Cashy smoke: CBK to destroy 209 million pieces of old Sh1,000 notes
SEE ALSO :Sh45m fake cash seized, man heldRobust anti money laundering frameworks were put in place during the exercise to ensure the process was effective and smooth running. CBK did 15 targeted inspections during the period, which was higher than in normal periods. 3,172 suspicious transactions were also flagged during the demonetisation period. “Some of the stories that have been told of people buying big-ticket items such as cars in cash are quite fanciful,” said Njoroge. Impact
SEE ALSO :MTN's mobile money to go liveAccording to the CBK Governor, the demonetisation process had neither an impact on the inflation rate nor exchange rate. “There was no queue of buyers of high-value assets to launder money - AML/ CFT measures were applied on the forex market, thus no impact on the exchange rate,” he said. There were also few queues at banks. He further dismissed the hypothesis that Kenyans are procrastinators and wait until the last minute saying it was disproved through this process and that “Kenyans will act properly when they know what is good for them.” “Demonetisation has been successful because we have completed it smoothly, with AML/CFT filters firmly in place, and kept out money whose owners did not want to be subjected to the relevant checks in the system,” said Njoroge.
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