“The new banknotes will circulate alongside those previously issued but not withdrawn. However, we have assessed the grave concern that our large banknotes—particularly the older one thousand shillings series—are being used for illicit financial flows in Kenya and also other countries in the region. More recently we have seen the emergence of some counterfeits.” Noted the Governor.
“By a Gazette Notice dated May 31, 2019, all persons have until October 1, 2019, to exchange those notes, after which the older one thousand shillings banknotes will cease to be legal tender,” He added.
The move has been seen as a bid to fight money laundering, counterfeits, and corruption.
All the bank notes bear the image of Kenyatta International Convention Center.