Malawi Introduces New Bank Note

Reserve Bank of Malawi has announced that the country has introduced the K2000 bank note.

Governor of Reserve Bank Charles Chuka made the announcement during a press conference.

“The K2000 bank note will be put into circulation in December this year,” Chuka said.

He said they introduced the K2000 bank note to ease shortage of cash after devaluation of Malawi Kwacha and economic turmoil.

“The new bank note will bear the portrait of freedom fighter Reverend John Chilembwe while the motif on the back of the K2, 000 note will be Malawi University of Science and Technology at Ndata in Thyolo,” explained Chuka.

The development comes after Chuka told Parliamentary Committee on International Relations that high inflation and interest rates are not a result of lack of knowledge among technocrats including those at Central Bank but are fruits of political choices.

Malawi Kwacha was introduced in 1971 and has gone through several changes.