The Central Bank of Kenya through their Governor Patrick Njoroge laid down rules on how the old Sh1000 notes should be exchanged with the new currency notes.
In a press briefing on Thursday, Mr Njoroge revealed that individuals with huge amounts of money (over five million) will be required to get an endorsement from the bank before doing the exchange.
He also noted that Kenyans outside the country with the Sh1000 old notes will be required to travel back into the country to exchange the notes before the August 1st, 2019 deadline.
He directed that there will be no conversion of the notes outside the country and no bank will allow conversion of the old Sh1000 notes to other currency.
“If you have the Kenyan currency and you happen to be outside the country, there is only one way to get value for it before October 1. You have to take a trip here and go through the procedures outlined in the Gazette notice and subsequent releases,” said Dr Njoroge.
CBK boss also noted that they will not be giving banks outside the country the new currency notes to avoid illicit conversions.
“You cannot convert it to any other currency out there since this would defeat the process of demonetization," noted Mr Njoroge.