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Kenyans abroad must bring back Sh1,000 notes – CBK 

Anyone holding the old Sh1,000 bank notes outside the country will have to bring them back to exchange with the new currency before the October 1 deadline, Central Bank of Kenya (CBK) Governor Patrick Njoroge has said.

Dr Njoroge Thursday ruled out allowing any form of conversion of the old notes outside Kenya’s borders, indicating that the regulator had notified all foreign banks to stop recognising the legacy currency.

The CBK boss said the regulator is also not providing any new generation bank notes to lenders outside the country to facilitate conversion, arguing that this would defeat the goal of combating illicit money flows that have informed the move to demonetise the old Sh,1000 currency.

“If you have the Kenyan currency and you happen to be outside the country, there is only one way to get value for it before October 1. You have to take a trip here and go through the procedures outlined in the gazette notice and subsequent releases,” said Dr Njoroge at a press briefing yesterday.

“You cannot convert it to any other currency out there, since this would defeat the process of demonetisation.”

Read the full story here.

SOURCE: Business Daily