Regulatory Alerts2018-12-13
Banking Circular No 9 of 2018
The Central Bank of Kenya has announced the release of new generation coins through a Gazette notice and their official launch by the President. These new coins will circulate alongside previously issued ones. Commercial banks have been urged to familiarize their staff with the features of these new generation coins, as they are now legal tender for transactions. Banks can place orders using existing mechanisms, and public awareness materials on the new coins will be distributed through various outlets. The distribution of the new coins is currently limited to KES 50 and a maximum of KES 100 equivalent per customer due to the ongoing public awareness campaign.
BANKING CIRCULAR NO. 9 OF 2018 TO: ALL CHIEF EXECUTIVES OF COMMERCIAL BANKS AND MICROFINANCE BANKS RELEASE OF NEW GENERATION COINS The Central Bank of Kenya (CBK) is pleased to announce that the New Generation Coinage were issued through a Gazette notice on December 11, 2018 and officially launched by His Excellency the President.
CBK has commenced distribution of the new coins. The new generation coins will circulate alongside the coins previously issued and not withdrawn. We welcome commercial banks to place their coin orders using the already existing mechanisms. In addition, CBK will be distributing material for public education awareness on the new coins. These materials will be availed through all the CBK Branches, Currency Centres and other outlets with wide public outreach.
Commercial banks are urged to familiarise their cashiers, tellers and front office members of staff on the features of the new generation coins so as to better serve customers and members of the public.
In addition, please inform your customers/ members of public that the new coins are legal tender and can be used for transactions. However, since CBK is in the process of undertaking a public awareness campaign, the distribution is being limited to KES 50 and a maximum of KES 100 of the new coins equivalent per customer. We would also be glad if you could avail them with the pamphlets containing details of the coins.
Please do not hesitate to contact us in the usual manner for any clarification on this matter.
Paul K. Wanyagi Ag. Director, Currency Operations Department Friday, 14 December 2018