Old Kshs 1000 Note to be Mere Paper in Weeks, CBK Governor Warns

Mzee Kenyatta statue to remain on New Currency

The deadline for exchanging the old Kshs 1000 currency notes with the new ones is fast approaching. The four-month period given for all persons to exchange the old generation one-thousand shillings notes was meant to ensure all citizens have the relevant information and enough time for the changeover.

CBK Governor has reminded the public about the approaching deadline for the exchange of the old Ksh 1000 notes with the new ones, with particular emphasis to employers, Chama members, parents and folks in the village.

“If you pay your employees in cash, please pay them in the new Ksh 1000 notes. They will not be able to use the old notes after 30 September 2019. Please give your children who are going back to school pocket money in the new Ksh 1000 notes. Speak to your relatives and friends who may be in shags about and may not be aware of the deadlines. As you make your contribution to Chama, please make them in the new Ksh 1000 notes,” read a  stern reminder by CBK governor Patrick Njoroge.

How to Exchange the Kshs 1000 notes.

1.For a value Less than Ksh 1 Million

People who want to exchange the old notes for a value of less than KES 1 million can do so at their bank branches. People without bank accounts can exchange at any branch of any bank, or even at the Central Bank. They will need to have official identification.

2. For a value Between 1 Million and 5 Million

People who want to exchange amounts between KES 1m and KES 5m 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 Central Bank. We will then endorse them and they can go to a designated bank branch.

3. For a value of more than 5 Million.

People who want to exchange amounts above KES 5 million will need to contact the Central Bank which has already analysed that there are few individuals holding that kind of money.

Official communication to CEOs and CFOs of commercial banks and micro-finance foreign exchange bureaus and money remittance providers has made the exchange process smooth. Banks still have until October 1 to recalibrate their machines to allow for dispensation of the new currency notes.

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Inzillia is an avid reader and researcher on matters finance, business, government affairs, culture, and human interest stories. Poetry too. Email: inzillia@urbwise.com