UK High Commissioner to Kenya, Nic Hailey, has welcomed the announcement by Governor Patrick Njoroge concerning new generation currency banknotes which will support the country’s continuing fight against corruption.
During a speech made on Madaraka Day, the Governor expressed ‘grave concern’ that large Kenyan banknotes, particularly the older one thousand shillings series, “are being used for illicit financial flows in Kenya and other countries in the region”.
He added that recently, counterfeit notes had been discovered which could “jeopardise proper transactions and the conduct of commerce” in the country.
Welcoming this tough stance on corruption, Mr Hailey said: “This announcement on the 1,000 bob note is great news. Anyone who has been stashing proceeds of corruption in cash, to avoid oversight, will have to explain where their wealth came from.”
Department for International Development (DfID) Country Head Julius Court described the move as an “important initiative”.
Initially, the notes will be in circulation at the same time, but old generation one-thousand shilling banknotes will need to be exchanged by October 1, 2019, after which they cease to be legal tender.