News

Fresh details of those who returned over Ksh.2 million old notes emerge

Details have emerged about those who returned over Ksh 2 million old notes in exchange for new one.

According to the Central Bank of Kenya only 24 Kenyans exchanged over Ksh 2 million between the month of June and August.

Addressing a press conference on Tuesday Governor Patrick Njoroge said that most of those who exchanged the notes were in small quantity.

Read Also: Online Prostitution in Kenya

“A lot of the conversions are small in value and this fits well with how we saw things. You just don’t walk around with Ksh.100,000 in your pocket. Not so many people live this lifestyle,” said Njoroge.

Safaricom

In value terms, 75 percent of transaction sat below Ksh.1 million with a lumpsome 99 percent of the total settlements sitting under the million shilling ceiling.

The exchange of the old notes will come to an end at the end of the month where they will seize to be used.

5 COMMENTS

LEAVE A RESPONSE

Your email address will not be published.