TRANSPARENCY: CoST Uganda Commissions 2nd Infrastructure Transparency Index
Shift Media News 
By Our Reporter
The old banknotes collected, which can fill five 40-foot containers, have been shredded and compressed into briquettes of one million shillings each, ready for destruction.
The Central Bank of Kenya, (CBK) said the billions that did not make it back to the system would have no impact on the economy and on its books given that the money was not in circulation in the first place.
Though it is not yet possible to tell if all the money that was locked out of the financial system belonged to thieves, money launderers and beneficiaries of proceeds of crime, the CBK believes it has handed them a painful deep cut on their ill-gotten wealth.
Central Bank of Kenya Governor, Dr. Patrick Njoroge, on Wednesday termed the process a success. “The demonetisation process proceeded very well and we are happy with the outcome,” he said at a briefing.
In total, KSh209.6 billion had been returned by the September 30 deadline out of the KSh217 billion in the old generation notes that were out in circulation. This means a total of KSH 7.4 billion (Ugx254 billion) was not returned back, neither changed into new notes, and thus declared as a loss.
In value terms, 79 per cent were below KSh1 million. Only eight per cent of the values exchanged were over Sh2 million.
In terms of the number of transactions, 99 per cent of transactions were of people who turned up to convert Sh1 million or less. (Source/Daily Nation)
