This is how the Kenyan new look currency may look like
CBK is working to replace Kenyan historical currency with a new look Kenyan notes and coins in a project themed ‘Kenya Reborn’ and ‘Kenya Prosperity’
Central Bank of Kenya (CBK) is working to replace Kenya's historical currency with a new look currency in a project themed ‘Kenya Reborn’ and ‘Kenya Prosperity’ at an estimated replacement cost of Sh18 billion ($174m).
“We have revised the timelines based on where we are today. The 17 months required for the tendering, award of contract and printing of the new currency adds up to September 2017,” said Dr. Njoroge last year.
The new look notes and coins with design elements unique to Kenya such as the country’s flora and fauna, key aspects of agriculture, technology, manufacturing, infrastructure, sports, tourism and environment is expected to be in circulation soon.
Notes currently in circulation have the images of first President Jomo Kenyatta and his successor Daniel arap Moi.
Kenya must however replace all currency with completely new bank notes that bear images that depict or symbolize aspects of Kenya according to the 2010 Constitution guidelines which prohibited the use of a person’s portrait on the legal tender.
Withdrawal of the old currency still in circulation is expected to be done over a three-year period backed by an awareness campaign according to CBK.
The Cabinet had approved the design of new generation currency in August 2013 and was working on a production date of 2015, but due to tendering woes it never saw the light of the day.
Central Bank of Kenya (CBK) Governor Patrick Njoroge had also warned the Senate last year against issuing the new currency in an election year, due to security concerns, adding then that the regulator saw September 2017 (this month) as the preferred time to roll it out.
Accordingly, CBK invited individuals, institutions, organisations and professional bodies to present proposals on elements/features to be considered for incorporation in the design of the new currency.
“We are in the business of having the new generation currency that is consistent with the Constitution and we will do this in accordance with the Central Bank Act and to all other laws that govern that whole process,” said CBK Governor Patrick Njoroge.
CBK is yet to confirm the new-currency look and has remained tight lipped on when it be be rolled out to the market.
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