The claims, pushed aggressively on social media, left many Kenyans wondering whether the move signalled deeper trouble for the economy under the commander in chief.
In that report, a section of economists warned that high-value notes often hint at inflation concerns, a message that fed into Kenyans’ fears.
But as the rumours grew, CBK quietly stepped in with clarity. The regulator maintained that it had made no announcement about introducing a KSh 5,000 note and labelled the circulating claims unverified. It pointed instead to its most recent official update on August 6, 2024, when it confirmed only security enhancements on existing denominations—KSh 50, 100, 200, 500, and 1,000.
No new denominations were introduced then, and none have been confirmed now.
Economists like Daniel Kathali were quoted warning that introducing such a note could destabilise confidence in the shilling.
Many Kenyans echoed that view online, saying a higher denomination would only enable illegal money circulation and spark panic in a fragile economy already under close watch by CS Treasury John Mbadi.
What most Kenyans didn’t know is that the only item ever issued resembling a KSh 5,000 note was a commemorative coin minted in 2003 to mark Kenya’s 40 years of independence. It never entered circulation and was only meant for collectors.
With CBK now clearing the air, the focus shifts back to the broader economic debate—whether the shilling is strong enough under the current administration or if Kenyans are simply reacting to shadows created by online misinformation.
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