The Central Bank of Kenya has cautioned supermarkets and other retailers against issuing low-priced items to customers instead of coins as change. In a Press Statement published today, the bank says issuing sweets, matchboxes or airtime instead of currency violates the law and denies customers the right to first obtain change in currency coins.
CBK further clarifies that the institution has issued enough coins to all the commercial entities including banks and supermarkets to facilitate the smooth settlement of transactions. “There is adequate stock of coins and Central Bank has issued sufficient quantities of the Kenyan currency coins,” the statement read.
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Supermarkets have been accused of forcing customers to take up items they don’t need in the pretext of lack of coins, helping them move items that would not have otherwise been bought. Many a times customers have complained at counters. Given the huge numbers of shoppers, the retailers retain make millions worth of such forced sales daily.
Central Bank of Kenya says all monetary transactions made in Kenyan currency must be transacted in the same currency unless a consumer calls for a commodity in exchange. “The law requires that all monetary obligations entered into or made in Kenya be settled in Kenya currency unless otherwise provided for by law or agreed upon by the parties involved,” the press statement read.
CBK urged commercial banks to ensure efficient flow of Kenyan currency coins. Supermarkets have lately introduced airtime and ‘e-coins’ mode as a way of dealing with coins.
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