CBK Rolls Out New Banknotes

The Central Bank of Kenya (CBK) has officially introduced a new series of banknotes, marking a significant development in the nation’s monetary system.

This overhaul, authorized by the constitutional mandate outlined in Article 231(2) and further detailed in Section 22(2) of the CBK Act, encompasses all denominations from fifty to one thousand shillings.

“The Bank has made some changes to the denominations of one hundred shillings (Sh100), two hundred shillings (Sh200), five hundred shillings (Sh500), and one thousand shillings (Sh1,000) currency banknotes,” CBK said in a statement.

The new notes will feature at least four changes. The features include:

1. The signature of Governor Dr. Kamau Thugge.
2. The signature of the National Treasury Principal Secretary Dr. Chris Kiptoo.
3. A clear indication of the year of print (2024).
4. A security thread that exhibits color-changing properties unique to each denomination.

However, it is important to note that other security features remain consistent with the 2019 banknote series. The CBK has confirmed that both the new and existing bank notes will hold legal tender status and circulate concurrently.

The phased introduction of the new banknotes commences with the one-thousand-shilling denomination, with subsequent releases of lower denominations scheduled for the coming months.

The current banknotes in use were launched by retired President Uhuru Muigai Kenyatta during the 2019 Madaraka Day celebrations. The new generation coins were also launched by Uhuru, together with former CBK Governor Patrick Njoroge earlier in December 2018.

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Wachira Jefferson

http://digitalbankingnews.co.ke

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