The financial regulator revealed that it is mandated to issue currency as conferred by Article 231 (2) of the Constitution of Kenya and Section 22 (2) of the Central Bank of Kenya Act.
On Wednesday, August 7, the Central Bank of Kenya (CBK) unveiled four changes to the Kenyan banknotes affecting denominations from Ksh50 up to Ksh1,000.
In a statement, the financial regulator revealed that it is mandated to issue currency as conferred by Article 231 (2) of the Constitution of Kenya and Section 22 (2) of the Central Bank of Kenya Act.
“In fulfilment of this mandate, the Bank has made some changes to the denominations of the Kenyan currency banknotes.
“The changes affect the fifty shillings (KES 50), one hundred shillings (KES 100), two hundred shillings (KES 200), five hundred shillings (KES 500) and one thousand shillings (KES 1,000) currency banknotes,” read the statement in part.
CBK’s breakdown of new changes on the banknotes. /CBK
Following this, Kenyans can expect changes in their banknotes which include the signatures of the Governor of the Central Bank of Kenya, Dr. Kamau Thugge, and that of the Principal Secretary of the National Treasury, Dr. Chris Kiptoo.
Other changes include the year of print – 2024, and new security threads with colour-changing effects that are specific to each denomination
The rest of the features remain the same as those of the series issued in 2019.
“All banknotes currently in circulation remain legal tender and will circulate alongside the released banknotes.
“Release of the banknotes will commence with KES 1,000, while other denominations will progressively follow in the coming months,” added the statement.
When the new note is held to the light, the watermark of a perfect lion’s head, the text CBK, and the value of the banknote can be seen from both sides. The security thread also appears as a continuous line when the note is held against the light.
If a user tilts the new notes at an angle, they will see a security thread colour, specific for each denomination, as well as the golden band that shows the value of the banknote which is visible under ultra-violet light.
Meanwhile, CBK governor Dr Kamau Thugge revealed that a renowned German firm was commissioned to print new banknotes for Kenya, stating “The printing is being done by a German firm and it is one of the best firms,” during a live press briefing, though did not reveal 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.
The replacement of ageing currency notes is a standard practice to maintain the integrity and functionality of the nation’s monetary system.
