Advertisement
National

Reserve Bank of Malawi introduces K2000 note

Advertisement

The Reserve Bank of Malawi (RBM) has announced its plans to introduce a K2,000 note which will be in circulation from December 19, 2016.

Making the announcement in Lilongwe on Friday, RBM Governor Charles Chuka said the introduction of the note has been necessitated due to the depreciation of the kwacha and inflation.

The kwacha is currently trading around K730 to the dollar while inflation hovers around 22 percent.

Advertisement

Chuka said the introduction of the note is also in accordance with Section 17 of the RBM Act of 2010.

He added that the latest note will also ease the burden of carrying huge sums of money when conducting business transactions.

According to Chuka, the highest note should also be an equivalent of $5 even though K2,000 will also fall short of the requirement.

Advertisement
Facebook Notice for EU! You need to login to view and post FB Comments!
Advertisement
Tags
Show More
Advertisement

Related Articles

Back to top button
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker