Uhuru reappoints Patrick Njoroge as CBK governor

President Uhuru Kenyatta has reappointed Patrick Njoroge as Central Bank of Kenya governor for a second term of four years.

Patrick Njoroge was appointed as the CBK governor in June 2015.

His new term in office comes as the country prepares to usher in new notes which was launched during the 56th Madaraka celebration in Narok stadium.

According to Njoroge, the newer 1,000 notes are expected to replace the older ones as from October 1.

The new notes will not be bearing portrait images of individuals.

Njoroge told a press conference on Monday  the process will be thorough and conform to Banking Circular No 1 of 2016 on bank transactions and anti-money laundering regulations.

For instance, those wishing to replace old-generation Sh1,000 notes with a value of more than Sh1 million will have to visit their bank branches and fill forms detailing the sources and use of their money.

  Those intending to exchange Sh1,000 notes worth more than Sh10 million will have to give three-days notice to their banks. They must provide identification documents of those involved in the transaction and seek approval from their bank branch managers.

For those with Sh1,000 notes of more than Sh20 million or the equivalent will require the approval of the regional branch manager or the senior manager. They must also provide their identity documents and detailed information on the source and use of the cash.

Exchanges can be carried out at the Central Bank of Kenya.