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Kenya’s Central Bank transfers Sh7.4b to government in fight against COVID-19

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The Central Bank of Kenya (CBK) has transferred Sh7.4 billion to the Government Consolidated Fund, in support of the fight against coronavirus.

In a statement on Friday, CBK said the money totaling to Sh7, 387,674,000 was collection from the demonetization exercise concluded last year in September.

“The demonetization of the older series Sh1, 000 notes was announced on June 1, 2019, aimed at addressing the grave concern of illicit financial flows, and the emerging risk of counterfeits. At the conclusion of the exercise, Sh7.388 billion worth of the older 1,000 notes were rendered worthless,” CBK said.

This, it said was in line with Sections 9 and 51 of the CBK Act, and that the transfer was approved by the CBK Board.

Kenya has reported seven confirmed cases and the government has outlined strict measures including an emphasis on social distancing in public service vehicles and work places to curb the spread of the highly contagious virus. The disease has claimed over 10,000 lives globally and infected 255,729.

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