Central Bank of Kenya boss, Dr Patrick Njoroge, has revealed that the old Sh1,000 notes will be turned into briquettes.
Briquettes are used as fuel and in many cases are made from coal dust, peat or charcoal.
On Wednesday morning during a press briefing, the CBK boss brought exhibits of the briquettes made from crushed and compacted old Sh1,000 notes.
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In each hand, the CBK governor was holding two small briquettes that he said were each made from Sh1 million of the old banknotes.
“If you put all the 217 million pieces of the KSh 1,000 notes, they would fit in only five 40-ft containers. When we receive banknotes, we punch them and shred them, then compact them into a briquette,” said Dr Njoroge.
The CBK governor said that 7,386,000 pieces of the old Sh 1,000 notes were not returned, an amount equivalent to Sh7.4 billion.
“Demonetisation has been successful because we have completed it smoothly, with AML/CFT filters firmly in place, and kept out money whose owners did not want to be subjected to the relevant checks in the system,” said Njoroge during a press briefing on Wednesday.
