Majority of Kenyans support currency replacement-survey

Central Bank of Kenya Governor Dr Patrick Njorogewhen when briefed the media on the new currencies notes that would replace the old notes at the CBK offices June 3, 2019. [David Gichuru/Standard]

Sixty per cent of Kenyans support the country’s replacement of currency, which was rolled out by Government in June 2019, a survey by Infotrak has revealed.

According to the survey, which was conducted on June 22 and 23, 2019, those who support the replacement of the currency have varying reasons for doing so.

For instance, the report of the survey, released on Thursday indicated 49 per cent of those who support the move believe that it will help in fighting corruption, especially money laundering.

The survey further revealed that 63 per cent of the respondents support the recall of Sh1,000 notes by October 1. Those who support the October 1 deadline so because they believe the move will help in fighting corruption, illegal trade, crime and fake currencies, the survey states.

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However, for those who do not support the new currencies, there are equally varying reasons attached to it.  52 per cent of such respondents believe that the notes have poor designs. 29 per cent on the other hand argue that the move will disrupt the economy.

Nairobi currently leads with the highest number of the who support the currency replacement at 70 per cent, against 24 per cent opposed to it.

Surprisingly, Nyanza registered the lowest number of supporters of roll-out of new currency, with only 53 per cent backing against 41 per cent opposed to it.

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The Rift Valley region came second in terms of registering support with 61 per cent against 30 per cent opponents, the survey indicates.

Below is the table from Infotrack survey report.

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The Central Bank of Kenya Governor Dr Patrick Njoroge on June 1, 2019, delivered a speech in Narok where he announced the plan to phase out the old currency and recall Sh1,000 by October 1.

He attributed the move to efforts made in weeding a wave of money laundering, where various individuals have been arrested and arraigned over possession of fake currencies.

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GovernmentInfotrakNew currency notes