The sports category has moved to a new website.

Patrick Njoroge explains impact of De La Rue suspending operations in Kenya

CBK Governor addressed concerns of a shortage of banks notes following the suspension of De La Rue's operations in Kenya

Central Bank of Kenya Governor Patrick Njoroge at a past event

Central Bank of Kenya Governor Patrick Njoroge addressed the press regarding the suspension of operations at De La Rue, the company that prints currency in Kenya.

In response to questions on Tuesday, January 31, Njoroge explained that the suspension would have an impact on jobs supported by the firm, which employs around 300 staff members and supports 3,000 indirectly.

However, Njoroge assured that the Central Bank of Kenya had no concerns about a shortage of currency as there is enough money in circulation.

ADVERTISEMENT

He stated that the impact of the suspension would only be felt by those who work in Kenya supporting the industry.

The impact it has is only to the extent that there are people that work in Kenya supporting the industry,” adding that: “But in terms of our currency needs, they are completely fulfilled.

De La Rue, a British company specializing in the production of banknotes, passports, and other security documents, announced its decision to suspend currency printing operations due to low market demand.

The company also stated that it does not expect to receive any new orders from the Central Bank of Kenya for the next 12 months.

ADVERTISEMENT

Despite the suspension of note-printing operations, De La Rue's joint venture with the Kenyan government, through which its operations in the country are conducted, remains active.

The company is still present in the Kenyan market and exploring other business opportunities.

This decision by De La Rue reflects the current economic climate in Kenya, which has been facing a slowdown in recent times and a decrease in demand for new banknotes.

The news of the suspension also came in the wake of a court ruling allowing the Kenya Revenue Authority to collect Sh1.1 billion in taxes owed by the company between 2013 and 2017.

ADVERTISEMENT

De La Rue has been providing banknote production services to the Central Bank of Kenya for many years.

JOIN OUR PULSE COMMUNITY!

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

6 ways family-owned businesses can maximise profit & access tax relief

6 ways family-owned businesses can maximise profit & access tax relief

5 smart strategies politicians & marketers use to convince you

5 smart strategies politicians & marketers use to convince you

See the recently inaugurated Algiers Mosque, Africa’s largest mosque

See the recently inaugurated Algiers Mosque, Africa’s largest mosque

Kenya Power to start charging certain customers in dollars

Kenya Power to start charging certain customers in dollars

Pulse statement regarding an event mistakenly attributed to the organisation

Pulse statement regarding an event mistakenly attributed to the organisation

World's longest subsea cable spanning 45,000km has landed in Nigeria

World's longest subsea cable spanning 45,000km has landed in Nigeria

Do apps & websites use microphone snooping to recommend ads to you?

Do apps & websites use microphone snooping to recommend ads to you?

2024 Africa Tech Summit seals Nairobi as a hub of innovation

2024 Africa Tech Summit seals Nairobi as a hub of innovation

Most popular radio & TV stations in Kenya in 2024 - Report

Most popular radio & TV stations in Kenya in 2024 - Report

ADVERTISEMENT