CBK to destroy Sh1000 old notes worth Sh209 billion

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Central Bank of Kenya (CBK) has announced it will destroy 209,661,000 pieces of the old Sh1,000 notes (Sh209 billion) collected by September 30.
CBK governor Patrick Njoroge said the collected old notes will be punched and then shredded into pieces before being packaged into briquettes. Njoroge said according to CBK’s data, some 7,386,000 pieces of the old notes (Sh7 billion) have been rendered worthless after they were not returned on the September 30 deadline.
“As at June 1, there were 217,047,000 pieces of the old Sh1,000 banknotes in circulation, but by September 30 some 7,386,000 pieces of the old notes (Sh7 billion) were not returned,” he said.
By September 30, 149,692,000 pieces of the new Sh1,000 notes (Sh149 billion) were in circulation.
“If you put all the 217 million pieces of the Sh1,000 notes, they would fit in only five 40-ft containers,” said Njoroge.
He 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.

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