The Central Bank of Kenya will next week release details of the planned introduction of new currency .The move as required by the Constitution delayed missing the set deadline of September 1, 2015, triggering speculating that the government may have had a change of mind on the plan.
Article 231(4) of the Constitution bars the use of portraits or images of individuals on currency stating that notes and coins should only bear images that depict or symbolise an aspect of Kenya, meaning the current notes in circulation violates this rule.
“There will be a press conference next week and an update on this will be provided,” CBK Governor, Dr Patrick Njoroge, said on Thursday on the sidelines of the 4th Kenya Bankers Association Annual Banking Research Conference refusing to divulge further details.
Earlier in the week, Treasury Cabinet Secretary, Mr Henry Rotich, told the Nation on phone that the process for the launch of the new currency had been set in motion and was nearing completion.
The new currencies would be expected to be in notes of 50, 100, 200, 500 and 1,000 shillings. Their introduction would be accompanied by a massive public campaign to sensitise wananchi on the same. This would be followed by the subsequent withdrawal of the current currency in phases.
A FACE OF KENYA
In 2012, CBK sought a new image for the local currency notes and coins in adherence to the current Constitution.
The regulator had called for proposals on designs whose themes reflect a new chapter in Kenya’s history in line with the law and to depict the country’s prosperity as outlined in Vision 2030.
The last new denomination and currency design was the Sh40 coin in 2003, which has a portrait of retired president Kibaki.
CBK began printing Kenyan bank notes in 1966 under the mandate given to it by the Central Bank of Kenya Act cap 491.
Meanwhile, CBK will Friday begin marking the [email protected] Golden Jubilee Celebrations, the first in a series of activities running for one year and culminating in celebrations slated for September, next year when the regulator turns 50.
The bank has adopted the theme, ‘[email protected]: “Promoting Price Stability, a Sound National Payment System and a Vibrant Financial Sector” to anchor the Golden Jubilee celebrations.