in ,

Ksh7 Billion Acquired Through Mop Up Of Old Ksh1000 Notes Released In Fight Against Coronavirus

PHOTO | PSCU

The Central Bank of Kenya (CBK) has released to the government Ksh7.4 billion towards the fight against coronavirus (Covid-19) in the country.

CBK Governor Patrick Njoroge said the money was from the mop-up of the old Ksh1,000 banknotes.

“As you recall in September last year we concluded the demonetisation of our currency relating to our old generation Sh1,000 banknotes. That matter was concluded and as a result of that, Ksh7.4 billion worth of banknotes never came back to the system.

“That money would have been held by people who, for whatever reason, did not want to subject themselves to the checks that were in place. So most likely this was money that might have been illicitly acquired through the various channels that we have talked about in other forums,” the CBK governor said.

Read: Kenyans Turn To Cashless Transactions In The Wake Of Coronavirus

The money was handed over to President Uhuru Kenyatta in a function held at the State House Nairobi.

That money goes to help our health facilities and our health workers,” the President said.

During the meeting, the President announced a further Sh1 billion allocation by the government for hiring of more health workers needed to increase the country’s capacity to deal with the coronavirus pandemic.

Email your news TIPS to news@kahawatungu.com or WhatsApp +254708677607. You can also find us on Telegram through www.t.me/kahawatungu

Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Blogger Robert Alai To Spend Weekend At Muthaiga Police Station After Arrest

Was Ohaga’s Verdict On FKF Polls A Conspiracy To Form Normalisation Committee?