The Central Bank of Kenya (CBK) Governor, Doctor Kamau, said that Kenya hired a reputable German company to create new banknotes.
The CBK Governor gave details about the initiative’s purpose and the current procedure at a news conference.
“A German firm, actually one of the best firms, is doing the printing,” he said in the live broadcast.
Kamau emphasised the chosen firm’s standing and experience, promising to ensure that the new banknotes are of superior quality and safety.
Dr. Kamau claims this action is a regular component of the Central Bank of Kenya’s activities.
“Of course, the Central Bank of Kenya follows this protocol. We need to get new notes because the ones we have are outdated. That’s the main cause,” he said.
It is common practice to replace old banknotes to preserve the integrity and efficiency of the country’s monetary system.
In June 2018, the High Court granted the authority to launch tender bids to produce the new Kenyan currency.
In an attempt to stop the CBK from opening the tender papers, De La Rue Security Printing and another interested printing business filed an application, which Judge Chacha Mwita denied.
Judge Mwita did, however, direct the printing companies to reply to CBK’s claims that they had obtained tender papers unlawfully.
In 2023, De La Rue gained media attention in Kenya after deciding to slash its activities by spending around Ksh2.7 billion. De La Rue disposed of business assets, fired employees, and paid attorneys with the money.
The Kenyan government hired a firm to print cash in local currency. The state owned forty percent of the joint agreement.
The business was then known as De La Rue Kenya EPZ Limited, and it employed 300 people.
