TechInAfrica – The Central Bank of Kenya has launched new currency coins in Nairobi with great support from the President of Kenya, Uhuru Kenyatta. The main purpose behind new currency coins launching is to better support SMEs in the country.
The President attended and spoke at the launching of the new Kenya Shilling coins. The new currency coins conformed with the provisions of the 2010 Constitution. The coins will continue to use the design that best describes Kenya.
The new currency coins were circulated on Tuesday with the denominations of Sh1, Sh5, Sh10, and Sh20. The Sh1 coin displays a giraffe image while Sh5 coin displays a rhino image. The Sh10 coin display a lion image while the Sh20 displays the image of an elephant.
“Indeed, the choice of the main theme “Kenya Reborn and Prosperity” is a true reflection of the spirit of our Constitution and Kenya’s development goals as outlined in Vision 2030,” stated President Kenyatta on the launching ceremony at the Central Bank of Kenya.
“A nation’s currency is not merely an instrument for exchange of value. Beyond being a medium of exchange, store of value, and unit of account, the motifs and design elements in currencies present a unique way of recording history, celebrating a country’s diverse culture or natural environment.”
The President also said that the Kenya Shilling has remained consistently stable and competitive. He thanked CBK for the hard work and commitment.
“Equally encouraging the banking industry has been vibrant, competitive and most innovative in the continent. This has gone a long way to support our social and economic transformation agenda that is articulated in the Vision 2030 National Blueprint.”
He said that institutions have the need to be independent for the nation’s success. However, the operation of the institutions is not independent of Government, thus, they need to be transparent to the Government.
“We achieve positive outcomes when public institutions, like the Central Bank of Kenya, pursue their Constitutional and statutory mandates in an environment of liberty and their constitutionally guaranteed operational independence,” said the President.
The President also highlighted that SMEs is the major sector in the economy of Kenya.
“Avail more credit to SMEs. They are the ones who create jobs and guarantee you good returns,” said the President.