CBK denies claims of restriction on new coins distribution

Central Bank of Kenya governor Patrick Njoroge has dismissed claims that it has restricted the issuance of new coins.

Njoroge was responding to an article by a local daily which wrote that the bank had directed bankers to cap the issuance of new coins to Sh100 per customer amid a hitch over public awareness.

But the governor through his Twitter account on Tuesday said the claims were false.

"Absolutely not true. There are no limits on the amount of coins distributed," he said.

According to the daily, a circular to chief executives of commercial banks and microfinance banks noted that more public awareness on the new coins was needed.

In December, President Uhuru Kenyatta and Njoroge unveiled the new generation coins that began circulating in 2018.

Read: [PHOTOS} Uhuru unveils new coins, circulation begins today

Following the passing of the 2010 Constitution, the CBK was mandated to spearhead the production and roll out of the new currency notes.

The Constitution prohibits the use of a person’s portrait on currencies meaning the upgrade is expected to have new features.

Notes currently in circulation have the images of first President Jomo Kenyatta and his successor Daniel Moi. 

The new-look notes are to be in form of Sh50, Sh100, Sh200, Sh500 and Sh1,000.