THE IMPACT OF CURRENCY CONVERSION ON THE KENYAN CURRENCY.
Creators: name: Lavinia, Sally
Publisher: name: Zenodo
Year: 2020
Subjects: Demonetization
Kenya's demonetization
Currency conversion

description: Currency conversion also called demonetization is the withdrawal of a legal tender from circulation. Here new units of currency replace the old ones. In Kenya, the currency has been demonetized twice: first in April 1969 and October 2019. This study tries to understand the impact of currency conversion on the Kenyan economy. The reasons for demonetization are highlighted. Regression and correlation techniques were used to estimate the model using variables such as interest rates, inflation rates, exchange rates, and a dummy variable.<br> It was clear that interest rates, inflation rates, exchange rates have a positive coefficient with GDP, while the dummy variable denoted a negative coefficient with GDP.<br> In this context, the central bank's role was to ensure planning, forecasting, procuring, and distributing currency notes and coins, setting up suitable currency distribution mechanisms, and safeguarding the integrity of Kenyan currency as a medium of exchange and developing policies for proper handling.<br> Based on the findings, it is correct to note that Currency conversion had no impact on the Ken-yan economy.<br>
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