Kenyan shilling

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Kenyan shilling
Shillingi ya Kenya (Swahili)
KES0050v.jpg KSh10b.JPG
KSh.50/= (2004-), portrait of Jomo KenyattaKSh.10/= coin
ISO 4217
CodeKES
Denominations
Subunit
 1/100cent
SymbolKSh, /=, /-, K
Banknotes
 Freq. usedKSh.50/=, KSh.100/=, KSh.200/=, KSh.500/= and KSh.1000/=
 Rarely usedKSh.5/=, KSh.10/=, KSh.20/=
Coins
 Freq. usedKSh.1/=, KSh.5/=, KSh.10/=, KSh.20/=
 Rarely usedKSh.-/50
Demographics
User(s) Kenya
Issuance
Central bankCentral Bank of Kenya
 Websitewww.centralbank.go.ke
Valuation
Inflation5.1%
 SourceKenya National Bureau of Statistics, as of June 2010.

The shilling (Swahili: shilingi; sign: KSh.; code: KES) is the currency of Kenya. It is divided into 100 cents.

Symbol[edit]

Concept design for a unique Kenyan shilling sign

Notation in the Kenyan shilling is written in the form of x/y, where x is the amount above 1 shilling, while y is the amount in cents. An equals sign or hyphen represents zero amount. For example, 50 cents is written as "-/50" and 100 shillings as "100/=" or "100/-". Sometimes the abbreviation KSh. is prefixed.

This pattern was modelled on sterling's pre-decimal notation, in which amounts were written in some combination of pounds (£), shillings (s), and pence (d, for denarius). In that notation, amounts under a pound were notated only in shillings and pence.

In 2013 a symbol was proposed merging the letter "K" with the "=" symbol, although it has yet to be officially adopted or encoded in Unicode.

History[edit]

The Kenyan shilling replaced the East African shilling in 1966 at par.

Coins[edit]

10 cents (1980).
Obverse: Bust of Daniel arap Moi with lettering "PRESIDENT OF REPUBLIC OF KENYA DANIEL TOROITICH ARAP MOI". Reverse: Face-value, year, Coat of arms of Kenya and country name.
A 40 shilling coin, issued on the occasion of the 40th Anniversary of the independence of Kenya.

The first coins were issued in 1966 in denominations of KSh.-/5, KSh.-/10, KSh.-/25 and KSh.-/50, and KSh.1/= and KSh.2/=; KSh.-/25 coins were not minted after 1969 (except in the 1973 set); KSh.2/= coins were last minted in 1971 (except in the 1973 set). In 1973 and 1985, KSh.5/= coins were introduced, followed by KSh.10/= in 1994 and 20/= in 1998.

Between 1967 and 1978, the portrait of Jomo Kenyatta, the first president of Kenya, originally appeared on the obverse of all of independent Kenya's coins. In 1980, a portrait of Daniel arap Moi replaced Kenyatta until 2005, when the central bank introduced a new coin series that restored the portrait of Kenyatta. The coins are KSh.-/50 and KSh.1/= in stainless steel and bi-metallic coins of KSh.5/=, KSh.10/= and KSh.20/=.

A bi-metallic KSh.40/= coin with the portrait of then-President Mwai Kibaki was issued in 2003 to commemorate the fortieth anniversary of independence (1963–2003). New coins with the image of Kenyatta were issued in 2005. In 2010, Section 231(4) of the 2010 Constitution of Kenya stated "Notes and coins issued by the Central Bank of Kenya may bear images that depict or symbolise Kenya or an aspect of Kenya but may not bear the portrait of any individual." New banknotes and coins are scheduled to be released by 2018 to meet up with this new law.[1] A new series of coins was issued on 11 December 2018, in denominations of 1-, 5-, 10 and 20 shillings. All of the coins depict the national Coat of arms of Kenya on the obverse and images of Africa's recognizable animals on the reverse.[2] The new series of coins is designed to be more recognizable for visually impaired people.[3]

