In a strategic move aimed at enhancing the security of its currency, the Central Bank of Kenya (CBK) has announced significant updates to its banknotes. This change is part of the CBK’s mandate as conferred by Article 231 (2) of the Constitution of Kenya and Section 22 (2) of the Central Bank of Kenya Act. The updated denominations include the fifty shillings (KES 50), one hundred shillings (KES 100), two hundred shillings (KES 200), five hundred shillings (KES 500), and one thousand shillings (KES 1,000) banknotes.
Governor Dr. Kamau Thugge of the CBK has affirmed that the new banknotes will feature his signature, alongside those of Dr. Chris Kiptoo, Principal Secretary of the National Treasury, and the year of print, 2024. The inclusion of these signatures is a standard procedure aimed at validating the authenticity of the currency.
A notable enhancement in the new series of banknotes is the introduction of security threads with color-changing effects specific to each denomination. This is a significant advancement in the fight against counterfeiting, ensuring that Kenyan currency remains secure and trustworthy. The CBK has emphasized that these new security features will make it increasingly difficult for counterfeiters to replicate the banknotes.
Despite these changes, the rest of the features on the new banknotes will remain consistent with those issued in 2019. This means that all banknotes currently in circulation will remain legal tender and will circulate alongside the newly released banknotes. This ensures a seamless transition and avoids any disruption to daily economic activities.
The release of the new banknotes will begin with the KES 1,000 denomination. Other denominations will be introduced progressively in the coming months. This phased approach will allow for adequate preparation and distribution to ensure that the new banknotes are available throughout the country.
The CBK has made it clear that detailed information about the new banknotes will be available on their official website. This includes images and descriptions of the security features to help the public and businesses recognize and verify the new currency. This transparency is intended to build public confidence and trust in the new banknotes.
This update to the currency comes at a crucial time as the country continues to bolster its economic security measures. By enhancing the security features of its currency, Kenya is taking a proactive step to safeguard its financial system. The new banknotes are not only a symbol of economic resilience but also a practical measure to ensure the integrity of the nation’s currency.
Governor Dr. Kamau Thugge emphasized the importance of these updates, stating, “The introduction of new security features is a critical step in ensuring that our currency remains secure and robust against counterfeiting. We are committed to maintaining the integrity of Kenya’s banknotes and ensuring they continue to be a reliable medium of exchange.”
For more details on the new banknotes, the public is encouraged to visit the Central Bank of Kenya’s official website at www.centralbank.go.ke. Here, they can find comprehensive information on the features and the timeline for the release of each denomination.
In conclusion, the Central Bank of Kenya’s initiative to update its banknotes with enhanced security features marks a significant milestone in the country’s ongoing efforts to secure its financial system. As these new banknotes are introduced, they will play a crucial role in maintaining the integrity and trustworthiness of Kenya’s currency.
