The Central Bank of Kenya has issued a new condition to banks regarding the issuance of the new Kenyan currency coins to customers.
New coins to be issued to customers on 1 condition
Getting the new-look coins more challenging
A circular to bank chief executives states that a customer shall not be issued with coins exceeding Sh 100.
The notice explains that the measure is due to a hitch in public awareness.
"Since CBK is in the process of undertaking a public awareness campaign, the distribution is being limited to Sh 50 and a maximum of Sh 100 of the new coins equivalent per customer," stated the acting director for currency operations Mr Paul Wanyagi.
Point of Clarification on Old Coins
Wanyagi clarified that the old coins still remain in circulation as legal tender and bank requests for coins remain as was.
"The new generation coins will circulate alongside the coins previously issued and not withdrawn.
"We welcome commercial banks to place their coin orders using the already existing mechanism," he explained.
The coins were launched on December 14, 2018 in adherence to a Constitutional requirement that currency should not bear the image of an individual.
The Consumer Federation of Kenya (Cofek) filed a lawsuit against CBK arguing that there should have been public participation on the images to be used.
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