FALSE CURRENCY

Fake money: CBK working with agencies to unravel racket

In Summary

• Last week, sleuths discovered Sh2 billion in fake currency in a safe box at a Barclays Bank branch.

• His remarks on fake currency come just a day after police nabbed fake currency in Ruiru valued at Sh34 billion.

CBK governor Patrick Njoroge./
CBK governor Patrick Njoroge./
Image: COURTESY

CBK governor Patrick Njoroge has acknowledged the circulation of fake currency in the financial market but insisted there are solid measures to protect the public.

It will not be true to deny that there is fake currency in the market.

"Such products are however trading in a monopoly because the real currency has known security checks," Njoroge said.

He added that CBK is working with investigative agencies to unravel how the fake currency found its way in a bank's safe box.

His remarks on fake currency come just a day after police nabbed fake currency in Ruiru valued at Sh34 billion.

Last week, sleuths from the DCI also discovered Sh2 billion in fake currency in a safe box at a Barclays Bank branch in Nairobi Central Business District.