Tanzania suspends exchange of Kenyan currency with hers
The government of Tanzania has suspended the exchange of Kenyan currency with that of hers, and also suspended the in-flow of the currency into her country.
This is due to the issuance of the new bank notes by the Kenyan government meant to curb corruption.
“Given the gravity of illicit flows concerns raised by CBK, you are required to subject all flows from and into Republic of Kenya to enhanced due diligence The Bank of Tanzania has been informed by the Central Bank of Kenya (CBK) of the issuance of the new series of bank notes effective 31st May 2019, with a view to combat illicit financial flows and counterfeits in the Republic of Kenya. Consequently, CBK has suspended currency conversions and repatriations of all Kenyan currency to restrict illicit flows into the Republic of Kenya, and will not accept Kenyan currency with immediate effect” read part of the notice.
The new bank notes were unveiled on June 01st during Madaraka Day celebrations and the Ksh1000 currency notes will be rendered useless from 01st October 2019.