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Limits on distribution of new coins lifted

Limits on distribution of new coins lifted

The Central Bank of Kenya (CBK) has lifted the limits it had placed on distribution of the new coins.

In a statement, CBK said the limits to sh100 per person have been lifted following a successful sensitization phase.

“During the sensitization phase immediately following the launch of the New Generation coins, the amount per person was limited to allow the widest possible distribution. This was communicated to all banking institutions on December 14, 2018. However, following a positive assessment of the sensitization campaign, CBK communicated to all banking institutions on December 20, 2018, informing them that the limit had been lifted”, the statement read in part.

The banking regulator added that the new generation coins can be obtained from any banking institution and CBK.

The CBK gazetted the new Sh1, Sh5, Sh10 and Sh20 coins as legal tender, replacing portraits of former presidents with images of giraffe, rhino, lion and elephant, respectively.

This is in line with the 2010 Constitution requirement that Kenyan currency cannot bear the image of an individual.

CBK has not revealed who minted the redesigned coins but the British security printer De La Rue International disclosed in London Stock Exchange filing late November that it plans to deliver the first batch of the bank notes in the course of next year.

De La Rue said it had signed a £85 million Sh11.02 billion deal with the CBK to print new generation bank notes. The deal came after the September closure of the company’s books, necessitating the separate reporting.


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