Author Topic: Kenya: New Series of Coins and Banknotes 2018  (Read 11159 times)

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Offline Pabitra

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #75 on: December 31, 2018, 02:55:42 AM »

Offline Pabitra

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #76 on: January 08, 2019, 11:23:10 AM »
Kenya is restricting issue of new coins.

https://www.nation.co.ke/business/CBK-caps-new-coins-issuance/996-4925322-820g94/index.html

Why?

General public has not been able to lay their hands on them

https://nairobinews.nation.co.ke/news/cbk-mum-on-circulation-of-new-coins-weeks-after-launch/

Perhaps only small quantity was minted to meet the constitutional requirements

Offline eurocoin

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #77 on: January 08, 2019, 02:24:41 PM »
CBK says no cap on new coins issuance

The Central Bank of Kenya (CBK) has clarified to the public that there is no issuance limit on new coins as reported in section of press on Tuesday. In a statement CBK admitted that it placed a cap during the sensitisation period but this has since been lifted and no restriction on amount of coin an individual can obtain exists. “During the sensitisation phase immediately following the launch of the New Generation coins, the amount per person was limited to allow the widest possible distribution.”

“This was communicated to all banking institutions on December 14, 2018. However, following a positive assessment of the sensitization campaign, CBK communicated to all banking institutions on December 20, 2018, informing them that the limit had been lifted.”

Offline Pabitra

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #78 on: January 09, 2019, 12:00:32 PM »
CBK enjoys zero credibility their own country as well as internationally. The results are for all to see. What was decided to be done in 2010, was barely done by 2018.
See the local media

http://www.kbc.co.ke/cbk-claims-restricting-issuance-new-coins/

https://www.tuko.co.ke/295491-cbk-denies-issued-limit-coins-distributed-kenyans.html#295491

https://www.pulselive.co.ke/news/central-bank-issues-limit-on-issuance-of-new-kenyan-currency-coins/hw7073f

https://sokodirectory.com/2019/01/cbk-governor-disputes-claims-of-restriction-of-issuance-of-new-currency-coins/


If the coins were being distributed as claimed, they would not enjoy the premium, as here

https://www.ebay.com/itm/233058583302

Offline eurocoin

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #79 on: January 16, 2019, 04:54:19 PM »
The first coin set was presented to the Kenyan president in a specific type of packaging that is exclusive to the Royal Mint.

Offline eurocoin

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #80 on: January 16, 2019, 07:41:41 PM »
The Consumer Federation of Kenya has sued the Central Bank of Kenya. They demand that the minting and printing of the new coins and notes is stopped immediately and that the design process starts from scratch. According to them the Central Bank of Kenya violates article 10 of the Kenyan constitution as the bank should have consulted the public. Strange as that is exactly what the bank did.

In reply to their tweet about this I informed them that the Central Bank of Kenya did in fact consult the public and so that there is no violation of Article 10 of the Kenyan constitution at all. I also referred them to the document confirming this (credits to our member <k>). Furthermore I told that there is no real reason for them to sue CBK as there are no complaints whatsoever about the new designs. The Consumer Federation of Kenya got furious and amongst other things told me to search for a job as their opponents lawyer. Both CBK and its governor were tagged in the tweets (though not by me).  :)
« Last Edit: January 16, 2019, 07:57:36 PM by eurocoin »

Offline Pabitra

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #81 on: April 13, 2019, 06:58:14 AM »
If the design, printing and issue of new currency notes still caught in a tug of war, why not issue a 50 Shilling coin


CBK cuts supply of battered Sh50 notes as it raises coins? circulation : The

Offline eurocoin

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #82 on: July 05, 2019, 05:17:24 PM »
Mr Omtatah has started a new case against the Central Bank of Kenya in which he demands the new notes and coins to be withdrawn. He was informed by the National Assembly that 3 legal notices of 7 December 2018 and 31 May 2019 that were made by the Central Bank of Kenya should have been sent to the National Assembly within 7 days, which never happened. Because of that they by law became invalid as a result of which the issuance of the new coins and notes was illegal.

