This is how shredded Sh 1 million of old 1k banknotes look like
Central Bank of Kenya (CBK) governor Dr Patrick Njoroge on Wednesday explained the process and how the old notes will be destroyed and kept.
The old Sh1,000 notes which are valueless and have been shredded and will now be turned into briquettes, the governor said.
A briquette is a compressed block of coal dust or other combustible biomass material used for fuel and kindling to start a fire.
While addressing the press on Wednesday, the CBK boss displayed samples of the briquettes made from crushed and compacted old Sh1,000 notes.
Dr Njoroge said that the two small briquettes he was holding were each made from Sh1 million of the old banknotes.
Each briquette the Governor is holding is equivalent to Ksh 1,000,000 in shredded banknotes. pic.twitter.com/zFZPbc6p2R
— Central Bank of Kenya (@CBKKenya) October 2, 2019
He revealed that all the 217 million pieces of the Sh1,000 notes can fit in only five 40-ft containers.
“If you put all the 217 million pieces of the KSh 1,000 notes, they would fit in only five 40-ft containers. When we receive banknotes, we punch them and shred them, then compact them into a briquette,” said Dr Njoroge.
Governor @njorogep: If you put all the 217 million pieces of the KSh 1,000 notes, they would fit in only five 40-ft containers. When we receive banknotes, we punch them and shred them, then compact them into a briquette.
— Central Bank of Kenya (@CBKKenya) October 2, 2019
During the exercise, the CBK governor said, that banks, forex bureaus, micro-finance institutions, money transfer and mobile money agents were all following the AML/CFT guidelines.
The new generation banknotes were unveiled on June 1, during the Madaraka Day celebration.
New Sh50, Sh100 Sh200, Sh500 notes were also unveiled and are now circulating alongside the old ones with a deadline only put for the Sh1,000 note.