Introduction
The Shilling denoted as KES is the official currency of Kenya, with bank notes ranging from 50,100 to 1000 shillings. There are smaller values of currency Kenya issued in coins such as 1 shilling which is the equivalent of 100 cents. Currency Kenya notes were issued in several series beginning from 1980, however earlier currency notes of 10 and 20 have been gradually been replaced with coins and are quite rare.
History
Currency Kenya has a long history dating to 1966 when the coins begun circulation in denominations of 5, 10, 25 and 50 cents which went up to 1 shillings. In 1985, 5 shillings coins were introduced, closely followed by 10 shillings in 1994 and 20 shilling in 1998. The currency Kenya initially had the portrait of the first president of Kenya, Jomo Kenyatta which appeared on the obverse of all Kenya coins. The portrait changed in 1980 when the then President Moi had his portrait impressed on the currency Kenya replacing that of Kenyatta. In 2005 the central bank introduced new coins series in the currency Kenya and restored the portrait of Kenyatta. Today the currency Kenya is in denominations of 50 cents coins, 1 shillings, 5 to 20 shillings in stainless steel coins. A bi-metallic shilling 40-coin was launched in 2003 with a portrait of then president Kibaki to commemorate the fortieth anniversary of independe.
Features
As with the coins the portrait of Jomo Kenyatta appeared on currency Kenya banknotes issued until 1978 by then president Moi which had replaced him in 1980. After Mwai Kibaki became president 5, 10, 20 shillings note series from the 1978 series which has Kenyatta’s portrait and kept in storage by the central bank were circulated for a time. New notes with Kenyatta’s portrait were introduced in the currency Kenya in denominations of 50, 100 to 1000 as from December of 2003 as part of commemorating 40 years of independent Kenya from 1963-2003. Currency Kenya imports and exports are limited to 1 million Kenya shillings. Though foreign currency may be imported and exported for free amounts equivalent to 5000 USD must be declared. Currency Kenya is quite strong in the East African region as the country is considered the hub for trade and finance in the region, however its also hampered by corruption and overreliance upon goods whose prices keep failing to rise over the years. In 1997 the IMF suspended the nation’s Enhanced Structural Adjustment Program due to te failure of the government to sustain reforms and curb corruption which have always contributed to the weakening of the currency Kenya. In turn the GDP contracted to 0.2 in the year 2000 and the currency Kenya lost some ground against the major c.
Tips and comments
Currency Kenya lost sufficient ground in mid 2011 going from about shillings 83 per USD tp 100 shillings per dollar. The central bank of Kenya was blamed for not doing enough to slow down the slump of the currency Kenya in time. After some time the central bank of Kenya moved to tighten liquidity which included increasing interest rates and money market operations, however expected inflows from tea exports drove the exchange rate to about shillings 84 per USD by January 31st.
