerate Kenya’s MICE sector growth, announcing progress on re-establishing the Kenya National Convention Bureau and urging youth-led innovation in tourism.

Kenya Ramps Up MICE Sector Reforms as CS Miano Confirms Convention Bureau Revival

July 1, 2025
Safaricom’s SIG Forum empowers SMEs with branding insights from 3Verse Kenya, showcasing award-winning campaigns and inclusive business support.

Safaricom’s SIG Forum Empowers SMEs as 3Verse Kenya Shares Award-Winning Branding Strategies

June 23, 2025
Co-op Bank Launches New Financial Solutions to Empower MSMEs in Kenya

Co-op Bank Launches New Financial Solutions to Empower MSMEs in Kenya

June 23, 2025
Safaricom launches new credit solutions, Fuliza Biashara, Taasi Till, and Taasi Pochi—to expand MSME access to financing and boost financial inclusion.

Safaricom Unveils New Credit Solutions to Boost MSME Financing in Kenya

June 23, 2025
PLP and Safaricom Graduate 300 Youth in Push for Digital Talent Development Across Kenya

PLP and Safaricom Graduate 300 Youth to Boost Kenya’s Digital Talent Pipeline

June 23, 2025
Kenyan Business Feed

We focus on news, analysis, and reports about Kenyan business, covering sectors like agriculture, finance, tourism, and technology.

Categories

  • African
  • Agribusiness
  • Courts
  • Education
  • Health
  • Hospitality
  • Manufacturing
  • NetWorths
  • News
  • Reports & Analysis
  • World Business

Popular News

  • First look at the prison where El Chapo may live for the rest of his life

    First look at the prison where El Chapo may live for the rest of his life

    2157 shares
    Share 1040 Tweet 466
  • Sameer Africa CEO Sacked

    1803 shares
    Share 749 Tweet 439

Recent News

Kenya elected to the UN Tourism Executive Council for the 2025–2029 term, marking a diplomatic breakthrough that elevates its role in shaping global travel governance and sustainable tourism policy.

Nairobi Ascends to UN Tourism Executive Council After Strategic Bid Poised to Shape Global Industry Agenda

July 1, 2025
Tourism CS Rebecca Miano on Tuesday convened coastal public-private stakeholders in Mombasa to accelerate Kenya’s MICE sector growth, announcing progress on re-establishing the Kenya National Convention Bureau and urging youth-led innovation in tourism.

Kenya Ramps Up MICE Sector Reforms as CS Miano Confirms Convention Bureau Revival

July 1, 2025
  • Home
  • African
  • News
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF

No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF