Malawi has lost over K200 billion in replacing damaged banknotes since 2019, the Reserve Bank of Malawi (RBM) has disclosed.
RBM Currency Operations Supervisor James Thindwa disclosed this in Lilongwe on Saturday, when he made a presentation at the Master of Ceremonies Association (Moca) Central Region Chapter Annual General Meeting.
Thindwa said the money could have been used for other development activities had the notes been living their full life lifespan.
“Approximately K23 billion is expected to be spent in 2023 to replace damaged notes.
Furthermore, the value of banknotes destroyed annually since 2019 is over K200 billion.
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“This money could, otherwise, have been channeled to crucial development programmes the country needs, including improving healthcare provision,” he said.
RBM has since implored master of ceremonies (MCs) to start educating the general public on good currency care practices for perekani perekani at celebratory functions.
“We also want to encourage the MCs who are already doing the needful to continue being good currency ambassadors for the betterment of our country.
“Let us also encourage others we come across during our day-to-day activities to desist from bad habits such as folding banknotes excessively or handling money with dirty hands. These are some of the bad habits that contribute to forex shortages by forcing the bank to buy new banknotes every few months to replace damaged ones,” Thindwa said.
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He observed that the RBM Act of 2018 imposes a fine of K5 million for willful damaging of currency.
During the AGM, the chapter re-elected Kingwell Liphuka as president.
Liphuka will be deputised by Francis Mayendayenda.
The meeting also elected Miriam Mwale as secretary, Arthur Nkhoma as public relations officer, Catherine Kawawa as treasurer, Rhoda Mtupanyama as women’s chairperson, Memory Menda as welfare head and Henderson Mwalabu as taskforce member.
Moca National President Emmanuel Saukira said people must seek the services of MCs beyond weddings, engagements and corporate functions, saying MCs could also be ideal for other events, including funerals.
