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Govt on the spot over De La Rue

17 October 2011, 16:00

Nairobi - Former deputy governor of the Central Bank, Ms Jacinta Mwatela has said that the government could be paying double for printing of Kenyan currency after it dropped the competitive tendering process.

De La Rue Ruaraka was last month declared the exclusive currency printing company in Kenya after entering a deal whereby the government gained a 40 per cent stake in the company.

In a statement to the Daily Nation, Mwatela said that the pricing of currency products from De La Rue Ruaraka has remained uncompetitive, and most Central Banks in the region have moved their business of procuring currency notes to more competitive manufacturers.

Nominated MP Musikari Kombo tod the Daily Nation that Parliament’s Finance Committee is yet to table its report of an investigation into the deal over the issue, as they received a presentation by the Central Bank but at that time they couldn’t do anything about it.

According to reports, De La Rue is said to charge the government about Sh3.8 for a bank note compared to Sh1.8 of other international bank note printers.

For more visit Daily Nation


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