Central Bank of Kenya (CBK) Governor Patrick Njoroge broke his silence on Kenya's currency needs after De La Rue, a company tasked with printing banknotes, announced that it had suspended operations in Kenya.
Speaking on Tuesday, January 31, the Governor maintained that De La Rue's suspension of its operation in the country would not affect Kenya's currency needs.
Njoroge insisted that the supply of currency had been met despite the company's decision to suspend its operation in Kenya.
He, however, stated that its suspension would affect workers contracted by the firm.
"In terms of De la Rue operations, the impact is only on the people who are working in Kenya supporting that industry," Njoroge stated during the Monetary Policy Committee (MPC) meeting on Tuesday, January 31.
"But in terms of currency needs, we are completely fulfilled," he insisted.
This is after reports claimed that the country would face a currency shortage due to De La Rue's decision to suspend its operation in Kenya.
However, CBK Governor maintained that the country had enough money.
The British firm suspended its operation, citing reduced orders and the economic climate.
De La Rue, which operated from Nairobi’s Ruaraka area, designs and produces Kenya's banknotes and banknote security features for the CBK.
It was contracted before Kenya gained its independence. The British company delivered many projects, including the first national identity card system and, most notably, the print and production of Kenya’s banknotes.
"The Nairobi factory also produces cheque books and a wide range of other security documents and was the first in the region to be credited for Visa Card and MasterCard personalisation, having recently invested in the latest chip and pin smart technology and capabilities," the company website states.
"In 1991, De La Rue was quick to take advantage of a Kenyan government initiative designed to promote Kenya as a centre for international trade and made significant investment in a modern factory to print banknotes and other security products," the company adds.
