President Uhuru Kenyatta recently unveiled the new banknotes during Madaraka Day celebrations, an important event in the cultural calendar of the country. The new currency bears images of the Kenyatta International Convention Centre (KICC) and a statue of the founding President Jomo Kenyatta’s monument at KICC, considered to be iconic places in Kenya. There is a green appeal in the currencies also. The 50 shillings note has images that promote green energy. The Sh100 note bears agriculture-related images, giving a strong message to the citizens that the future growth of the country should have a focus on green energy and sustainable growth of agriculture. The Sh200 notes depict emblems signifying social services, while the Sh500 currencies have tourism-related symbols. The Sh1000 note, which is the highest denomination, bears governance images. The new notes will be circulated along with old notes. However, there is a deadline for the old notes of Sh 1000 category, which will not enjoy legal tender after the expiry date. In the meantime, The Bank of Tanzania has suspended conversion of Kenyan currency to Tanzanian currency. In a recent statement addressed to all financial institutions the regulator said it was advised to freeze the exercise by Central Bank of Kenya (CBK) in a move to tame illicit cash flows. This decision was taken to combat illicit financial flows. Anyone with old Kenyan notes in Tanzania will have to replace them in Kenya for new ones subject to the guidelines issued by Kenya.
