In the past few days, there has been chatter going on about how to get the new Ksh. 1000 notes. Well, this article is here to give you information about how to exchange your legal tender to the new currency.
Central Bank of Kenya Governor Patrick Njoroge on the 1st of June announced the unveiling of the New Generation Currency Banknotes.
By October 1, 2019, the Ksh 1000 old generation notes will cease to be legal tender.
Governor @njorogep announces the unveiling of the New Generation Currency banknotes. Old generation one-thousand shilling banknotes will need to be exchanged by October 1, 2019, after which they cease to be legal tender. pic.twitter.com/iyy1lpaKuy
— Central Bank of Kenya (@CBKKenya) June 1, 2019
The CBK Governor further noted that they had taken into account the experience of demonetisation in India and learnt from the merits and demerits.
According to him, India’s biggest challenge was that they demonetised immediately and failed to communicate effectively.
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There wasn’t enough cash in the bank branches at the time the announcement was made (in India).
The CBK is ensuring that there is enough cash in all Kenyan bank branches to avert such a crisis.
The move to demonetise is to ensure that the Anti-Money Laundering/ Countering Financing of Terrorism framework is robust.
In regards to the controversial image of the Kenyatta International Conference Centre, the Governor maintained that the design is in line with the Constitution.
How to get the new Ksh 1000 notes
- If you want to exchange old notes for a value of less than Ksh 1M, you can do so at your bank branch.
- Those without bank accounts can exchange at any branch of any bank, or even at the CBK. They will need to have official identification though.
- People who would like to exchange between Ksh 1M and Ksh 5M will need to do so in their own banks.
- You will need to contact CBK if you want to exchange Ksh 1M -Ksh 5M) and you don’t have a bank account.
- The CBK will have to endorse those without bank accounts and want to exchange between Ksh 1M and Ksh 5M, only then can they go to a designated bank branch.
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Notes in Circulation
There are, in circulation:
– 217.6 million pieces of KES 1,000
– 30.8 million pieces of KES 500
– 54.8 million pieces of KES 200
– 126.4 million pieces of KES 100
– 100.5 million pieces of KES 50
– 9.9 million pieces of KES 20— Central Bank of Kenya (@CBKKenya) June 3, 2019
Governor Njoroge, in addition, said that all ‘know your customer’ (KYC) rules will apply as normal.
Here are the rules:
- You must be verified by the bank to ensure that you have never been involved in illegal activities like money laundering, fraud or crime
- As an applicant, your identity must be verified.
- Forms verified by your bank must be stored safely as this is privileged information.
- You must be investigated to find out if you are listed on any watch list for fraud, terrorism and crimes like money laundering.
Tusherehekee Madaraka Yetu! Our New Generation Currency banknotes are here! pic.twitter.com/Spasq8t7JO
— Central Bank of Kenya (@CBKKenya) June 1, 2019
