alexa CBK to exhibit old money ahead of new currency - Daily Nation

CBK to exhibit old money ahead of new currency

Tuesday September 13 2016

The Central Bank of Kenya. Interest rate provision has generated the most interest in the new banking law. PHOTO | FILE

The Central Bank of Kenya. PHOTO | FILE 

By OTIATO GUGUYU

The Central Bank of Kenya is set to exhibit historical currencies to mark its 50 years of existence as the country prepares to transition to new-look notes and coins.

In a statement, the regulator said it will launch a Numismatic Museum at the Nairobi National Museum to showcase current currencies and various historical notes and coins over the 50 years of the bank’s existence.

“The display includes notes and coins from the East African Currency Board era as well as Kenya’s first post-independence legal tender,” announced the bank.

This comes as Kenya is expecting new currency as stipulated in the Constitution that bars the use of portraits or images of individuals, stating instead that notes and coins should only bear images that depict or symbolise aspects of Kenya.

CBK Governor Patrick Njoroge told the Senate earlier in the year that the bank sees September 2017 as the most likely time to roll out new currency after it failed to deliver on the August 2015 constitutional deadline.

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The tender for the new money was cancelled on March 24, after bidders quoted a zero price and CBK, in consultation with the Attorney-General, ruled the move illegal.

Nearing completion

The government estimates it will cost Sh18 billion to withdraw the currency currently in circulation over a three-year period, and launch of the new currency had been set in motion and was nearing completion.

The Central Bank has also launched a new website as part of its 50th anniversary celebrations in recognition of the fact that sites have effectively become the default access tools from which individuals obtain relevant information about institutions.

“The new website retains the best features of the old, but includes several additions that make it easy to navigate and access while focusing on simplicity and clarity,” said the CBK.

The bank says it is keen to make use of this digital channel to enable diverse stakeholders access information in an intuitive and seamless manner.