Where did the billions go? CBK falls short of demonetisation target

Central Bank of Kenya Governor Patrick Njoroge displays new notes at his office in Nairobi on June 3, 2019. PHOTO | FILE | NATION MEDIA GROUP

What you need to know:

  • According to figures reviewed by the Sunday Nation, by September 1, only 24 people had walked into any of the 42 banks with more than Sh2 million in the old notes to convert to new ones.

  • In fact, 99 per cent of those who converted the notes had Sh1 million or less.

  • Either those targeted had anticipated the June 1 action long before it came and converted the billions into foreign currency long before CBK came calling.

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