Kenya’s Highest-value Banknote Makes Way for a New-look

In June 2019, the Central Bank of Kenya announced that the 1,000-shilling banknote will cease to be legal tender in four months’ time. A newly designed 1,000-shilling note would go into circulation along with smaller denominations. Kenya also asked its neighbors, Uganda, Kenya, and Tanzania, not to allow 1,000-shilling notes, valued at around $9,60. Kenyan authorities said scrapping the old note would be a way of ending the corruption that has deeply entrenched in the country. Billions of the high-denomination notes were suspected to be stashed away by corrupt officials, tax evaders and money launderers.

SOURCE: DEUTSCHE WELLE

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