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The Central Bank of Kenya (CBK) has announced the introduction of several changes to the country’s banknotes. The announcement comes after the exit of the previous banknote printer, De La Rue, from the Kenyan market last year.
Speaking at a press briefing, CBK Governor Dr. Kamau Thugge revealed that the new banknotes will feature enhanced security features and updated signatures. The KSh 1,000, KSh 500, KSh 200, KSh 100, and KSh 50 notes will all undergo these changes.
“The printing is being done by a German firm and it is actually one of the best firms,” Thugge said, though he did not disclose the name of the company. He emphasized the expertise and quality of the new printer, assuring Kenyans of the high security standards of the updated currency.
The new notes will bear the signatures of CBK Governor Dr. Kamau Thugge and National Treasury Principal Secretary Dr. Chris Kiptoo, as well as the year of print, 2024. Additionally, the notes will feature new security threads that change color when tilted, providing an additional layer of protection against counterfeiting.
Thugge explained that the decision to replace the existing banknotes was driven by the looming stock shortage projected for July and August. “The notes that we have are getting old and, therefore, we need to get new notes. The reason we started with the KSh1,000 notes was that there could be a stock out of those notes…in around July, August,” he stated.
The Central Bank has assured that all current banknotes will remain legal tender and will circulate alongside the newly released denominations. The release of the new notes will commence with the KSh 1,000 denomination, with the other denominations progressively following in the coming months.
This move by the Central Bank of Kenya is seen as a proactive step to maintain the integrity and security of the Kenyan currency, ensuring that it keeps pace with global standards and protects against potential counterfeiting. The updated features, including the new signatures and security threads, are designed to enhance the overall reliability and trustworthiness of the Kenyan currency.
ALSO READ; https://financialday.co.ke/1906/cbk-final-stages-introducing-own-digital-currency/
