Browsing: Kenyan economy

KAM lauds move to launch new generation banknotes

Africa's Development

Kenya Association of Manufacturers (KAM) has lauded the move by the Central Bank of Kenya to introduce the new generation currency notes and withdraw the older Sh1000 from circulation by October 2019.

The manufacturers’ umbrella body said in a statement that the Introduction of the new generation currency embraces the spirit of our Constitution specifically through Article 231 (4) on the production and issuance of Kenyan Notes and Coins.

“…which aims to symbolize the diversity and vibrancy of our National Heritage; as well as Central Bank of Kenya Act Section 22 (1) which gives the Central Bank the sole right to issue notes and coins as legal tender thereby reaffirming existing mechanisms to deal with corrupt monetary practices and illegitimate currency.” Said KAM Chairman Mr Sachen Gudka adding:

“As industry, we are hopeful that this bold move will curtail the prevalence of the illicit economy by making it especially difficult …