The Central Bank of Kenya (CBK) has announced a series of updates to the Kenyan currency notes, marking a significant step to maintain the standards as dictated by the Constitution. The changes will affect the Ksh.50, Ksh.100, Ksh.200, Ksh.500, and Ksh.1,000 denominations. This update aims to enhance the security features of the banknotes and ensure their continued reliability and trustworthiness in everyday transactions.
Key Changes to the Banknotes
In a recent statement, CBK outlined four primary changes to the banknotes. These changes include:
- Governor’s Signature: The new banknotes will feature the signature of the current Governor of the Central Bank of Kenya, Dr. Kamau Thugge. This change reflects the latest leadership at the helm of the institution.
- Principal Secretary’s Signature: Alongside the Governor’s signature, the notes will also bear the signature of the Principal Secretary of the National Treasury, Dr. Chris Kiptoo. This dual signature approach reinforces the collaboration between the CBK and the National Treasury in maintaining the integrity of the currency.
- Year of Print – 2024: All updated banknotes will display the year of print as 2024, signifying the latest series of currency issued by the CBK. This feature helps in distinguishing the new notes from the previous ones issued in 2019.
- New Security Threads: The security threads in the new banknotes will exhibit color-changing effects specific to each denomination. These threads serve as a critical anti-counterfeiting measure, enhancing the security of the currency.
Continuity and Co-Circulation
The CBK emphasized that the rest of the features of the new banknotes will remain consistent with those issued in 2019. This continuity ensures that the public can easily transition to the updated notes without confusion. Importantly, all banknotes currently in circulation will remain legal tender and will circulate alongside the newly released notes. This approach allows for a gradual and seamless integration of the updated currency into the economy.
Enhanced Security Features
The new banknotes will offer a distinct tactile experience, enhancing their usability and security. When running fingers over the notes, individuals will notice a well-defined texture on the words “Kenya,” the value (such as “1,000”), and the edges of the note. Additionally, holding the banknote up to light will reveal the watermark of a lion’s head, the text “CBK,” and the denomination value, adding another layer of security.
The security thread, visible as a continuous line, will change color when tilted, making it easier to authenticate the notes. Under Ultra-Violet light, the golden band on the notes will display the value of the banknote, providing a robust anti-counterfeiting feature.
Legal and Regulatory Compliance
These changes align with Section 22 of the Central Bank of Kenya Act. The Act mandates that the denominations, inscriptions, forms, materials, and other characteristics of the banknotes and coins issued by the CBK must be determined in consultation with the Minister. These specifications must also be notified in the Gazette and other media to ensure public awareness.
Rollout of the New Banknotes
The release of the updated banknotes will begin with the Ksh.1,000 denomination, followed by the other denominations in the coming months. This phased rollout allows for a smooth transition and adequate dissemination of information to the public.
In conclusion, the updates to the Kenyan banknotes by the CBK are a proactive measure to enhance the security and integrity of the country’s currency. By incorporating the latest signatures, updating the year of print, and introducing advanced security features, the CBK ensures that the Kenyan banknotes remain reliable and secure for all users.
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