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CBK Governor Patrick Njoroge orders all money coming from banks quarantined for a week

Patrick Njoroge, Central Bank of Kenya Governor, on Wednesday, March 18 gave a directive, for all monies coming from banks to remain quarantined for at least one week.

While speaking to the press he said. “As an abundance of caution, to make sure that we don’t have the virus transmitted through cash. All cash coming out of banks will remain in quarantine for at least one week. That’s more than enough time for the virus to remain inactive.”

The move will help stop the spread of coronavirus, a pandemic that’s currently affecting the entire globe.

The CBK boss further encouraged Kenya to utilize mobile money transfers more. He said it was another precautionary measure to help curb the virus.

Njoroge in his press brief said the government would relieve borrowers off individual loans to help them deal with economic effects of COVID-19.

“To cushion the impact of COVID-19 virus on vulnerable people in society, banks will seek to relieve borrowers from personal loans,” he stated.

According to Njoroge, all banking institutions will extend the time for loan repayment, to a one year period.

He advised those with loans to visit their individual banks and discuss the best plan towards offsetting their loans.

“Banks would review requests by borrowers to extend their loans for a period of up to one year. So if you have a loan and you are getting difficulties (repaying it) maybe because of the coronavirus crisis, you can go to your bank and discuss it,” said Njoroge.

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