By Taonga Sabola
The Reserve Bank of Malawi (RBM) has said it recorded a total of 1,757 fake banknotes in 2018.
RBM Governor, Dalitso Kabambe, said this in Blantyre on Wednesday when he launched a Malawi kwacha smartphone application aimed at demonstrating various security features on banknotes.
According to Kabambe, if unchecked, counterfeit currency can adversely affect the economy as it negatively impacts on prices and undermines credibility.
He added that the malpractice can also lead to losses in business or on a personal level.
The governor said it is no secret that most people do not know the security features placed on banknotes. He said most counterfeits have been discovered by local traders and not by bank professionals.
“That is why the bank [RBM] embarked on a major sensitisation programme to equip the citizenry with the capabilities to identify fake currencies.
“The smartphone application, therefore, makes it handy for smartphone users to understand and appreciate how genuine currency looks like. This initiative marks the beginning of yet another milestone in the fight against counterfeit currency in the country,” Kabambe said.
He said RBM believes that the application will go a long way in making the public aware of the security features of the Malawi kwacha at their convenience and assist in timely detection of counterfeit currency before it changes hands.
The application can be downloaded from Google Play Store or Apple Play Store.