CBK cuts supply of Sh50 notes as it raises circulation of new coinsThe number of Sh50 notes in circulation in the 12 months to July last year reduced by more than a quarter as the Central Bank withdrew the worn out notes from the market. Instead, CBK which is also responsible for printing of new currency, seems to have settled on replacing the mutilated notes with more coins rather than print new Sh50 notes. The quantity of Sh50 bank notess in circulation declined to 75 million pieces in the 12 months to June last year from 101.8 million in the previous year, according to CBK’s annual report. Overall, the quantity of bank notes decreased by 3.6 per cent from 531 million pieces in the year to June 30, 2017 to 512 million pieces in the year to June 30 last year. There were 305.6 million pieces of Sh5 coin in circulation in the period under review, 284.6 million pieces of Sh10 and 159.5 million pieces of Sh20 coin.

Source: Standard Digital April 12, 2019 23:03 UTC