CBK to issue new designed currency in 2018

CBK to issue new designed currency in 2018

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Central Bank of Kenya Governor Patrick Njoroge during a press conference at the CBK. PHOTO/FILE

Nairobi, KENYA: Central Bank of Kenya (CBK) Governor Patrick Njoronge has announced that the new design currency will be issued during the second quarter of 2018.

In a media briefing on Friday in Nairobi, Njoronge acknowledged that there were court cases against the new currency but the regulator would go ahead with the set plans to unveil it.

“We are aware we have been sued and all that, but we will leave that to the courts. But from our perspective, we are moving ahead.” He said.

He said that they are in the process of having new generation currency but in accordance with the constitution.

The CBK Governor advised investors to make a long-term bet in the country as economy is now picking up.

He also noted that the CBK would maintain its view on the capping of interest rates.

Earlier this month, high court gave the CBK the mandate to open tender bids for printing of new Kenyan currency as planned.

High court Judge, Chacha Mwita, rejected an application by DeLaRue Security printing firm and another interested printing company who 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.

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