The New Changes CBK Has Added To Kenyan Currency Notes
The Central Bank of Kenya (CBK) has introduced four significant changes to Kenyan currency notes, specifically the KSh 1,000, KSh 500, KSh 200, KSh 100, and KSh 50 denominations.
According to a statement released by CBK, the new banknotes will feature several updates, including the signatures of CBK Governor Dr. Kamau Thugge and Principal Secretary of the National Treasury, Dr. Chris Kiptoo.
Additionally, the notes will carry the year of print as 2024 and will include new security threads with color-changing effects unique to each denomination.
The CBK Governor explained during a press briefing that the decision to update the currency was driven by an impending shortage of notes, particularly the KSh 1,000 denomination, which was projected to run out by July.
Dr. Kamau Thugge emphasized that this process is a routine function of the Central Bank, necessary to replace aging notes and prevent shortages.
“This is just a normal process of the Central Bank of Kenya. The notes that we have are getting old, and therefore, we need to get new notes. The reason we started with the KSh 1,000 notes was that there could be a stock out of those notes in around July, August,” he stated.
Dr. Thugge also addressed concerns from the public and analysts about the sudden move and the company responsible for printing the new notes. While he confirmed that a German firm is handling the printing, he refrained from disclosing the company’s name.
He assured the public of the firm’s expertise and the high quality and security of the new notes. This follows a suspension by De La Rue, a long-time banknote printer for Kenya, which halted production in January 2023 due to low demand after CBK announced there would be no more printing orders in the next 12 months.
CBK reassured the public that the rest of the features on the new notes will remain the same as those in the series issued in 2019.
All existing banknotes will continue to be legal tender and will circulate alongside the newly released ones. The rollout will begin with the KSh 1,000 note, with other denominations to follow progressively in the coming months.