Offline eurocoin

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #83 on: September 18, 2019, 08:20:28 PM »
On Friday 27 September (next week) the High Court of Kenya will decide whether the new Kenyan currency and the demonetization of the old 1,000 shillings banknote is illegal. More specifically the following 3 arguments were mentioned by Mr Omtatah who started the case:

1. Based on the Kenyan constitution, the Central Bank of Kenya should have consulted the public on the new currency, which it didn't. Therefore the new currency is illegal.

This argument was proven to be incorrect. Based on information posted on the forum by <k>, CBK did in fact consult the public for concepts for the new currency.



2. Three legal notices made by the Central Bank of Kenya should have been sent to the National Assembly within 7 days, which never happened. Because of that they by law became invalid. Two of the notices were respectively about the introduction of the new coins and the new banknotes. The third notice was about the demonetization of the old 1,000 shillings banknote on 1 October 2019.

Both CBK and the National Assembly acknowledged that the notices indeed were not sent (in time) to the National Assembly.



3. According to the Kenyan consitution, Kenyan currency may not bear the portrait of any individual. The new banknotes depict an image of the Kenyan International Convention Center with a statue of former Kenyan president Mzee Jomo Kenyatta in front of it.

CBK has argued that the statue is part of the building. Omtatah said this was not the case as it was unveiled 1 year before the opening of the KICC. The judges went to see the statue themselves to be able to make a decision. During the visit they determined that there is 80 metres between the building and the statue.

« Last Edit: September 23, 2019, 05:46:58 PM by eurocoin »

Offline Big_M

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #84 on: September 19, 2019, 09:53:36 AM »
On Friday 27 September (next week) the High Court of Kenya will decide whether the new Kenyan currency is illegal. More specifically the following 3 arguments were mentioned by Mr Omtatah who started the case:

3. According to the Kenyan consitution, Kenyan currency may not bear the portrait of any individual. The 1,000 shillings note depicts an image of the Kenyan International Convention Center with a statue of former Kenyan president Mzee Jomo Kenyatta in front of it.

CBK has argued that the statue is part of the building. Omtatah said this was not the case as it was unveiled 1 year before the opening of the KICC. The judges went to see the statue themselves to be able to make a decision.


I believe that not only Sh1000 but all banknotes from this series show the Kenyatta statue.

Offline eurocoin

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #85 on: September 19, 2019, 10:03:15 AM »
You appear to be correct. I have amended it in my message.

Offline eurocoin

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #86 on: September 27, 2019, 12:48:26 PM »
Okiya Omtatah and Simon Mbugua have lost their cases. The High Court has ruled that the Kenyatta statue is not 'a portrait of an individual', is part of the KICC and does not need to be removed from the notes. Furthermore the Court ruled that there was sufficient public participation in the making of the new currency. The High Court bench also sustained the September 30 deadline by which the old Sh1,000 series note will be demonetized saying the Central Bank of Kenya (CBK) had allowed adequate time for the exchange of the notes with the new ones.

1 of the 3 judges had a dissenting opinion.

« Last Edit: September 27, 2019, 02:06:46 PM by eurocoin »

Offline eurocoin

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Re: Kenya: New Series of Coins and Banknotes 2018
« Reply #87 on: October 03, 2019, 09:38:03 AM »
The full judgement can be found here. In the dissenting opinion written by 1 of the 3 judges he mentioned that he agreed with Omtatah that the statue of Kenyatta that can be found on all of the new banknotes is a portrait and therefore in violation of the constitution. He would have declared the banknotes invalid at a certain point in the future so that CBK had enough time to in the meantime print new notes without the statue. He agreed with the other judges that the other arguments of Omtatah were dismissed.

Reaction of Okiya Omtatah: "They are not interpreting the Constitution in a manner that sustains it and develops the law. They are doing it in a manner that frustrates and limits it.We are going to appeal the decision."