Money outside banks increases by Sh34 billion

Money outside banks increases by Sh34 billion

The value of currency circulating outside banks rose by Sh33.9 billion in two months to November, touching a five-month high after the end of Central Bank of Kenya (CBK) demonetisation process in September.

Fresh data from CBK shows currency outside banks rose from Sh157.7 billion in September to Sh191.6 billion in November.

The circulation was at Sh222 billion in May before dropping to Sh196.9 billion in June when the four-month exercise of mopping up the old Sh1,000 notes started.

A CBK Gazette notice on May 31, 2019 said the older Sh1,000 bank notes were withdrawn from circulation and would cease to be legal tender on October 1, 2019.

The fastest drop in cash outside lenders was seen in the September-October period when it dipped by 26.4 percent or Sh27.2 billion to close at Sh157.7 billion.

 

Source: https://www.businessdailyafrica.com/markets/marketnews/Money-outside-banks-increases-by-Sh34-billion/3815534-5455026-ot35uwz/index.html

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