The changes on new CBK series of notes
Business
By
Kelley Boss
| Aug 07, 2024
The Central Bank of Kenya (CBK) has announced changes on new and updated set of bank notes.
In a statement, CBK said the changes will affect the fifty shillings (KES 50), one hundred shillings (KES 100), two hundred shillings (KES 200), five hundred shillings (KES 500) and one thousand shillings (KES 1,000 currency banknotes.
While the rest of the features remain the same as those of the series issued in 2019, The changes made on the new notes include a signature of the Governor of the Central Bank of Kenya, Dr. Kamau Thugge, signature of the Principal Secretary, National Treasury, Dr. Chris Kiptoo, year of print - 2024, and new security threads with colour changing effects that are specific to each denomination.
The new notes have a feel factor on the name Kenya, the value and the edges to tell the difference when you run your fingers on the note.
When you hold up to the light and from both sides you will see the watermark shows a perfect lion's head, the text CBK, the value of the banknote and the security thread appears as a continuous line.
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If you tilt at an angle, you will see the security thread changes colour and The golden band shows the value of the banknote and is visible under Ultraviolet (UV) light.
The Central Bank of Kenya said the release of the banknotes will start with KES 1,000.
"All banknotes currently in circulation remain legal tender and will circulate alongside the released banknotes. Release of the banknotes will commence with KES 1,000, while other denominations will progressively follow in the coming months." CBK said.
According to The Central Bank, the changes are as per the requirements of the constitution.
"The Central Bank of Kenya (CBK) is mandated to issue currency as conferred by Article 231 (2) of the Constitution of Kenya and Section 22 (2) of the Central Bank of Kenya Act. In fulfilment of this mandate, the Bank has made some changes to the denominations of the Kenyan currency banknotes." the statement read.
During Madaraka Day celebrations in 2019, CBK governor Patrick Njoroge announced the new generation bank notes.
This according to Njoroge was a move to curb illicit finance. He announced the withdrawal of all old Sh1,000 series notes and Kenyans had until October 1 to exchange the older notes for newer ones.