Wednesday, February 21, 2024
BusinessLocal Malawi News

RESERVE BANK OF MALAWI REFUTES CLAIMS OF NEW K10,000 BANK NOTE

The Reserve Bank of Malawi (RBM) has refuted rumors that it prepares to introduce a K10 thousand bank note.

In a statement, the RBM Governor, Dr Wilson Banda has spoken against the rumors that have since flooded on social media that the bank intends to do so.

Dr Wilson Banda

According to Banda, there are some procedures that are followed when the country wants to introduce a new bank note. However, those procedures have since not been followed.

Banda has since advised Malawians to resist disseminating stories that have not been verified by valuable sources.

A year ago, introduced a K500 bank note that also took Malawians by surprise.

The K2000 note was introduced together with an upgraded K2000 note.

Banda said the introduction of K5, 000 high bank note results from the bank’s response to its own currency management policy that provides guidance on how to react to various economics developments and some other important reasons.

Banda also highlighted the reasons behind the introduction of the upgraded 2000 Kwacha banknote and this include, making K2000 banknote more secure by including modern security features and the replacement of the image of the Malawi University of Science and Technology at the back of the note with an image of Blantyre Magistrate Court which represent the urgent need for the country to fight corruption.

According to reports, the whole process costed Malawi government 2.8 Billion Kwacha.

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