Connect with us

Hi, what are you looking for?

News

Poverty And Bad Handling- CBK Gives Unexpected Explanation On Why New Notes Are Not Lasting

nnootes

The Central Bank of Kenya (CBK) is blaming Kenyans for handling the new generation notes badly, a reason why they are getting worn out faster.

Appearing before the Senate Committee on Finance and Planning to explain the quality of new generation notes, CBK Governor Patrick Njoroge said the new notes are better than what we used before only that they are getting been mishandled.

Jamal Roho Safi Forced To Run Away As Wives Fight In Syokimau

Njoroge said the new notes come with improved security features as well as edges that allow visually impaired persons to tell the difference between the denominations.

“The new banknotes have a certain varnish on them to reduce wear and tear. They also have a significantly longer lifespan than the old-generation banknotes and are supposed to last one year compared to the others that lasted six to nine months,” said Njoroge.

Njoroge said that since the notes were released in 2019, Kenyans have been testing them to see how strong they are.

Nominated Senator Rosa Nyamunga, however, believes the notes are getting damaged quickly because of poverty. She stated that poor Kenyans are storing the notes badly as they crumple them.

“50 bob is the lowest currency note and it’s the fastest moving. Governor, you should do something about it,” said Nyamunga.

The CBK boss agreed to this saying that since it’s the most handled, it’s normally put to durability test more by Kenyans.

“I think we understand why the Sh50 bank note circulates quickly. Matatu fare and other transactions we see on the road are normally Sh50 and the lower denomination notes are subject to significant mishandling,” said Njoroge.

Make KDRTV your home for the latest Kenya News bookmark our site. Make sure you follow us on Facebook, Twitter, and YouTube to stay Updates with the latest Kenya and International News.

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

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

USA

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