Printing of new currency notes to cost Sh14.2bn; CBK
The printing of new currency notes would cost Sh14.2 billion, the Central Bank of Kenya (CBK) has disclosed to MPs
The printing of new currency notes would cost Sh14.2 billion, the Central Bank of Kenya (CBK) has disclosed to MPs.
CBK governor Kamau Thugge told MPs the amount is 3 million USD lower than the contract which was serviced by De La Rue.
He said the tender was approved by Cabinet and with the concurrence of the attorney general.
He is before the Finance Committee chaired by Molo MP Kuria Kimani.
“Notes get torn and are withdrawn from circulation. This means the supply reduces and we need to replenish to avert stockout,” Thugge said.
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He said the new notes are of a higher quality adding that the old notes would remain in circulation and would be withdrawn as they wear out.
The CBK boss said the bank monitors demand versus supply of notes to determine if there is a need to replenish the stocks.
“Figure demand for money and then you supply. You have to analyze the demand and then the supply. Different measurements apply before a determination is made,” he said.
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