Advertisement
Business

RBM in higher note awareness

Advertisement

The Reserve Bank of Malawi has embarked on an awareness campaign on the K5000 banknote it intends to introduce to the market from February next year.

The central bank is also advocating good care of money, saying it spends millions of Kwacha every year on replacing damaged notes.

It has since called on the Malawi Police Service and other law enforcing agents to be in the fore in ensuring that related laws are adhered to.

Advertisement

Speaking during a workshop on currency handling and management for Police officers, RBM Director of Currency Management Joseph Milner told the officers that while the country has legal framework on currency protection, most people take its provisions lightly.

He said the central bank registered some strides in ensuring safe use of currency.

He the hinted at impact of fake currency on the economy, saying there were some people producing fake currency.

Advertisement

“I cannot state in terms of the cost but we are being affected. Understand counterfeit from the point of view of financial loss. If we have a lot of fake notes, people will not have confidence in the Kwacha,” he said.

Director of CID at National Police Headquarters Emmanuel Soko rated the initiative by the central bank as ideal in helping officers in dealing with money mishandling crimes.

Advertisement
Show More
Advertisement

Related Articles

Back to top button
Close
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker