The Central Bank of Kenya plans to appeal to the Supreme Court the decision by Justice George Odunga that nullified the bidding process for the printing of new currency.
The crux of the conflict between De la Rue and Crane AB centers on whether De la Rue qualifies for a 15% margin of preference. Justice Odunga ruled that the Central Bank must reconsider the bids anew, without giving De la Rue the margin of preference.
Kenyans will have to wait longer to have new banknotes that comply with the Constitution, that forbids portraits of real people on them.
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©2008 Monetary Research Institute.
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