The Kenyan Private Sector Alliance (KEPSA) on Monday hailed the introduction of new banknotes and withdrawal of the old 1,000-shilling note, saying the move will boost the war on financial crimes in the country.
“Introduction of the new currency is not only in compliance with the constitution but will curtail the criminal economy caused by corruption money hidden from the financial system, illicit financial flows, circulation of fake currencies and tax evasion, which in turn affect the business environment in Kenya,” KEPSA said in a statement.
The Central Bank of Kenya (CBK) on Saturday announced that the new generation of bank notes that bear images of the country’s iconic landmarks and have added security features.
CBK governor Patrick Njoroge said the transition to the new banknotes will be seamless amid intensified crackdown on illicit financial transactions.
KEPSA said the introduction of new banknotes will have a positive impact on the war on graft and money laundering, which threatens the country’s economic growth and national security.
“We will continue to welcome and support more initiatives geared towards addressing the menace of corruption, which has exacerbated the cost of doing business and public service delivery in Kenya,” said KEPSA.
The new banknotes are already in circulation, and the old 1,000-shilling note will be withdrawn from circulation by Oct. 1. Enditem