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Currency printing fiasco costs taxpayer KES 2.7b

30 March 2012, 09:46

Nairobi - In the last seven years, the Kenyan taxpayer has lost between KES 2.1 billion and KES 2.7 billion following the Central Bank of Kenya’s (CBK) decision to place short term printing orders to meet the country’s currency requirements, Capital News reports.

Although, the six stop-gap orders which started in 2003 were necessary to ensure the country had adequate supply of currency, it cost more than it would have had the government not cancelled a three year contract won by De La Rue in 2006.

Abdi Nuh, Bura Member of Parliament (MP) discovered this anomaly as he tabulated the figures, which was also confirmed by CBK Governor Njuguna Ndung’u.

- For more visit Capital News


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