Kenya Taps German Firm for New Currency Printing – CBK Governor
Governor of the Central Bank of Kenya (CBK), Dr. Kamau, has announced that a leading German firm has been engaged to produce new banknotes for Kenya.
During a press briefing, Dr. Kamau shared details about the current process and the reasons behind the decision.
He mentioned, “The printing is handled by a top German firm,” but did not disclose its name during the live update.
Dr. Kamau highlighted the firm’s expertise and reputation, stressing that it will guarantee the new banknotes’ high quality and security.
He explained that this initiative is part of the CBK’s routine operations, stating, “This is a regular process for the Central Bank of Kenya. The existing notes are becoming worn out, so new ones are needed.”
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Replacing old currency is a standard procedure to ensure the reliability and efficiency of the country’s monetary system.
In June 2018, the High Court authorized the CBK to invite tenders for printing the new Kenyan currency.
Judge Chacha Mwita dismissed an attempt by DeLaRue Security Printing and another firm to block the CBK from opening tender bids.
Nevertheless, Justice Mwita instructed the printing companies to address allegations from the CBK about the illegal acquisition of tender documents.
In 2023, De La Rue garnered attention in Kenya after spending around Ksh2.7 billion to downsize its operations, covering legal fees, severance packages, and asset write-offs.
Previously, De La Rue had been contracted by the Kenyan government to print local currency, with the government holding a 40 percent stake in the joint venture.
At that time, the company, operating as De La Rue Kenya EPZ Limited, employed 300 staff members.
Kenya Taps German Firm for New Currency Printing – CBK Governor
