NAIROBI: The Central Bank of Kenya (CBK) has cautioned supermarkets and retail chains against the issuing of alternative products in the place of currency coins.
CBK said these stores should not create the impression that there was a shortage of coins and noted that all commercial banks had been issued with sufficient quantities to allow for smooth settlement of transactions.
“Therefore commercial banks, supermarkets and other entities should desist from the practice of issuing alternative products instead of currency coins on the basis of bulkiness or perceived shortage. Accordingly, we urge commercial banks to ensure that coins are re-circulated efficiently at all times to their respective customers,” said CBK in a press release.
Supermarkets have been faulted for ‘forcefully’ exchanging products like sweets, matchboxes and airtime in place of coins as change.
“It is, therefore, a violation of the law to deny customers the possibility of obtaining their change in Kenya currency or deny them the opportunity to agree to settle the transaction in any other form,” CBK said.
In Kenya, the law requires that all monetary obligations or transactions entered into or made in Kenya be settled, in Kenya currency unless otherwise provided for by law or agreed upon between the parties.
