Monday, May 23, 2005

Wasted Resources at CBK

New coins bearing the portrait of the founding father of the nation, the late Jomo Kenyatta, will be re-introduced into the market.

Setting aside the politics of whose face should be on the currency, Central Bank of Kenya is unaware that 5 cent and 10 cent coins have no real value in Kenya anymore. The cheapest items you can find in kiosks are all more than 1 shilling (except for chewing gum which costs 50 cents). 5c and 10c values only exist in the mathematical world.

I cashed a cheque at a Bank last week, and my payment included some 5-cent coins which were in new mint condition, printed in 1995, that had never been circulated! Otherwise most Banks will round currency to the nearest shilling for purposes of payment. It is therefore totally unnecessary to print some of these new coins.


Prousette said...

A question of warped priorities. How does the face on a coin/note affect the value of that money? Can't we just channel the funds used in this venture to the ministry of Health and avoid another KHN catastrophe?

Prousette said...
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