Times of Somalia
Thursday October 3, 2019
Seventy million dollars in 1000-shilling notes failed
to way to the Central Bank in Kenya following deadline to return the old notes.
Central Bank of Kenya governor Dr. Patrick Njoroge
said out of the $2.17 million worth of the old Sh1,000 notes in circulation as at June 1
when the withdrawal notice was issued, $2.096 million was returned.
The
older notes were declared invalid after September 30th midnight following the
introduction of new currency on June 1. The $70.3 million was equivalent to 3.5
percentage of the older notes in circulation before of the withdrawal notice.
Njoroge
said the unreturned money were proceeds of money laundering and corruption but
noted those who failed to returned now owned just pieces of paper.
“Whoever
is holding this (unreturned money) is poorer. They are holding paper that they
stole from somewhere. Their net wealth is diminished by the full amounts,” Dr
Njoroge said.
The
Kenyan government unveiled new currency notes June 1 and set a three months’
timeline for holders of the old 1,000 notes to return. The deadline lapsed
September 30.