Central Bank of Kenya Unveils New Generation Coins

The Central Bank of Kenya (CBK) has approved the acquisition of 100 percent shareholding of National Bank Limited (NBK) by KCB Group PLC.

Kenya’s central bank has unveiled the country’s new generation coins that will be in circulation beginning Tuesday.

President Uhuru Kenyatta and the Central Bank of Kenya Governor Dr. Patrick Njoroge unveiled the new currency as stipulated under the 2010 Constitution.

Central Bank of Kenya unveils new generation coins“The new coins bear a significant aspect of our nation, and therefore will serve as a means of passing knowledge,
conserving culture and promoting our global uniqueness. By engraving the selected images in the coinage, an awareness of our country and its characteristics will be revitalized, giving physical expression to a Newly Reborn and Prosperous Kenya,” said Dr. Njoroge.

The President said the new generation coins honour the wishes of the people of Kenya in regard to their national currency, as expressed in the Constitution.

“I am happy that the public views were considered. I am also informed that the coins contain features for visually impaired persons,” he said.

“A currency is not just an exchange of value but they present a unique way of history and the celebration of our culture.”

Read: Green Light for CBK to Print Kenya’s New Currency

He also thanked the Central Bank of Kenya management for including, in the new coins, features that make them more accessible to visually impaired persons.

“A nation’s currency is not merely an instrument for exchange of value. Beyond being a medium of exchange, store of value, and unit of account, the motifs and design elements in currencies present a unique way of recording history, celebrating a country’s diverse culture or natural environment,” said the President.

The President thanked the management of CBK for successfully steering the banking sector, monetary policy and our national payments system, in a challenging global and domestic environment.

The Head of State said the Kenya shilling has remained fairly stable and competitive thanks to the hard work and commitment by CBK.

“Equally encouraging the banking industry has been vibrant, competitive and most innovative in the continent. This has gone a long way to support our social and economic transformation agenda that is articulated in the Vision 2030 National Blueprint,” said the President.

The currency contains features that make it accessible to visually impaired people.

The CBK  will roll out an awareness campaign to educate the public on the features of the new coinage. “The new coins will circulate alongside the coins previously issued but not withdrawn,” said the CBK Governor.