Dispatch of the new currency to begin on Friday

for Tv47 Digital June 06, 2019, 06:52 AM

Number of new notes that have been printed by CBK.
| Source: TV47 DIGITAL |

The Sh1000 notes have been given the first priority with Sh217 million notes already printed. The Sh100 notes will be the second highest with Sh126.4 million notes already printed. Then the Sh50 will be the third highest as Sh100.5 million notes have been printed. Sh200 notes will be the second least as only Sh54.8 million notes have been printed. Then the Sh500 notes rank last as only Sh30.8 million notes have been printed.

The printing of the new currency has cost taxpayers a total of Sh15 billion. This is thrice what had originally been budgeted for. However, the CBK Governor Dr Patrick Njoroge has defended that budget by saying that no new currency will be printed in the next three years.

“Of course every year there is an additional cost of withdrawing and maintaining the currency. The only difference this time is that the cost has been moved to one year and not spread for a period of three years,” Dr Njoroge told MPs on Monday in parliament.

Another cause for the tripling of the budget might have been the delay caused by the printing firm, De La Rue International .

The British printing firm, whose factory is in Ruaraka, Nairobi, was adding an extra coat so that the money can last longer.

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