The Central Bank of Kenya (CBK) has announced the appointment of a German money printing firm to manage all future banknote production.
Governor Kamau Thugge revealed this development during a post-Monetary Policy Committee (PMC) meeting on Wednesday, emphasizing that the selected firm is considered “one of the best.”
This move comes after De La Rue, the previous banknote printer, exited the Kenyan market in 2023 due to declining demand.
The new German firm’s onboarding marks a significant shift in the management of Kenya’s banknote production.
Thugge explained that the transition aligns with Kenyan law and aims to address the need for updated currency.
“It’s a normal process of the Central Bank. The notes that we have are getting old and we need to get new notes,” Thugge stated.
The initial phase of the currency update will focus on the Ksh.1,000 notes, which will be phased out first.
“There could be a stock out in those notes, and so it was really necessary that we get new notes as quickly as possible,” he added.
The new banknotes will feature several design enhancements:
- Distinct Texture: New notes will have a defined texture, with the words “Kenya,” the “1,000” digits, and the note’s edge having a tactile quality.
- Continuous Security Thread: The security thread, previously in a broken line, will now appear as a continuous line that changes color when tilted.
- Golden Band: A golden band indicating the note’s value will be visible under UV light.
- Enhanced Watermark: The banknote’s value, the CBK logo, and a watermark of a lion’s head will be visible when held up to the light.
These changes are expected to enhance the security and durability of Kenya’s currency, ensuring it meets modern standards and maintains public trust.
