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Kenya Business News

Kenya to Unveil New Currency by 2015

By of Pesa Talk

The country will have a new faced currency by early 2015, the Central Bank of Kenya has announced. The new currency will be a fulfilment of the requirements of the new constitution that among other things will come without an individual’s head on the face of the notes and coins.

Article 231(4) of the New Constitution on the production and issuance of Kenyan currency notes and coins provides that “Notes and Coins issued by the Central Bank of Kenya may bear images that depict or symbolize an aspect of Kenya but shall not bear the portrait of an individual”

This clause in effect will end the Founding Father’s ride in people’s wallets, purses and pockets. There has been a trend in Kenya where every incoming president wants to have the omnipresent power of being on the currency. All the three Kenyan presidents have had their share of this cake with President Kibaki riding on the infamous Forty Shilling coin. It is the only piece of currency a Kenyan would receive with a grim face.

The Central Bank invited individuals, institutions, organizations, and professional bodies to present, in writing, proposals on elements they would like to see featured on the banknotes, to be considered for incorporation in the design of the proposed new Kenyan currency banknotes and coins.

Parliamentary Accounts Committee (PAC) chairman Boni Khalwalwe says that the current notes and coins will still be in circulation even after introduction of the new ones, but will be phased out gradually.



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