Replacement of president’s image on notes begins

Notes currently in circulation have the images of the country's first President Jomo Kenyatta and his successor Daniel arap Moi.   Photo | FILE | NATION MEDIA GROUP

In Summary

• Kenya must replace all currency with completely new bank notes because the Constitution adopted in 2010 prohibits the use of a person’s portrait on the notes.
• Notes currently in circulation have the images of the country's first President Jomo Kenyatta and his successor Daniel arap Moi.
• The Cabinet approved the design of new generation currency last August, and was working on a production date of 2015, prompting the international tender.

By GERALD ANDAE
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The Central Bank of Kenya has started the process of replacing the images of former presidents on the country’s currency.

 

The move will be the first competitive international tender for bank notes and coins.

CBK is seeking a shortlist of currency printers through a tender that could see United Kingdom firm De La Rue lose its exclusive cash printing rights.

(READ: Currency printing cost rises sharply to Sh2.4 billion)

Kenya must replace all currency with completely new bank notes because the Constitution adopted in 2010 prohibits the use of a person’s portrait on the notes.

Notes currently in circulation have the images of the country's first President Jomo Kenyatta and his successor Daniel arap Moi.

The Cabinet approved the design of new generation currency last August, and was working on a production date of 2015, prompting the international tender.

“The Central Bank of Kenya intends to prequalify candidates for production of banknote origination material and currency printing services to eligible banknote printers,” read the tender notice. CBK has not floated a successful competitive international tender since it was established in 1966.

CLICK HERE to read the full report in the Business Daily.