Questioned by Foroyaa during a press briefing held by the Monetary Policy Committee (MPC) of the Central Bank on the terrible state of the currency notes in circulation the Central Bank Governor said that the currency in circulation is disheartening and shameful to them.
He indicated that they have already ordered new currency notes which have suffered delay in transportation. He promised that they will receive the currency notes in March and would ensure that all the family of old currency notes will be replaced by 31st December 2023. This includes the currency notes of the first and second republics.
Foroyaa will carefully monitor this process of replacing the old currency notes in the past as new currency notes are issued while old currency notes are left to circulate. Such a situation will increase the amount of money in circulation far beyond the amount of a goods and services they should purchase. Consequently inflation could be triggered and poverty increased due to abundant money in the hands of a few while the vast majority remain in poverty. In the process of monitoring the replacement of old currency notes Foroyaa will point out the danger of old currency notes being used for fraudulent activities that would undermine all the benefits that accrue with the issuing of new currency notes.
