Kenya Treasury to print currencies from own factory
The Treasury of Kenya (The Ministry of Finance of Kenya) has indicated that it wants its own factory to print currencies. The entity would go ahead with the plan even if its plan to acquire a stake in the De La Rue Currency and Security Print Kenya Ltd. does not work out. The company is the subsidiary of De La Rue International UK, one of the largest integrated commercial security printing and papermaking companies worldwide.
According to treasury Permanent Secretary Joseph Kinyua and Investment Secretary Esther Koimet, Kenya has fallen behind other countries where governments have their own printing factories. And the countries, which have failed to do so have acquired stake in international factories, they said. This, according to Kinyua and Koimet, safeguards a country’s currency features.
"Many countries consider security printing so strategic that they have established fully Government owned currency and security printing presses and mints," Githae explained to the Parliamentary Accounts Committee this Monday, while citing the instances of the U.S., Australia, India, and Sudan. He further added that "Many others have joint ventures with printing firms to secure sustainable currency printing services.”