Malawi Government has scraped all bank notes that were in circulation prior to the introduction of new Malawi Kwacha series last year on May 23, the Reserve Bank of Malawi (RBM) has declared.
The bank, in line with Section 20 of the Reserve Bank of Malawi Act, has been notifying the business community and the general public of its intention to withdraw all banknotes that preceded the latest currency series.
On May 23, 2012 the Reserve Bank of Malawi introduced a first-ever K1000 bank note bearing the face of the country’s founding President, Dr. Hastings Kamuzu Banda. The note’s back depicts Mzuzu Maize Silos.
Apart from the K1000 note, the bank also introduced smaller in size new bank notes valuing K20, K50, K100, K200 and K500 and K5 and K10 coins.
RBM says between May 23 and August 2, 2013, people will be allowed to exchange any old currency only at the bank.
“A three month exchange period, 23rd May to 23rd August, will be provided during which the old bank note series will be exchanged with new series at the RBM only, with justification why the bank notes were not exchanged during the prescribed one year,” reads a statement in part.
However, the statement titled “Demonetisation of the old series of the Malawi Kwacha bank notes” and signed by RBM Governor, Charles Tchuka, says all old coins will still be in circulation until further notice.
“Notwithstanding, the old K1, K5, K10 will circulate simultaneously with the new coins until such a time the RBM announces their withdrawal from circulation,” it says.
The central bank had said earlier that the old banknote series would cease to be legal tender a year after the launch of the new currency.
Since May 23, 2013, the new and old banknote series have been runningside by side until close of business last Wednesday, May 22, 2013.
The new K20 note has Inkosi ya Makhosi M’mbelwa II (1915-1959), the most powerful and fearless Northern Region leader who led his people in opposing the imposition of the Federation in early 1950s while its back has the newly constructed Machinga Teachers Training College (TTC).
The K50 note bears the face of Inkosi Ya Makhosi Gomani II (Philip Zitonga Maseko) with the back showing Kasungu National Park.
James Frederick Sangala, founder of the Nyasaland African Congress (ANC) was put on a K100 note while its back has College of Medicine in Blantyre.
The K 200 note has Malawi’s first female cabinet minister and the only person alive on our bank notes, Mrs Rose Chibambo with the depicting the new Parliament Building constructed by the Chinese Government.
And finally, the K500 bank note bears the face of Malawi`s most popular and respected nationalist and freedom fighter, John Chilembwe, while the back has the Mulunguzi Dam of Zomba.Follow and Subscribe Nyasa TV :