CBK releases more coins to ease shortage

By John Oyuke

Central Bank of Kenya (CBK) has assured the public that the country has adequate stocks of coins and urged retail outlets to accept and promote efficient circulation of the money.

Governor Njuguna Ndung’u said the banking sector regulator continues to issue the coins pursuant to Central Bank of Kenya Act, Cap 491.

Ndung’u, who was reacting to renewed complaints by shoppers and retail outlets of coins shortage, said the Bank has issued 1.29 billion pieces of coins, out of which nine million new pieces were released ilast month.

“The public and in particular, supermarkets, shops, kiosks and other retail outlets are urged to readily accept and promote efficient circulation of the coins without any reservations whatsoever,” said the Governor in a statement.

He said CBK has also ensured that sufficient quantities of all denominations of currency coins are in circulation.

“The Central Bank is working on several initiatives jointly with Commercial Banks and major supermarkets to ensure efficient circulation of coins,” added Ndung’u.

There has been a scarcity of coins in circulation in the last few months resulting in challenges in obtaining loose change at retail and points of sale. Supermarkets, for instance, had once again resorted to giving their customers sweets instead of coins in change, despite the recent campaigns by CBK to encourage Kenyans to release coins in their possession in exchange for notes.