‘Unkenyan’ like rush to return the old Sh1000 notes
Unlike in many civic exercises where Kenyans are always locked out of deadline, the demonization of the old Sh1000 notes did catch up with them.
The Central Bank of Kenya (CBK) managed to get 209,661,000 pieces out of the 217 million pieces of the old Sh1000 note that were being targeted for collection.
CBK Governor Patrick Njoroge said the pieces will be shredded and compressed into briquette.
"The hypothesis that Kenyans are procrastinators and wait until the last minute was disproved. Kenyans will act properly when they know what is good for them," said Njoroge during the announcement on Wednesday.
To catch money launderers off guard, the CBK initiated the demonetisation and announced the Sh1000 note as the first currency to wipe out.
The Sh1000 note was perceived to be the choice for money launderers and fake money minters.
Njoroge noted that civic education was critical and the CBK came up with the communication strategy.
"It was important to implement a very strong communications strategy" CBK Governor Patrick Njoroge.
Unlike in India where demonetisation brought inflation, the economy of Kenya remained largely stable.
