The Central Bank of Kenya (CBK) has ruled out possibilities of extending the Ksh1,000 bank note withdrawal deadline.
Addressing journalists on Thursday, CBK governor Patrick Njoroge said that extending the deadline would see the purpose of demonitisation process beaten.
“The answer on an extension is no. I know Kenyans love extensions. For us, it would beat the purpose to move the deadline. Kenyans should not wait until October 1. This would a misinformed position. Between now and October 1 you should see less and less of the old series Ksh.1000sh notes,” he said.
Njoroge clarified that the Swahili name for bank as appearing on Kenyan currency is ‘Banki’, insisting that it is not a grammatical error.
Njoroge said the name ‘Banki’ was selected by the Late Tom Mboya and John Michuki who were minister for Commerce and PS Treasury respectively.
“Bank is an English word and not Swahili. Kenya has been using it since 1966,” Njoroge said.