The Central Bank of Kenya is tasked with the responsibility of making new currency and issuing it to the public. The Bank can also exchange your damaged coin or note with fit currency.
We have all come across a torn currency note or a very ugly coin. What happens to them? Although currencies are made with longevity in mind, they still can be mutilated. Money is said to be damaged when it is marked with ink, burnt notes, or damaged by chemicals, torn, or mutilated. Such currencies should be removed from circulation in the economy. Damage currency is sort from the fit currency when commercial banks make deposits to the Central Bank.
Citizens can also take their currencies to either the commercial banks or the Central Bank for replacement. The following conditions should be met:
- The currency should not have been deliberately mutilated
- It should be original
- It should be more than half
- It should at least one complete serial number.
In the case of coins, the inner part of coin for coins with outer bordering rings i.e. 10/=, 20/= and 40/=.
However, the Central Bank is not obligated to make any changes to your damaged currency. Note that the currency will be examined carefully and you may be asked questions regarding how the notes or coins got damaged.
It is your responsibility to make sure you are not in possession of any counterfeit currency, as these will NOT be replaced for any value.