In value terms, the CBK said 58 per cent of all the money exchanged by September 1 was less than Sh500,000, while 75 per cent was less than Sh1 million.
I don't follow your logic.
a. If out of the 217B expected say only 70% is returned - it means the 30% is
1. expired by the deadline - a big loss to the thieves but unlikely
2. Used to buy goods - very likely. Part of the loot is lost in the exchange
3. FOREXed outside the country. Because if forexed locally CBK would know. This is likely the case at least for -part of the loot
b. If most of the 70% returned is in batches of less than 1m - breaking loot into such tiny amounts and getting multiple couriers to do the exchange - would leak half the loot through the cracks. No honor among thieves.
However you look at it the looters have lost some good money.
I don't follow your logic.
a. If out of the 217B expected say only 70% is returned - it means the 30% is
1. expired by the deadline - a big loss to the thieves but unlikely
2. Used to buy goods - very likely. Part of the loot is lost in the exchange
3. FOREXed outside the country. Because if forexed locally CBK would know. This is likely the case at least for -part of the loot
b. If most of the 70% returned is in batches of less than 1m - breaking loot into such tiny amounts and getting multiple couriers to do the exchange - would leak half the loot through the cracks. No honor among thieves.
However you look at it the looters have lost some good money.
I was being sarcastic.
Every note not returned (minus the few soiled ones, minus the very few in safes with dead wazees ) is money lost to the thieves. Being exchanged in forex transactions is still unhelpful as anyone holding it will lose. Unless you say the thieves somewhat managed to find bigger fools willing to hold their old 1K notes in exchange for clean Benjamins.. doubtful
But after this they will resume stealing.
On forexing the KSh - i see your point: it is practically impossible to forex the old notes. CBK formally asked foreign central banks to freeze KSh forexing from Jun 1st.
I don't think Ruto is the only target :) - he is only among the biggest. Too many drug dealers, wash-wash counterfeiters and tax evaders out there. Corrupt moneybags must have purchased lots of assets in the 3-month window at huge windfalls to the sellers. Either way they lose a major part of the loot in the short laundering period. I don't think Ruto will be "crushed" but this a heavy blow in the war of attrition.
All that may be true... but NIS must have smelt some dosh. This can't be all about counterfeits. Ruto would have KSh cash in a bank safe for the same reason he has it in US$ or assets or even gold in Cayman: hedging. The "FDI" and such ukora happen because GoK looks the other way... but with Uhuru and NIS breathing on his neck - some handy B's would be in KSh for all the retinue of harlots and Judases he has on retainer. The wheat bonanza in Narok is obviously last-minute laundry rush. It's not a lethal blow but a blow nonetheless.
Btw nobody ever said Ruto was the target. This was just online propaganda. What I believe was the main target is counterfeit - wash wash money - that West Africans were producing. I first heard about 5yrs ago that likes of Charles Keter were involved in the wash-wash with some cameronians. The main target of fake money is 1000Kshs. CBK has delayed releasing new generation notes with better security because of the 10yr kick-back battle to renew or not renew De-LaRue contract - eventually ending in CBK getting shares in DelaRue.
The old notes were easy to fake - CBK was aware that Kenya had become the HQ of fake 1Kshs.
Wash wash is as old as paper money - only new variable is Ruto. Like of Ndii have no particular axe to grind with Ruto - but they fingered him as the slimiest sleazebag of our time. Mwaus and Sonkos or Kariukis have been laundering bloodmoney for decades. Everywhere including India, UK and such - the bigger motivation for new currency is corruption - moneybags, drug lords, tax evaders. I imagine there is already fake new notes in Nairobi - so it foolhardy to mint new stuff simply for that.
Ruto this ruto that. Yes dirty money was the target - but it game of counterfeit - it's a battle to stay on top. Kenya has not updated it's notes for a long time. The new currency are more secure and harder to counterfeit - just like say new generation of dollars.
Otherwise if you're waiting for someone to be unable to clean up his money in kenya then you're more than a moron. That is why only 24 people in entire republic ever turned up with 2M plus cash the last few months.
Heck how do you even target somebody like Ruto who owns half the gov - meaning half the gov intelligence work for him. The other half are willing to sell information to somebody as generous as Ruto.It's moronic. You can bet even right there at CBK top board room - Ruto has his eyes and ears.
The Almighty Ruto again.. with his own parallel NIS :) He's a mere mortal and it highly probable he has stashes in safes and deposit boxes. Dirty money is not only counterfeit - it include proceeds of crime such as loot, drug money, bribes, etc. I mean CBK itself said mopping up dirty money out of people basements was an objective.yes Ruto money is now rotting in some safe house. we will see his political activities and fundraising grinding to a halt.Ruto understand power games including intelligence.He learnt all that under Moi.Raila is baby in such stuff.How do you think Ruto was able to out loot Uhuru and GEMA if not thro such intelligence gathering.Ruto this ruto that. Yes dirty money was the target - but it game of counterfeit - it's a battle to stay on top. Kenya has not updated it's notes for a long time. The new currency are more secure and harder to counterfeit - just like say new generation of dollars.
Otherwise if you're waiting for someone to be unable to clean up his money in kenya then you're more than a moron. That is why only 24 people in entire republic ever turned up with 2M plus cash the last few months.
