Central Bank of Kenya Introduces New Banknotes

2019-06-04 Tue

The Central Bank of Kenya revealed the country’s new banknotes recently during the 56th Madaraka Day celebrations at Narok County. The obverse side depicts Kenyatta International Conference Centre and a dove to symbolise peace. The reverse side of Sh50, Sh100, Sh200, Sh500 and Sh1000 notes feature images related to green energy, agriculture, social services, tourism and governance, respectively.

The notes also have specially designed raised bars to help visually impaired individuals identify denominations. The watermark includes a lion’s head, text CBK and denomination, which can be seen when the note is held against a light source. The security thread changes its colour from red to green upon tilting the note. Extra rainbow colours are included on the thread of the 200, 500 and 1000 banknotes. The reverse side has a golden band which depicts the denomination.

Citizens have been asked to get their old 1,000 shilling notes exchanged by 1st October. This action has been taken to tackle the problems of money laundering, counterfeiting and corruption. Banknotes of other denominations will also be taken out of circulation slowly. People would be allowed to exchange up to 5m shillings at local banks but will have to take approval from the Central Bank if they want to exchange more money. The note features an image of a statue of Kenya's first President, Jomo Kenyatta. A large group of people have opposed the decision of introducing new notes and demonetisation. Also, as per the Kenyan Constitution, coins and banknotes should not feature a portrait of an individual. The Central Bank’s decision has been challenged in court.

Image Courtesy: Central Bank of Kenya