Image: CBK on Twitter
The Central Bank of Kenya (CBK) will shred and package the entire sum of 209.7 million of the collected old series Ksh.1000 notes before destroying them.
Addressing the press on Wednesday, CBK Governor Patrick Njoroge said holes will be punched on all collected notes before shredding them into briquettes for onward destruction.
A single briquette represents a sum of notes equitable to Ksh.1 million mirroring on the small volumes represented in Kenyan notes.
Over the four months to September, Kenyans returned 209.7 million individual Ksh.1000 notes equivalent to Ksh.209.7 billion, while Ksh.149.7 billion worth of new currency notes were injected into circulation to fill the created void.
The CBK governor revealed that a total of 7.4 million notes worth Ksh.7.4 billion were not exchanged and are now worthless.
The CBK collected notes equivalent to Ksh.209.7 billion over the four months demonetization period while injecting a projected Ksh.149.7 billion worth of new currency notes into circulation to fill the created void.
Transactions over the period came in smaller volumes with 99 percent of the transacted cash representing values of less than Ksh.1 million.
The details on the disposal of the collected currency was in response to a critique leveled on the CBK over the environmental impact of the destruction of the demonetized notes.
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