NAIROBI (Xinhua) --
Kenya plans to introduce a new generation
currency in the second half of 2017, Central Bank of Kenya (CBK)
Governor, Patrick Njoroge, said on Wednesday.
Njoroge told a media
briefing in Nairobi that the designs for the currency were being
finalized.
“We are fast
tracking the release of the new currency in order to comply with
the provision of the constitution,” Njoroge said during a
celebration to mark the 50th anniversary of the CBK.
Kenya’s 2010
constitution bars the country from using a national currency
that depicts portraits of persons. The current currency in
circulation has portraits of Kenya’s first, second and third
presidents on it.
In 1966, the CBK
issued its first Kenyan currency that replaced the then
prevailing East African currency which was legal tender in the
region.
Njoroge said that
the new currency will include security features to ensure that
counterfeits will be almost impossible to make.
“The idea is to
ensure greater macroeconomic stability through providing a
stable supply of currency,” he added.
The new currency
will be in denominations of 50 Kenyan shillings, 200 shillings,
500 shillings as well as 1,000 shillings (around 10 U.S.
dollars).
The governor said
that a massive publicity campaign will be rolled out before the
introduction of the new currency in order to increase uptake.
According to the CBK,
the current currency will be withdrawn in phases, even as the
new currency is introduced.
CBK numismatic
museum was also launched on Wednesday which contains a sample of
all currencies used in Kenya since Kenya became British colony.
