The Rollout of the New Currency to Cost the Govt Sh 15 Billion
The government of Kenya is set to spend Sh15 billion in the exercise of rolling out the generation currency. Confirming this, the Central Bank of Kenya (CBK) Governor Patrick Njoroge said that the exercise set to last for three years would offer a smooth transition within the set time.
“We do not hope to go beyond three years and plan to spend Sh15 billion, every year the government incurs expenditure that entails mopping all old notes as well as printing new ones,” said the Governor while appearing on the National Assembly Departmental Committee on Finance and National Planning.
He further stated that a due process was followed during the period of launching the generational currency as required by the law in which they had received varying opinions on the same from the public. He added that they were ready to make their case clear in the courts as some of those who didn’t agree to it moved to court.
The Central Bank of Kenya approved the new currency notes in line with the 2010 constitution that requires the new generational currencies that do not bear the image of an individual.
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