Investigations have kicked off at the National Assembly over the country’s decision to enter into a Ksh 14.2 billion currency printing tender.
This follows a multi-billion tender awarded to German firm Giesecke+Devrient Currency Technologies that is set to print the new currencies for the next five years.
Appearing before the Kuria Kimani led Finance Committee was CBK Governor Kamau Thugge who was put to task to explain about the value of the currency if new ones are to printed.
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Speaking before the committee, Thugge noted that the country was at the risk of running out of notes following the exit of De La Rue.
“Following the exit of De La Rue, the country was at risk of stock out of bank notes, with grave economic and national security implications. We knew the country needed this stock up process and that’s why we went through all legal processes in the tendering process.
I would also want to clarify that the firm is not printing new currency but replenishing the existing ones that are old and worn out.” he said
The MPs however raised questions as to why De La Rue left the country when the government owns 40% shares of the company.
They also raised questions as to who owns the German printing company, why did the government settle for it and what other jobs have they undertaken.
“You can’t say it was De La Rue’s decision to leave the market, the government through the Treasury held a 40% stake in the company. De La Rue can’t leave without the government being in the know.
Who really owns this company? How did we settle on it? How many other jobs have they done? What was the real reason it was contracted?” said Eldas MP Adan Keyna
