The Central Bank of Kenya on Friday released Ksh 7.4 billion to help the government in the efforts to fight coronavirus.
Speaking at the Nairobi State House when President Kenyatta met with captains in the private sector, CBK Governor Dr. Patrick Njoroge said the money was gained from the ‘mop-up’ of the old 1000 shillings banknotes.
“As you recall in September last year we concluded the demonetization of our currency relating to our old generation one thousand banknotes. That matter was concluded and as a result of that, Shs 7.4 billion worth of banknotes never came back to the system,” Dr. Njoroge said.
“That money would have been held by people who, for whatever reason, did not want to subject themselves to the checks that were in place. So most likely this was money that might have been illicitly acquired through the various channels that we have talked about in other forums,” he added.
President Kenyatta thanked the kindness by the CBK directing the Treasury CS Ukurr Yattani to ensure that the money given is properly utilized to strengthen and hasten the fight against the COVID-19.
The President also announced another Ksh 1 billion allocation which will be instrumental in hiring more health practitioners to boost the capacity of the country to respond to the rage of the coronavirus.
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