CBK defends Ksh 14B new banknotes printing deal

Central Bank of Kenya (CBK) says printing of the new notes will cost tax payers Ksh 14 billion over the next five years.

CBK Governor Kamau Thuge told the national assembly finance committee that the tender was awarded to a Germany printing firm after consultations with the National Security Council.

while appearing before the National Assembly Finance Committee CBK Governor Kamau Thuge told parliament the classified procurement process was single sourced and done in accordance with the law.

CBK absolved itself from De la Rue’s exit from the Kenyan market saying the decision was solely made by the printing firm.

Treasury is now expected to appear before the national parliament to explain the fate of the 40pc shareholding that government had acquired at De la Rue.