Home Lifestyle NO GIVING SWEETS FOR COINS. CBK WARNS SUPERMARKETS

NO GIVING SWEETS FOR COINS. CBK WARNS SUPERMARKETS

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CBK has warned supermarkets against giving sweets, matchboxes and airtime in exchange for coins citing that is is unlawful and legal action will be taken against them.

Central Bank of Kenya Governor Patrick Njoroge said they should desist from issuing alternative products in place of coins as a result of “perceived shortage or bulkiness”.

“There is an adequate stock of coins and the CBK has issued commercial banks with sufficient quantities of Kenya currency coins to facilitate smooth settlementĀ  of transactions,” Njoroge said in a statement on Friday.

The CBK boss said these institutions should first give the customer the option to obtain change in currency coins.

“The law requires that all monetary obligations or transactions entered into be settled in Kenya currency unless agreed upon between two parties,” he said.

“It is a violation of law to deny customers the possibility of obtaining their change in Kenya currency or deny them the opportunity to agree to settle the transactions in any other form.”

Njoroge urged Commercial banks to ensure that coins are circulated efficiently and asked members of the public “experiencing difficulty using coins as a means of exchange” to contact the CBK for assistance.

 

This comes moments after Tuskys launched service of giving customers airtime instead of coins to solve coins crisis.

CBK
Here is what CBK doesn’t want
EDITOR: Charles Oseko
Source: The star
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