Episode 104: Demonetization 101
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Episode 104: Demonetization 101
In June 2019, the Central Bank of Kenya (CBK) announced that it would be phasing out the current generation KES 1,000 note by 1st October 2019. On that date, it will cease to be legal tender. This is in an effort to curb illicit financial transactions, including money laundering; address the problem of counterfeit notes; and fight corruption. They also announced new generation notes alongside the new KES 1,000 note (KES 50, 100, 200 and 500), but these do not have a deadline for exchange.
According to the CBK, we currently have in circulation 217.6 million pieces of KES 1,000, 30.8 million pieces of KES 500, 54.8 million pieces of KES 200, 126.4 million pieces of KES 100, 100.5 million pieces of KES 50 and 9.9 million pieces of KES 20. We’re joined by Ken Gichinga, the Chief Economist at Mentoria Economics, to discuss the demonetization process as it is planned in Kenya.
Resources
Kenya is introducing new banknotes in a bid to fight corruption
For demonetization to be successful, adequate remonetization necessary
Behind Central Bank move to change notes
Ensure roll-out of new currency does not hurt weak economy
There is more than meets the eye in demonetisation
Tedious journey to new currency that kicked off in 2010
Demonetization Of Currency Notes: Significance And Challenges
Demonetisation: The end of Zimbabwean dollar
What can you buy for $100 trillion in Zimbabwe? Not even a candy bar
Here’s The Full Text Of Modi’s Speech On The Discontinuation Of ₹500 And ₹1,000 Bank Notes
Demonetisation: What India gained, and lost
Two years of demonetisation: What did the fight against black money achieve?
Demonetization Anniversary: Decoding the Effects of Indian Currency Notes Ban
India election 2019: Did the ban on high-value banknotes work?
Despite hype, demonetization missed all goals
Few Hits and Many Misses From India’s Cash Ban After 2 Years
