Wednesday, June 30, 2021 -The new notes introduced by Kenyan government are ageing very fast than the older notes. It has been confirmed.
Central Bank of Kenya CBK Governor Dr. Patrick Njoroge on Tuesday explained how the new notes gets old faster. He, however gave an explanation that the new ones are in higher circulation and that makes the main reason they are wearing out faster.
Speaking while appearing before the Senate Committee on Finance and Budget Committee on Tuesday June 29, Dr. Njoroge however noted that despite the new ones wearing out too fast, they were of higher quality than the old ones.
Subsequently, Njoroge argued that the other reason making the new notes to wear out fast is because many Kenyans don’t carry their cash in wallets hence the destruction.
“The fading occurs owing to how we treat the currency. We are harsh in treating the currency. As a matter of fact, we all know how people are supposed to put them in the kibeti (wallets).
“Most of us don’t have wallets. We put the money in other places,” Njoroge clarified, adding that even for the few who use the wallet, don’t pay attention to arrangement.
He explained that the size of the new notes was designed specifically to fit in the wallet but citizens seem not to have taken note of that.
While speaking about the deficiency in supply, Njoroge defended that the current supply of new notes in the market was steady and that they were yet to notice any scientific shortage as some sections are claiming.