Coins of the Kenyan shilling (2018 issues)
Image Value Technical parameters Description Date of first minting
Diameter Thickness Mass Composition Edge Obverse Reverse
KSh.1/= 23.9 mm 5.5 grams Nickel-plated steel Segmented (Plain and Reeded sections) Coat of arms of Kenya; text "Republic of Kenya" in English and Swahili Giraffe; denomination in English and Swahili 2018
KSh.5/= 19.5 mm 3.75 grams Bi-metallic coin (Brass-plated steel center plug with a Nickel-plated steel outer ring) Reeded Coat of arms of Kenya; text "Republic of Kenya" in English and Swahili Rhinoceros; denomination in English and Swahili 2018
KSh.10/= 23 mm 5 grams Bi-metallic coin (Nickel-plated steel center plug with a Brass-plated steel outer ring) Reeded Coat of arms of Kenya; text "Republic of Kenya" in English and Swahili Lion; denomination in English and Swahili 2018
KSh.20/= 26 mm 9 grams Bi-metallic coin (Brass-plated steel center plug with a Nickel-plated steel outer ring) Segmented (Plain and Reeded sections) Coat of arms of Kenya; text "Republic of Kenya" in English and Swahili Elephant; denomination in English and Swahili 2018

Banknotes[edit]

On 14 September 1966, the Kenyan shilling replaced the East African shilling at par, although the latter was not demonetised until 1969. The Central Bank of Kenya issued notes in denominations of KSh.5/=, KSh.10/=, KSh.20/=, KSh.50/= and 100/=. All of the notes feature a portrait of Kenya's first prime minister and president, Jomo Kenyatta, on the front and diverse economic activities on the back.[4]

KSh.5/= notes were replaced by coins in 1985, with the same happening to KSh.10/= and KSh.20/= in 1994 and 1998. In 1986, KSh.200/= notes were introduced, followed by KSh.500/= in 1988 and KSh.1000/= in 1994.

As with the coins, Kenyatta appeared on the banknotes issued until 1978, with Daniel arap Moi's portrait replacing him in 1980. In 2003, after Mwai Kibaki replaced Moi as president, KSh.5/=, KSh.10/=, and KSh.20/= notes from the 1978 series with Kenyatta's picture that had been in storage were issued, and circulated for a time. A new series of notes was then introduced on which Kenyatta reappeared in denominations of KSh.50/=, KSh.100/=, KSh.200/=, KSh.500/= and KSh.1000/=. The issue of the 200/= banknote dated 12 December 2003 commemorates the "40 years of Independence 1963–2003". The banknotes are printed in Nairobi by security printer De La Rue.

On 31 May 2019, the Central Bank of Kenya issued a new family of banknotes without the portraits of known Kenyan individuals, as mandated by the Constitution of Kenya of 2010. At the same time, the Central Bank of Kenya has withdrawn all previous versions of the KSh.1,000/= banknote. These remained legal tender until 1 October 2019. All of the banknotes for this series share a common design of the Kenyatta International Convention Centre on the front side of the notes, and the back side of the notes feature images showcasing the richness of the people and nature of Kenya: "Green Energy" (50/=), "Agriculture" (KSh.100/=), "Social Services" (KSh.200/=), "Tourism" (KSh.500/=) and "Governance" (KSh.1,000/=). All five denominations also embody each of the big five animals of Africa: the buffalo (KSh.50/=), the leopard (KSh.100/=), rhinoceros (KSh.200/=), the lion (KSh.500/=) and the elephant (KSh.1,000/=).[5]

