If you withdraw money from the ATM anytime from now, it is likely you will take home the new generation notes.
The Central Bank of Kenya (CBK) has confirmed that the new notes are already circulating in the economy.
In a press dispatch, the monetary policy regulator says the notes will be available in all commercial bank branches in the coming days.
According to CBK, the process to withdraw the Ksh1,000 note from the economy has already began in line with the regulator’s declaration that it will cease to be legal tender on October 1.
What’s more, all other denominations will remain unaffected and will continue to circulate alongside the new generation banknotes.
“The objective of this measure is to deal conclusively with the emerging concerns about illicit financial flows and counterfeits,” reads the dispatch.
CBK also stated that it is working with banks, forex bureaus, payment service providers, money remittance providers, other financial institutions, and investigative agencies to ensure that all requirements are observed in relation to large transactions as per Regulation 31 of the Proceeds of Crime and Anti-Money Laundering Regulations, 2013 (POCLAMA).
The regulator also outlined the conditions under which currency will be exchanged.
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⦁ Persons exchanging currency notes for amounts not exceeding Ksh1 million of the old generation currency notes will exchange at their commercial banks, CBK Branches and Currency Centres or at the nearest commercial bank.
⦁ Bank customers exchanging currency notes for amounts Ksh1 million to Ksh5 million of the withdrawn currency notes will exchange at their respective commercial banks, under the normal procedures and requirements.
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⦁ Persons without bank accounts exchanging currency notes for amounts exceeding Ksh1 million will require an endorsement from CBK.
⦁ Persons exchanging currency notes for amounts exceeding Ksh5 million (bulk exchange) will require an endorsement from CBK.
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