US Embassy not ready to accept new Kenyan currency
Combat counterfeitsThe Government introduced the new currency recently and plans to withdraw the old Sh1,000 note from circulation by October 1 as part of its efforts to combat illicit financial flows and counterfeits. Last week, Uganda and Tanzania stopped the use of Kenyan currency in an effort to shield their banks from being used to launder money. CBK Governor Patrick Njoroge said the new currencies have designs that meet “the CBK requirements, serve the public aspirations and capture the spirit of the Constitution”. “More recently, we have seen the emergence of some counterfeits. These are grave concerns that would jeopardise proper transactions and the conduct of commerce in our currency,” said Dr Njoroge said. The banks’ regulator has instructed that people without bank accounts and who seek to exchange more than Sh1 million must first contact CBK. “People who would like to exchange between Sh1 million and Sh5 million will need to do so in their own banks. Those without bank accounts and want to exchange these amounts will need to contact the CBK.”
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