Banknotes of the Kenyan shilling (1996 "Arap Moi" issue)
Denomination Obverse Reverse Watermark
KSh.20/= President Daniel Toroitich arap Moi; Coat of arms of Kenya Baton; Moi International sports complex, Nairobi, jogger Lion's head
KSh.50/= President Daniel Toroitich arap Moi; Coat of arms of Kenya Caravan; Elephant tusks monument in Moi Avenua (formerly Kilindini Road), Mombasa Lion's head
KSh.100/= President Daniel Toroitich arap Moi; Coat of arms of Kenya Monument to the 25th anniversary of independence, Nairobi Lion's head
KSh.200/= President Daniel Toroitich arap Moi; Coat of arms of Kenya Unity monument, Nairobi Lion's head
KSh.500/= President Daniel Toroitich arap Moi; Coat of arms of Kenya Parliament building, Nairobi Lion's head
KSh.1000/= President Daniel Toroitich arap Moi; Coat of arms of Kenya Elephants Lion's head
Banknotes of the Kenyan shilling (2004 "Jomo Kenyatta" issue (to be withdrawn from circulation))
Denomination Obverse Reverse Watermark
KSh.50/= President Jomo Kenyatta; Coat of arms of Kenya Caravan; Elephant tusks monument in Moi Avenua (formerly Kilindini Road), Mombasa Lion's head and electrotype 50
KSh.100/= President Jomo Kenyatta; Coat of arms of Kenya Kenyatta statue; tower Lion's head and electrotype 100
KSh.200/= President Jomo Kenyatta; Coat of arms of Kenya Cotton harvest Lion's head and electrotype 200
KSh.500/= President Jomo Kenyatta; Coat of arms of Kenya Parliament building, Nairobi Lion's head and electrotype 500
KSh.1000/= President Jomo Kenyatta; Coat of arms of Kenya Elephants Lion's head and electrotype 1000
Banknotes of the Kenyan shilling (2019 issue (current issue))
Image Denomination Main Colour Obverse Reverse Watermark
KSh.50/= Red Coat of arms of Kenya; Statue of President Jomo Kenyatta; Kenyatta International Convention Centre; Buffalo "Green Energy" (Wind Power, geothermal power, solar power) Lion's head and electrotype 50
KSh.100/= Violet Coat of arms of Kenya; Statue of President Jomo Kenyatta; Kenyatta International Convention Centre; Leopard "Agriculture" (Cereal, agriculture, livestock) Lion's head and electrotype 100
KSh.200/= Blue Coat of arms of Kenya; Statue of President Jomo Kenyatta; Kenyatta International Convention Centre; Rhinoceros "Social Services" (Health services, Education, sports) Lion's head and electrotype 200
KSh.500/= Green Coat of arms of Kenya; Statue of President Jomo Kenyatta; Kenyatta International Convention Centre; Lion "Tourism" (Wildlife; Lion) Lion's head and electrotype 500
KENW2019-1000o.jpg KSh.1000/= Brown Coat of arms of Kenya; Statue of President Jomo Kenyatta; Kenyatta International Convention Centre; Elephant "Governance" (Parliament building, Nairobi) Lion's head and electrotype 1000

Exchange rate[edit]

The exchange rate of the Kenyan shilling slumped dramatically in mid-2011, from about KSh.83/= per US dollar to about KSh.100/= per US dollar at late 2011 and to KSh.105/= in September 2015. The Central Bank of Kenya shifted its target to tighten liquidity, including increasing interest rate and money market operations. But expected inflows due to tea export drove up the exchange rate to about KSh.84/= per US dollar on 31 January 2012.[6]

Current KES exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD

See also[edit]

References[edit]

  1. ^ The Constitution of Kenya of 2010; Section 231(4) on the Central Bank of Kenya World Intellectual Property Organization (www.wipo.int). Retrieved on 2013-09-27.
  2. ^ Kenya: New circulation coin series introduced by president, Coin Update (news.coinupdate.com). 27 December 2018. Retrieved on 2018-12-28.
  3. ^ "Kenya makes coins accessible for the visually impaired". 11 May 2019.
  4. ^ Linzmayer, Owen (2012). "Kenya". The Banknote Book. San Francisco, CA: www.BanknoteNews.com.
  5. ^ "Central Bank unveils new generation banknotes to curb fraud". Capital News Kenya. 1 June 2019.
  6. ^ "Archived copy". Archived from the original on 10 April 2020. Retrieved 14 January 2017.{{cite web}}: CS1 maint: archived copy as title (link)

External links[edit]


Preceded by:
East African shilling
Reason: currency independence
Ratio: at par
Note: independent shilling introduced in 1966, but EA shilling not demonetised until 1969
Currency of Kenya
1966 –
Succeeded by:
Current