Central Bank of Kenya (CBK) Governor Doctor Kamau has revealed that a renowned German firm was commissioned to print new banknotes for Kenya.....CLICK HERE TO READ THE FULL ARTICLE>>>
In a press briefing, the CBK Governor provided insights into the ongoing process and the rationale behind the initiative.
“The printing is being done by a German firm and it is actually one of the best firms,” he stated during the live broadcast without revealing its identity.
Kamau emphasised the expertise and reputation of the selected company noting that it will ensure the high quality and security of the new banknotes.
This move, according to Dr Kamau, is part of the routine operations of the Central Bank of Kenya.
“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.
The replacement of ageing currency notes is a standard practice to maintain the integrity and functionality of the nation’s monetary system.
In June 2018, the High Court gave CBK the mandate to open tender bids for printing of the new Kenyan currency.
Judge Chacha Mwita rejected an application by De La Rue Security Printing firm and another interested printing company that sought to prevent the CBK from opening the tender documents.
However, in his ruling, Justice Mwita ordered the printing firms to respond to allegations by CBK that they had illegally acquired tender documents.
In 2023, De La Rue made headlines in Kenya after it spent approximately Ksh2.7 billion to scale down its operations. The money was used to pay lawyers, fire its staff and write off its assets.
The company had been contracted by the government of Kenya to print local currency. The state owned 40 per cent of the joint agreement.
At the time, the company employed 300 people and operated under the De La Rue Kenya EPZ Limited name...CONTINUE READING>>
