Nairobi News


Why Kenyans would have loved new notes instead

Kenyans online wish the Central Bank had prioritised introducing new notes over the new generation coins.

They argue that the introduction of new Sh 1,000 notes (and retiring the old ones from circulation) would have exposed beneficiaries of corruption who have stashed millions in hard currency in their houses.

Police raids during arrest of corruption suspects has often led to seizure of vast amounts stashed in houses.

Some Kenyans gave the example of India which in November 2016 announced the issuance of new banknotes in exchange of old ones to reduce the use of illicit and counterfeit cash. (Economists have however declared India’s experiment as unsuccessful because the “black money” went back into circulation).

Kenyans online however still believe that an introduction of new Sh1, 000 notes would have helped in the fight against corruption.

Here are some of their thoughts.