De La Rue Happy with the PAC report and supports the continuation of the contract

By Amina Martha / March 20, 2012 | 4:03 am

De La Rue has not so far gotten a duplicate of the report from the Public Account Committee (PAC), anyway because of the inclusion in the media today following the press preparation in Parliament yesterday, we think of it as proper to react to the focuses that have been raised.

Nairobi: August 2, 2012: De La Rue is extremely satisfied with the PAC choice that the joint endeavor ought to proceed. This will anchor the occupations of the 260 talented Kenyan specialists utilized at the manufacturing plant in Ruaraka. It ought not be overlooked that the De La Rue’s Kenyan activity presently contributes more than 1 billion Ksh every year to the Kenyan economy as pay rates, charges and the buy of products and ventures. Consequently over the multi year time frame from 2007 to 2011, De La Rue has infused well more than 5 billion Ksh into the Kenyan economy, an advantage that would have been lost if generation was attempted abroad. One of the conditions related with joint endeavor is a long haul consent to print the Kenyan banknotes at the processing plant to guarantee its financial practicality and accordingly its commitment to the Kenyan economy.

De La Rue is quick to bring up that as disclosed to the PAC the banknote printing hardware in the manufacturing plant is fit for reason. The gear was acquired new by De La Rue straightforwardly from the producers. It is consistently kept up and was repaired and updated in 2009. Banknote printing presses are real things of capital hardware and are relied upon to have a long life as a result. It is utilized to print every single Kenyan banknote – no Kenyan notes are printed abroad – and has additionally produced notes for more than 30 different nations.

There has been significant exchange around the ‘between time’ orders put by CBK following the crossing out of the New Generation concurrence with De La Rue. The expense of banknotes is reliant on an expansive number of elements, including such things as the point by point determination, security highlights and the length of the creation run. The New Generation contract depended on an alternate detail to the current arrangement of banknotes, incorporating a decrease in measure for all groups, and, depended on a substantially bigger volume (1710 million notes which is 5 times the normal size of break orders set somewhere in the range of 2001 and 2010). The offer for New Generation banknotes was additionally in view of abroad creation, not on account of there was any limit issues identified with the Ruaraka industrial facility, yet all together that the De La Rue offer was made a decision on rise to terms with alternate abroad based makers. 100% of the expenses of the New Generation banknotes delivered abroad would have left the Kenyan economy.

Subsequently De La Rue trusts that any recommendation that the costs for the interval orders contrast ominously and those cited for the proposed New Generation is off base, as the two details and sets of authoritative conditions were absolutely disparate. We emphatically trust that proceeded with neighborhood creation of Kenyan banknotes remains the best alternative for the Kenyan economy and citizens. Costs for the present Kenyan banknotes normal roughly 66% of the normal costs paid by other national banks in the district. For reasons of client privacy we can’t uncover costs that are not in people in general space. Kenyan Banknotes normal 3,721 Ksh per 1000 notes and this contrasts positively for instance and a spending cost for US banknotes of 7,387 Ksh and 27,000 Ksh for Swiss banknotes.

Finishes

About De La Rue plc:

As the world’s biggest incorporated business banknote printer, De La Rue is a confided in accomplice of governments, national banks, issuing specialists and business associations around the globe.

In the previous five years alone, the Group has been engaged with the plan or generation of more than 150 national monetary standards. De La Rue likewise delivers an extensive variety of security reports including international IDs, driving licenses, confirmation names and expense stamps. What’s more, the Group makes refined, fast money arranging and investigation gear.

De La Rue likewise offers a scope of authority administrations and programming arrangements including government personality plans, item validation frameworks and money administration preparing arrangements.

De La Rue utilizes around 4,000 individuals worldwide and is recorded on the London Stock Exchange.