De La Rue, a British company that specializes in the production of banknotes, passports, and other security documents, has announced that it has suspended its note-printing operations in Kenya.
Firm that prints Kenya's currency suspends operations in Nairobi
De La Rue has been providing banknote production services to the Central Bank of Kenya for many years.
[FILE] Central Bank of Kenya (CBK) governor Patrick Njoroge displays some of the new designs for the Kenyan currency notes in 2019.
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The company stated that it does not expect to receive any new orders from the Central Bank of Kenya for the next 12 months due to low market demand.
However, the company's joint venture with the Kenyan government, through which its operations in the country are conducted, remains active.
This means that the company is still present in the Kenyan market and is exploring other business opportunities.
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De La Rue offices in Kenya
Pulse Live Kenya
De La Rue said in a statement, "The company continues to explore further business opportunities, both in Kenya and for export from Kenya, with a view to restarting production if the economic climate permits."
This decision by De La Rue to suspend its note-printing operations in Kenya is a reflection of the current economic climate in the country.
Kenya has been facing an economic slowdown in recent times, which has led to a decrease in the demand for new banknotes.
This news comes in the wake of a court ruling that allowed the Kenya Revenue Authority to collect Sh1.1 billion in taxes owed between 2013 and 2017.
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De La Rue has been providing banknote production services to the Central Bank of Kenya for many years.
De La Rue offices in Kenya
Pulse Live Kenya
However, the company's joint venture with the Kenyan government offers a glimmer of hope that production could be resumed in the future.
The firm employes over 300 workers and contributes to creation of 3,000 job indirectly.
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