New bank notes order will smash graft, fake gold rings

Investigative agencies have said the directive on new currency will help smash money laundering and fake gold syndicates, even as other experts urged careful rollout so as not to disrupt the economy.

Reacting to Saturday’s order that old Sh1,000 notes will be withdrawn from October 1, experts drawn from various professions said this would curb illicit financial flows in the country. They, however, cautioned that if the execution is mismanaged, it could plunge the economy into high inflation.