More public awareness is required on the new coins launched last year in December by the president at the Central Bank of Kenya (CBK).
The CBK has directed the chief executives of commercial banks and Microfinance banks to cap the issuance of the new coins to Sh100 per person.
This comes at a time when the new coins face a set back over public awareness.
The acting director of currency operations Mr Paul Wanyagi has said that the distribution of the new coins is limited to a minimum of Sh50 and a maximum of Sh100 per customer.
The new coins gazetted by the CBK bear images of animals as required by the 2010 constitution.
The constitution states that the Kenyan currency should not bear portraits of individuals. The old coins bear the portraits of the first three presidents, their excellencies Mzee Jomo Kenyatta, Daniel arap Moi and Mwai Kibaki.
READ: SAFARICOM TRANSACT THREE-QUARTERS OF SHARES TRADED AT NSE
The new coins of Sh1, Sh5, Sh10 and Sh20 have images of giraffe, rhino, lion and elephant respectively.
However, the old coins dominating transactions in the country still remain a legal tender.
“The new generation coins will circulate alongside the old coins given and not withdrawn. We welcome the commercial banks to place their orders of the new coins through the existing mechanism,” said Mr Wanyagi.
Materials for public awareness on the features of the new currency have been distributed by the CBK on all its branches, currency centers and public outreach outlets countrywide.
4 Comments