The Star Newspaper is on the receiving end of allegations of erroneous reporting involving the return of old a thousand notes.
This follows a statement shared by Central Bank of Kenya (CBK), in social media on Tuesday, that indicated the newspaper gave a misleading report on comments made by the bank’s boss Patrick Njoroge.
“This story is erroneous and mischaracterises the Governor’s comments,” said CBK in reference to a story dubbed ”Kenyans were yet to return Sh100 billion by end of August – CBK.”
Governor Njoroge had held a press conference at Monetary Policy Committee meeting held on Monday.
The bank, however, did not comment on the nitty-gritty of the errors reported by the newspaper.
However, according to detail analysis of the newspaper’s article to comments made by CBK boss, specific issues between the two sides appeared to be conflicting.
According to the newspaper, the CBK boss was not certain whether it is legal or not for traders to set early deadlines.
”I can’t tell whether it is legal or not. Businesses have their own way of complying to the set deadline,” Njoroge said as quoted by the Star.
But a thread shared on CBK Twitter account indicates that having the old-thousand note after the reported ultimatum will not be a reason to incriminate someone.
“There is no penalty for holding the older KSh 1000 notes after September 30, but you will have lost the value of your money,’ said Njoroge according to CBK.
The CBK added that traders need to speak to their banks to ensure that their old KSh 1000 notes are received by close of business on Monday, September 30.
Also, the newspaper reported that at least 53 per cent of total money converted so far was done in July.
However, the CBK indicated that 53% of conversions were in the last two weeks of June.
During the Madarka Day celebration on June 1, that was held in Narok, the CBK boss announced the new set of notes and set the deadline for exchanging the Sh1000 note to September 30.
The lesser 500,200,100 and 50 notes will however still remain legal.
Until September 1, 58 per cent of currency exchange in value terms was less than KSh. 500,000.
75 per cent of exchange in value terms was less than KSh. 1,000,000.
91 per cent of exchange in value terms was less than KSh. 2,000,000.