NAIROBI, Kenya, Dec 9 – The Central Bank of Kenya (CBK), in collaboration with the Kenya@50 Secretariat have launched a Sh50 gold coin as part of the activities to celebrate the country’s golden jubilee.
The coin was officially launched by President Uhuru Kenyatta who said it was time for Kenyans to reflect on the gains achieved in the past 50 years.
Despite the challenges, Kenyatta said the country has made notable progress on the social, economic and political fronts hence the need to celebrate.
“Kenya is now one of Africa’s fastest growing economies and this is even before the exploitation of the newly found natural resources. It is a shining light on many fronts, ranging from economic advances to improvements in human well-being as well as in sports and culture,” the president said.
Moving forward Kenyatta however urged the CBK and other public institutions, to play a leading role in ensuring a conducive business environment, including a low and stable price regime.
He said the government plans to introduce a new law that will strengthen the institutional framework of the Central Bank to better deliver on its core mandate of price and financial stability, a prerequisite for sustainable economic growth and development.
“This law is expected to be in place by early 2014,” he said.
CBK Governor Professor Njuguna Ndung’u said the new Sh50 coin will not be for circulation but will instead be sold to Kenyans who want to keep the celebrations a memory.
“We are celebrating the milestones we have achieved in the last 50 years. The coin will help us remember both the challenges and success we have seen and at the same time what we need to do better going ahead,” Njuguna said during the launch.
The bank will be releasing 50 units of pure gold coins which will be sold at Sh200,000 each while the second category, will be 2,000 units of gold plated silver coins which will be sold at Sh10,000 each.
The bank will also sell 3,000 units of gold-plated nickel brass coins, in acrylic block, which will go for Sh6,000 each.
All the commemorative coins will be sold at Central bank offices in Nairobi.
Kenya currently has coins from 50 cents to Sh40 denominations.