Connect with us

Hi, what are you looking for?

News

CBK Fails to Meet Demonetization Target.

Central Bank of Kenya
Central Bank of Kenya

The Central Bank of Kenya (CBK) has failed to meet the demonetization target of 217 Billion after introduction of new currency.

According to the CBK Governor Patrick Njoroge, with only one  day to the deadline only 100 billion has been exchanged which is half the intended amount.

Njoroge also said that only 24 people have been involved in exchange of cash above one million and in huge amounts.

This is a disappointment since the CBK had intended to flash out the dirty money in the economy by tirelessly working and keeping government officials in a bid to have them trapped for embezzlement and other graft charges.

Coming at a time where corruption and embezzlement of public funds were rampant, the CBK laid down a strategy to have fraudsters led directly into the den of lions.

READ ALSO: Nairobi Man Disposes Sh1,000 Notes For Brand New Mercedes Benz Ahead Of September CBK Deadline.

For instance, it was discovered that the whole plan from printing of new currency and introduce it on a holiday which was Madaraka day to prevent people from going to court and stopping the process.

Well, the trick worked although efforts by human rights activist Okiya Omtatah were fruitless as the court ruled in favor of the new currency terming it legal.

There have ideally been excessive spending where people of the public have bough property in huge amounts of cash or even opened new businesses to have the money disposed.

The CBK has failed to meet its target, and with the deadline set for tomorrow, it is uncertain whether a new trick will be unleashed to have the money flashed out.

Like KDRTV Page.   Subscribe to KDRTV Newsletter.   Advertise with us.   Send us enquiries, press releases

Subscribe to watch latests videos
Click to comment

You May Also Like

News

(KDRTV) – Popular and controversial man of the cloth Pastor James Ng’ang’a of the Neno Evangelism Centre has a serious battle in his hands...

USA

Eric died in his house and spent a couple of days before he was discovered

USA

Antony Mamboleo Nyakeyo will spend the rest of his life in Prison

News

A high-ranking government official in Tanzania has claimed that Dr. John Pombe Magufuli was killed by the Chinese in collaboration with the Western Countries