Home ECONOMY Kenyan Gov’t to Spend Sh 15 Billion in the Rollout of New Currency

Kenyan Gov’t to Spend Sh 15 Billion in the Rollout of New Currency

by biasharadigest

Central Bank of Kenya (CBK) Governor Patrick Njoroge has said that the rollout of the new generation currency will cost the Government approximately spend Sh15 billion, an exercise that is estimated to last three years.

Appearing before National Assembly Departmental Committee on Finance and National Planning, he said that the regulator would ensure a smooth transition within the stipulated deadlines.

“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,” he said.

He further reaffirmed that due process was followed while launching the currency, including public participation, which received varying opinions from the public. “Those who did not agree went to court. We will make our case clear in court,” he said.

Related; Tanzania suspends conversion of Kenyan Currency in their banking sector

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