– There are more KSh 1,000 notes in circulation than any other currency in the Kenya economy

– This is according to the CBK which is aiming at phasing out the old generation notes for new ones starting October 2019

– KSh 20 coins were the most scarce in the economy with only 9.9 million pieces in circulation

The Central Bank of Kenya estimates that there is approximately KSh 217 billion worth of KSh 1,000 notes circulating in the economy even as the debate on the new bank notes rages on.

In statistic seen by TUKO.co.ke on Monday, May 3, the CBK sought to put to perspective why there was a great need to roll out new currency.

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According to the monetary authority, KSh 1,000 notes are the most prevalent in the country’s currency circulation, with 217 million such notes being used on a daily basis.

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This is followed by KSh 100 notes which are about 126.4 million in number and circulating in the Kenyan economy.

Quite surprisingly, despite the harsh economic times, it was the KSh 20 coin which is hardest to find in the country as there are only 9.9 million pieces in circulation.

The KSh 200 and KSh 500 notes currently stand at 54.8 and 30.8 million in circulation respectively.

The CBK recently announced that there are more KSh 1000 notes in circulation than any other notes. Photo: Getty
Source: UGC

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Despite the fact that KSh 1,000 notes are the most used in the country currently, the government has maintained its stance that they would be obsolete by October 2019.

What this means for the Kenyans with hefty amounts of such notes is they will be required to physically take the money to the CBK to be exchanged with the newer currency.

“There is a fair amount of illicit transactions that is why we want them back. If you are okay in terms of your transactions then your money will be exchanged but if you have sat on money at home it will be nothing but paper in October,” the CBK governor said.

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