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.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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