Written By Lisa Murimi
Central Bank of Kenya (CBK) Governor Dr. Kamau has announced that a renowned German firm has been selected to print new banknotes for Kenya.
During a press briefing, Dr. Kamau praised the firm’s expertise and reputation, emphasizing that their involvement ensures high-quality and secure currency production.
However, the name of the German company remains undisclosed.
This initiative is part of routine operations to replace aging banknotes, a standard practice to maintain the integrity and functionality of Kenya’s monetary system.
Dr. Kamau clarified that this process is essential as the current notes are becoming worn and outdated.
In June 2018, the High Court authorized CBK to seek tenders for the new currency print job, dismissing an attempt by De La Rue Security Printing and another firm to halt the process.
Justice Chacha Mwita also directed the firms to address CBK’s claims of unlawful tender document acquisition.
The announcement follows De La Rue’s recent financial difficulties in Kenya, where it spent approximately Ksh2.7 billion to scale down operations, including legal costs and staff layoffs.
De La Rue had previously been contracted to print Kenyan currency, holding a 40% stake in a joint agreement with the government.
