Pedes wrote:T-Bag wrote:HE. PORK launches new generation bank notes at Madaraka Day celebration. The fight against corruption gets new impetus, Old 1000 will become obsolete, corruption billions in safes and bunkers will trigger inflation as they enter the system.....or else.....
October 1 2019 is the deadline. Those who have stashed illegally acquired 1000s notes in warehouses or homes are looking for get-rid-quick schemes.
This will affect a very small group of people. Clearly (10M -100M) stashes can be rinsed up before 4 months are over. This may affect guys with over 0.5 billion. How many are they? Very few, the likes of past governors. I expect
1.Guys will rush to forex exchanges so forex will be hotcake in the next few days. Mattress banking will switch to dollar banking. Millions will be cleaned up easily in forex. It is likely to affect dollar buying rates in coming months
2. Convert to 500s and get a new lease of life, more timelines still legal tender
3. Land as an asset is likely to benefit from this and probably houses which have had a terrible run this year.
4. Banks deposits (trickledown effect of conversion) more deposits, more loans for mama mboga, slow rate of small banks acquisitions because of deposits
All in all very little effect on mattress war lords. Meanwhile the business that will likely be affected most is
1. Money printing/wash wash this guys will need new equipments for the latest currency with more security features and expensive to print.
2. Politicians who rely heavily on money printing for campaign stashes
I work so I can afford the amount of alcohol required to continue going to work