CBK releases Ksh7.4 bn into government to help fight coronavirus

The Central Bank of Kenya (CBK) Governor Dr. Patrick Njoroge has released Ksh7.4billion to the Government’s Consolidated Fund to support the government in the fight against Coronavirus (COVID-19).

The money was gained from the mop-up of the old Ksh. 1000 banknotes during the demonetization process which was concluded on September 30, 2019.

“As you recall in September last year we concluded the demonetization of our currency relating to our old generation one thousand banknotes. That matter was concluded and as a result of that, Ksh7.4billion worth of banknotes never came back to the system,” Said Dr. Njoroge.

President Uhuru Kenyatta said the money will be directed to support Kenyans to overcome the current health crisis even as the government puts in place mitigating measures to suppress the virus.

“That money goes to help our health facilities and our health workers. That again is something we appreciate and this is what I mean when I say Kenyans working together can achieve miracles,” Said the President.

President Kenyatta further announced a Ksh1 billion allocation into the health sector for hiring more health workers to increase the country’s capacity to deal with the virus.

The President further said that all outstanding Value Added Tax (VAT) refunds and pending bills would be settled within 30 days.

“Critically, we all recognize that the volume of business has gone down. We need to ensure that we have the cash flow to be able to keep ourselves afloat as we go through these trying times,” he said.

Kenyan shilling down
Kenyan shilling fall

Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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