Kimunya said the Government was also keen on protecting the bad signal that would have been sent to international investors by shifting its currency printing abroad, a move he maintained would have resulted in the closure of the local plant.
Kimunya also denied allegations that former CBK acting Governor Mrs Jacinta Mwatela was shoved out of office, as she was an obstacle to alleged "fishy deals", claiming she was the one who issued interim orders for new contracts after the cancellation of the disastrous contract.
The minister revealed he objected to the confirmation of Mwatela as the Governor, even after she, together with her husband had lobbied President Kibaki for the position, because he felt that it would not have been procedural to replace former Governor Andrew Mullei, who had only been suspended after being arraigned in court. "Mwatela and her husband proceeded to State House to lobby for that position, upon which I received communication from former comptroller Ipu (Hyslop) with the advice from the President that we confirm her, but I thought it was not right since Mullei was only suspended," he told the committee.
He said it was then that Mwatela turned against him as he considered him to be the stumbling block to her confirmation, even after President Kibaki had given his nod.
He dismissed claims by Mwatela that they had a strained working relationship.
"If it was as serious as it has been portrayed, I would have had her sacked for other matters that I would not want to disclose to the committee," said Kimunya.
Kimunya said it was after De La Rue informed him of their intention to close down the Ruaraka plant that they agreed to have a joint venture with the British security printing firm, with the Government enjoying a 25 per cent ownership of the local firm, as has happened in other countries.
"In approving the decision for a joint venture, the Cabinet thought it would bring the cost of printing currency down as Government would be represented in the board that makes decisions," argued Kimunya.