President RUTO hires a German company to print money for Kenya after firing De La Rue – Look!

Thursday, August 8, 2024 – The Government of President William Ruto has hired a new company to print money for Kenya.

This was revealed by Central Bank of Kenya (CBK) Governor Doctor Kamau who noted that a renowned German firm was commissioned to print new banknotes for Kenya. 

In a press briefing, the CBK Governor provided insights into the ongoing process and the rationale behind the initiative.

"The printing is being done by a German firm and it is actually one of the best firms," he stated during the live broadcast without revealing its identity.

Kamau emphasized the expertise and reputation of the selected company, noting that it will ensure the high quality and security of the new banknotes.

This move, according to Dr. Kamau, is part of the routine operations of the Central Bank of Kenya. 

"This is just a normal process of the Central Bank of Kenya. The notes that we have are getting old and, therefore, we need to get new notes. That is really the reason," he explained. 

The replacement of aging currency notes is a standard practice to maintain the integrity and functionality of the nation's monetary system.

In 2023, De La Rue made headlines in Kenya after it spent approximately Ksh2.7 billion to scale down its operations. The money was used to pay lawyers, fire its staff, and write off its assets.

The company had been contracted by the government of Kenya to print local currency. The state owned 40 per cent of the joint agreement.

At the time, the company employed 300 people and operated under the De La Rue Kenya EPZ Limited name.

The Kenyan DAILY POST