Central Bank of Kenya (CBK) Governor Kamau Thugge has disclosed that a well-known German firm has been hired to create new banknotes for Kenya.
In a press briefing, the CBK Governor discussed the continuing process and the reasoning for the proposal, however, not revealing the name of the company. READ FULL STORY
“The printing is being done by a German firm and it is actually one of the best firms,” he said.
Thugge underlined the company’s experience and reputation, stating that it will assure the high quality and security of the new banknotes.
According to Kamau, this move is part of the Central Bank of Kenya’s usual activities.
“This is just a normal process of the Central Bank of Kenya. The notes that we have are getting old and, therefore, we need to get new notes. That is really the reason,” he explained.
Thugge explained that old currency notes are replaced on a regular basis to maintain the integrity and functionality of the country’s monetary system.
Kenya introduced a new series of banknotes and coins in 2018, a significant change driven primarily by the 2010 Kenyan Constitution, which prohibits the use of portraits of individuals on currency.
This marked a departure from the previous practice of featuring former presidents on banknotes, reflecting a broader commitment to promoting national identity and inclusivity.
The new currency aimed to represent Kenya’s rich cultural heritage and diverse wildlife, moving away from individual portraits.
One of the critical motivations behind this currency change was the need to combat counterfeiting, which has been a persistent issue impacting the economy and public trust in the currency.
CBK designed the new banknotes and coins with enhanced security features to make them more difficult to replicate.
By incorporating advanced security elements, the CBK sought to protect the integrity of the financial system and instill greater confidence among the public in the currency’s value.
The design of the new banknotes prominently features images of Kenya’s iconic wildlife, such as the African fish eagle on the 50 shilling note, the Maasai giraffe on the 100 shilling note, the endangered black rhinoceros on the 200 shilling note, the lion on the 500 shilling note, and a portrait of a woman with a traditional headscarf on the 1000 shilling note.
Additionally, the national coat of arms is included, symbolizing Kenya’s sovereignty and unity.
These design choices not only celebrate the country’s natural heritage but also foster a sense of national pride.
To ensure a smooth transition, the introduction of the new currency was implemented in phases.
The CBK conducted public awareness campaigns to educate citizens about the new notes and coins, emphasizing their features and the importance of using them.
The old currency notes were gradually withdrawn from circulation, with a set deadline for their demonetization.
This careful planning was essential to minimize disruption to economic activities and to ensure that the public was adequately informed about the changes.
