Kenyans were asked to return all the old 1,000 banknotes and exchange them with the new generational banknotes that were rolled out almost immediately. According to CBK, there were 217.6 million pieces of the old 1,000 notes that were in circulation. The CBK targeted to collect at least 86 per cent of the pieces.
And on Monday 30th, the old 1000 notes expires and the regulator has not shown any sign of relenting to this day as the final day for the old notes.
At least 900 accounts have been flagged by the central bank of Kenya (CBK) for making suspicious deposits as the exchange of the old 1,000 notes ends.
The fate of some of these unusual deposits will be known to start later this week as the curtain comes down on the demonetization process. The process will involve checking for possible money laundering and it is revealed that a meeting will be held on Wednesday to assess the integrity of the doubtful accounts.
The government on June 1 ordered the return of old sh1, 000 notes, saying they will cease to be legal tender on October 1. Last week, the regulator raised an alarm over large transactions of sh1, 000 old notes in Narok County.