Kenyans have applauded the move by President Kenyatta to introduce new currencies with many terming it as a great milestone. The new currencies will however make Kenyans dig deep into their pockets to have them fully printed and circulated.
According to Central Bank of Kenya estimates, the replacement of the old currency notes will cost Sh18 billion.
The Constitution-compliant new generation bank notes will be in 50, 100, 200, 500 and 1,000 shilling denominations.
Their introduction will be followed by phased withdrawal of the old generation notes.
Article 231(4) of the Constitution outlaws currency bearing portraits and images of individuals. Such features have however remained on notes and coins currently on circulation after CBK missed the planned August 2015 deadline in Violation of the clause.
Such notes are coins are now going to be a thing of the past after President Kenyatta today launched a new generation of Kenyan currency in accordance with Constitution.
“We shall also be unveiling a set of new generation coins which are compliant with our 2010 constitution. I am extremely pleased that today we can achieve another milestone,” said President Uhuru Kenyatta.
“I am informed that the new generation coins continues the tradition of depicting an aspect that best describes our country,” he added.
Central bank of Kenya was last month, October 12th given the go ahead to print the new-look currency after the appeals court held that the De La Rue tender was above board.
On January 12, the Public Procurement Administrative Review Board (PPARB) cancelled Dela Rue’s tender saying CBK erred by applying the 15 per cent margin preference.
The CBK, however, challenged the decision at the Appeals Court leading to the October 12th ruling.
The bank argued that De La Rue was locally registered but only sub-contracted its affiliate De La Rue Kenya for in the printing contract.
De La Rue, in a statement, welcomed the Appeals Court ruling saying it was delighted with the verdict.
“We have maintained throughout the process that the CBK had run a proper, fair and transparent procurement, and the court has today confirmed that view, as well as dismissing baseless accusations of collusion out of hand,” marketing director Robin Mackenzie said in a statement.
Whats you general feeling about the newly launched currencies?