CBK says no cap on new coins issuance

NAIROBI, KENYA: The Central Bank of Kenya (CBK) has clarified to the public that there is no issuance limit on new coins as reported in section of press on Tuesday.

In a statement CBK admitted that it placed a cap during the sensitisation period but this has since been lifted and no restriction on amount of coin an individual can obtain exists.

“During the sensitisation phase immediately following the launch of the New Generation coins, the amount per person was limited to allow the widest possible distribution.”

“This was communicated to all banking institutions on December 14, 2018. However, following a positive assessment of the sensitization campaign, CBK communicated to all banking institutions on December 20, 2018, informing them that the limit had been lifted.”

The new generation coins released in December are meant to do away with images of individuals on the Kenyan currency, in line with a constitutional requirement.

“Notes and coins issued by the CBK may bear images that depict or symbolise Kenya or an aspect of Kenya, but shall not bear the portrait of any individual,” reads Section 231(4) of the 2010 Constitution.

The Sh1 coin will now bear the image of a giraffe, the Sh5 coin a rhino, the Sh10 a lion and the Sh20 coin will spot an elephant.

The coins have also been minted with embossed features that will make them easy to identify.