Tag: illegal activity

What impact will demonetization of 1,000 shilling notes have on Kenya’s economy?

About Ksh7.3 billion shillings worth USD$71.5 million were not returned during the demonetization of the 1,000 shilling old notes, according to an official from the Central Bank of Kenya (CBK). Patrick Njoroge, Governor of the Central Bank of Kenya, told journalists in Nairobi that the four-month phase-out of 1,000 shilling notes proceeded well and achieved its overall objective of removing money obtained from illegal activity from the economy. From Nairobi, Journalist, Joseph Bonyo joins CNBC Africa for more.
Advertisment