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| You can take your coins to Your nearest bank for notes |
The regulator holds that there are enough coins in the
economy with the shortage being a result of persons, especially those in the
middle and upper income bracket, keeping them out of circulation by holding
them in their homes, cars and work places due to the low value they attach to
them.
“Most of you have witnessed situations where token items
such as sweets or matchboxes are offered in place of coin-change. This is a
practice that we would like to see stopped,” said the governor Prof Njuguna
Ndung’u.
He said there are 1.31 billion pieces of coins in various
denominations in circulation with an estimated value of Sh5.1 billion. This, he
said, was adequate for the economy indicating that the shortage would not be
addressed by adding new coins but by ensuring there was an efficient mechanism
for re-circulating existing ones within the economy.
The public has thus been urged to use coins in their
shopping, changing them with supermarkets for note values or operating children
accounts where they can deposit with the banks.
On the other hand banks have been discouraged from charging
a fee on those who are depositing coins as is currently the case as this also
becomes a barrier.
“We are asking Kenyans to collect their coins. Deposit them
in a bank or use them to make a purchase, no matter how many or how few,” said
Habil Olaka, CEO of Kenya Bankers Association.
The coin shortage has seen some traders hike the cost of
their goods and services to the nearest five shillings in order to avoid the
hustle of searching for coin change.
CBK had conducted a similar campaign in July last year which
the governor said had been successful in bringing the coins into circulation.
“The campaign was successful bringing large amounts of coins
into circulation but in the early part of this year the momentum seemed to have
waned and reports of perceived coin shortages resurfaced again,” said Prof. Ndung’u.
He said that they were looking for a sustainable solution so
as to avoid having to conduct campaigns each year.
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