Heck how do you even target somebody like Ruto who owns half the gov - meaning half the gov intelligence work for him. The other half are willing to sell information to somebody as generous as Ruto.It's moronic. You can bet even right there at CBK top board room - Ruto has his eyes and ears.
Ruto was once co-president. Now he is a mere Saitoti with security of tenure and big mansion. Can he save his midgets - Waititus - from being kicked like burukenge.He was actually the president.. because Uhuru was mostly drunk and dealing with hangover..I have heard Ruto bragging in kalenjin that he run the gov.In fact I heard him in 2002 personally alluding to fact that Uhuru had been selected because he will run the gov given the man is a drunkard.Now is when Ruto is co president...he has his half doing his bidding.
Pundito,That was as of end of July.Recheck your data
How would you explain the 100B hole the government has just burned?
They released 218B and only exchanged 118B?
Where is the 100B?
Well, when Uhuru stop kicking Nyoro like a dog - Rotich fired, canceled Kimwarer and all the witch-hunts - Ruto imaginary power might seem real.Rotich made 5b from that dam.Power is wielded by intelligent hardworking folks.Uhuru has surrendered to Kibicho and Matiangi his share.Uhuru just pick the big projects and then zone out to drugs.The other ministries don't listen to Matiangi.They listen to Ruto who appointed them.Dont think PS or CS or Parastal head or ambassador appointed by Ruto will suddenly switch sides.This is why Matiangi experiment failed.The rest simply told him off.He has no political gravitas.Now as you sleep, Ruto is working with Duale& parliament budget head, Kikuyu MP, Kimani Ichungwa, to fund projects they will follow and take their cut .Real power includes controlling parliament, having NIS or parallel intelligence gathering, media, judiciary, all those make you powerful.And of course being mostly awake to wield power...Uhuru ia hand off dude...which is why Ruto loves the guy.
That's ok - you can have your fantasy and we can still have our reality. I told you Ruto crew will be kicked out one by one. Echesa. Boinett. Rotich. All Ruto crooks in KPLC, KPC and name it. Whic judiciary does Ruto control - the one that suspend his choirboy Waititu. When Maraga invite everyone but Ruto invite get lost in the mail :)I am sure for every kalenjin so far fired you'll find a Kikuyu...Rotich went so did Thugge.The gov important dockets are UhuRuto folks.The people need some sacrifical lambs.Even during Moi era many had to go.. mostly to politics like Waiguru.If Uhuru wanted to fire Ruto folk he would have done it long time.Obviously Uhuru is smart.Ruto does not control everything which is why he is busy campaigning
Pundito,That was as of end of July.Recheck your data
How would you explain the 100B hole the government has just burned?
They released 218B and only exchanged 118B?
Where is the 100B?
That's a good move by Kamwana. 100 billion...damn. Can they do it for all currencies?Pundito,That was as of end of July.Recheck your data
How would you explain the 100B hole the government has just burned?
They released 218B and only exchanged 118B?
Where is the 100B?
September. And given the lackluster exchange I don’t expect much change
September. And given the lackluster exchange I don’t expect much change
?ref_src=twsrc%5Etfw">October 2, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>Governor @njorogep:
— Central Bank of Kenya (@CBKKenya) October 2, 2019
- There were 217,047,000 pieces of KSh 1,000 as at June 1
- 209,661,000 pieces of KSh 1,000 were received by the end of September 30.
A minute didn't pass...my friend in Australia told me he carried 5k...now worthless.Majority of these money is abroad
Maasai herders i guess didn't get the news since June. These folks will pitifully go extinct. GoK should treat them as useful heritage and rescue them. So the "logical explanation" you're calling for should be simply because they are the Maasai.Take your meds please.Pastoralism one of human advancement started in Nile Valley and spread...maasai are not only pastoralist and no maasai live in Tana River.The first time I went to Turkana I discovered no radio signal reached there and newspapers arrived on planes 2 or 3 days later Temperatures in afternoon are especially insane.. nearly 40 degrees. In high school we had maasai disappearing for a whole term because they reach home only to find their family moved to Tanzania and had to trek there....or were told to go wandering with cows for months until the rains come.Tana river live pokomo...Bantus and ormas .. close cousin to boranas or promos..pokomo live along the river tana cultivating along the river banjs..ormas are pastoralists that move with climate
Maasai are the most antique of those cultures. I bet if Borana have residues of old currency Maasai are worse off. They don't have the excuse of far flung seclusion unlike the Turkana. They still criss-cross Nairobi with herds as if it's 1820.You do realize these people did us a favour by conquering the 3/4 semi arid land otherwise if they became sendentary farmers like kalenjin did become maybe we won't have any forest left. They are only able to do this by practising nomadism or pastoralism.That same practice of constantly being on the move make any development including education near impossible...you basically need moving schools etc.. thankful boarding schools are now sorting them out.
They need a zoo or sanctuary as endangered species. They are a tourist attraction with zero other contribution. They are animal herding plain Nilotes - Kalenjin are highlanders. No forest has been saved by Maasai.Botswana shows it possible to save pastoralism by converting them to rangers...but we know what happened to group ranches in Kenya.. anyway they need modern rangeland management...