OF THE
LAUNCH NEW GENERATION BANKNOTES
Remarks by Dr. Patrick Njoroge
Governor, Central Bank of Kenya
June 1, 2019
Narok Stadium, Narok County
As prepared for delivery
Your Excellency; Distinguished Guests; fellow citizens:
It gives me great pleasure to participate in this auspicious national celebration. I
am particularly grateful to Your Excellency for the honour you have bestowed on
the Central Bank of Kenya, by graciously inviting me to say a few words at the
end of this beautiful ceremony. It was also our singular honour, Your Excellency,
Kenya's
when you visited the Central Bank last December and launched New
Generation coins which have wildlife images as the theme. It is therefore fitting
that today we are in Narok County, home of the world-acclaimed Maasai Mara
and the animals depicted on our coins.
After launching the new coins, the matter of the New Generation banknotes still
remains, that is, the issuance of banknotes that are consistent with the 2010
Constitution. While the Constitution provides guidance on the features and
elements that may be depicted, CBK also invited the public to provide their views
on the design elements. Having consulted widely, CBK considered and selected
CBK's technical
the most appropriate elements-the design features that best meet
requirements, serve the public aspirations, and capture the spirit of the
Constitution.
Your Excellency, the Central Bank of Kenya has now completed the process of
producing the New Generation banknotes, in accordance with the Constitution and
all applicable laws. I confirm that the New Generation banknotes were issued
yesterday, May 31, 2019, by a Gazette Notice. They are now legal tender.
A few words on the new banknotes are in order. The new banknotes bear a
significant aspect of our nation, and like the coins, will serve as a means of passing
knowledge, conserving culture and promoting our global uniqueness. All
banknotes bear the image of Kenyatta International Conference Centre, one of the
most iconic and recognisable landmarks in our country. The banknotes also
embody each of the big five; and Each
nyati, chui, kifaru, simba, ndovu.
banknote has a unique theme to show the richness of our people and nature in our
beautiful Kenya. For the fifty shillings we have one hundred
Green Energy,
shillings - two hundred shillings - five hundred
Agriculture, Social Services,
-
shillings and one thousand shillings - These are the
Tourism, Governance.
drivers of a Additionally, for the first time,
Newly Reborn and Prosperous Kenya.
the new banknotes bear features that make them more accessible to the visually
impaired members of our society. In the coming days, CBK will roll out an
awareness campaign to educate the public on the features of the new banknotes.
Your Excellency, the new banknotes will circulate alongside those previously
issued but not withdrawn. However, we have assessed the grave concern that our
large banknotes-particularly the older one thousand shillings series-are being
used for illicit financial flows in Kenya and also other countries in the region.
More recently we have seen the emergence of some counterfeits. These are grave
concerns that would jeopardize proper transactions and the conduct of commerce
in our currency.
To deal conclusively with these concerns, all the older one thousand shillings
series shall be withdrawn. By a Gazette Notice dated May 31, 2019, all persons
have until October 1, 2019, to exchange those notes, after which the older one
thousand shillings banknotes will cease to be legal tender. More details about this
will be provided.
Finally, let me thank all Kenyans for their patience with us, their contributions in
the design of these new banknotes, and their support of the Central Bank as we
seek to discharge our mandate. The launch of the New Generation banknotes at the
Madaraka Day celebrations underscores that the history of the Central Bank is
intertwined with the history of our country.
Your Excellency, it is my distinct honour and privilege, and it gives me great
pleasure, to request you to unveil the New Generation banknotes of the Republic
of Kenya.