Technical Advisor, Currency Management and Development

Terms of Reference for Recruitment of Technical Advisor, Currency Management and Development

1. Introduction and Background:

The Central Bank of Kenya (CBK) is a pivotal institution in the actualization of the Vision 2030, a concept that will take Kenya to the next level of being a developing country.

In pursuit of this vision, CBK is embracing strategies that will strengthen key functions of the Bank in order to actualize its mandate.

Nevertheless, the Bank has limited technical capacity in cores area like Research, Financial Market Development and Currency Operations.

The Bank therefore aims at developing its own in-house capacity in these strategic and core areas It is in this regard that the Bank requested technical assistance from the European Commission (EC) and UNDP to strengthen its Currency Operations and Branch Administration Department.

The technical assistance will be in form of an Advisor on matters related to currency operations development and management. The Technical Advisor is expected to liaise with Director of the Department in building capacity and also provide input in all areas of currency operations development and management including regular updates on international best practice.

2. Objective of the assignment:

The overall objectives for the assignment are:

• Improve and modernize efficiency in currency management and service delivery to customers (commercial banks) with the overall aim of ensuring adequate and clean and genuine currency circulates in the country.
• Strengthening and developing the analytical capacity of the Currency Operations and Branch Administration Department.
• Harmonize and strengthen operational structures for currency operations induding review of existing currency distribution networks.
• Designing a training program consisting of theoretical and applied seminars. The role of the Advisor would be to identify and organize appropriate training including on the job training, seminars, study tours and internship outsidethe Bank geared towards harnessing the latest techniques in currency management and development.

3. Scope of work:

• Formulate sound currency policies consistent with best international practice.
• Guide implementation of currency reforms including an effective “dean money policy”, currency distribution networks, linkage with commercial banks and process automation.
• Design development and long term co-ordination strategies for public education mechanisms of banknotes and coins.
• Review of the legal operational framework for the currency management function in Kenya.
• Strengthen capacity for accurate currency management forecasts
• Review currency distribution channels and generate options for suitable models.
• Recommend options for modernizing currency operations, choice of appropriate technologies in currency sorting, packaging, accounting and destruction.
• Create awareness of a bank-wide operational risk culture on identification, measurement and management of operational risks in currency management and continuously assess the legal risks associated with possible policy initiatives.
• Advise on standards for currency development.
• Promote capacity building and frontier initiatives on issues of currency design, development and sustenance including currency management systems and techniques.
• Review the security levels of Kenyan currency including development of a sustainable currency counterfeit tracking mechanism.

4. Outputs:

The outputs of this assignment shall include: -

• Organizational and operational reforms within and enhanced management accountability of the Department
• Preparation of various documents e.g. Work Plans, Training Needs Assessment Reports, Legal reviews, medium to long term implementation programs, Inception and Visibility Plans.
• Concepts for modernization of currency operations induding but not limited to choice of appropriate technologies in currency sorting, packaging, accounting and destruction.
• An agreed timetable for a three-year training program, induding seminars, internships and study tours within two months after signature of the contract.
• Preparation of a database of relevant trainers/experts, courses and training facilities.
• Establish links with foreign Central Banks and other relevant institutions for the purpose of longer-term capacity building.

5. Duty Station and Travel:

• The Advisor will be engaged to work on this exercise in the Currency Operations Department. The consultancy may involve travels in and out of the country and a detailed work plan will be prepared (as part of the inception report) by the Advisor for approval one month after the award of the contract.

6. Duration:

The duration of the exercise will be eight months from May 1, 2010 to December 31, 2010. The Advisor will be engaged on full time basis during this duration. The consultant will be paid on a monthly basis.

7. Consultant Competencies:

The Consultant contracted for this assignment will have the following competencies:a

• An advanced degree in Economics, Banking or Finance or related fields. A PhD degree will be an added advantage.
• A minimum of eight (8) years’ relevant experience in financial markets operations, banking and currency management and development backed by professional qualifications.
• Be knowledgeable in currency forecasting and market interaction and be current to innovations and technological advances in currency development and banking operations.

8. Application process:

Applications marked SSAIUNDPKEN/OO1/201 0: TECHNICAL ADVISORCURRENCY
MANAGEMENT AND DEVELOPMENT” should be dropped at the UNDP TENDER BOX placed at the main entrance reception of UN Complex in Gigiri and addressed to:

The Deputy Country Director (Operations)
United Nations Development Programme Kenya,
Block Q, UN Complex Gigiri,
P.O Box 30218, 00100
Nairobi, Kenya

The closing date for submission is Tuesday, 20th April 2010 at 12.00 noon Kenya time.

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