Uganda stops exchange of Kenyan currency to help lock out ‘corrupt’ people with millions at home

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Uganda’s Central Bank has announced it is immediately stopping the use of Kenyan currency in a bid to fight money laundering.

The Bank of Uganda (BoU) said Tuesday the directive will help Kenya in the fight against corruption as its banks will not be used to launder stolen money.

Ugandan banks will also not be changing Kenyan currency from old to new bank notes as BoU directed the exchanges can only be done in Kenya.

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On Friday last week, Tanzania also directed all Kenyans living in their country to return home and exchange Sh1,000 notes as its banks won’t be accepting Kenyan currency.

The Central Bank of Kenya (CBK) has applauded the move by Tanzania and Uganda saying it will close loopholes that people might have used to clean money.

The CBK announced on Madaraka day that the Sh1,000 notes will not case to be used as from October 1.

The bank also brought in new notes in Sh500, Sh200, Sh100, and Sh50 to be circulated with the old notes.

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