Increased counterfeiting of Kwacha notes worries Reserve Bank of Malawi
Reserve Bank of Malawi (RBM) has engaged an extra gear to mop out fake currency circulating in the economy through the training of Police officers who are technical experts on crime prevention and investigations.
RBM Director of Currency Management, Mercy Kumbatira was speaking in Lilongwe when opening a half day Currency workshop.
Kumbatira urged media and other stakeholders to work in collaboration in dealing with issues of counterfeit currency.
She said it’s not a secret to say that Malawi like any country is experiencing this problem of counterfeit currency.
During the workshop Deputy head of Fiscal Branch of Malawi Police Assistant Commissioner Gerald Chiwanda commended the RBM for the training.
Chiwanda said his officers are ready to implement lessons learnt from the workshop.
He said it is their duty as the police to ensure that property, including money, is protected and will render full support to RBM to fight against fake money in circulation.
“Fighting crime is not an easy thing. One institution alone cannot win the fight against crime. Therefore, we as the police and other stakeholders, will support the Reserve Bank of Malawi,” he said.
Counterfeit currency is a challenge that can slowly hurt an economy of any country, if not dealt with at an early stage.
Experts say fake or counterfeit money increases prices (inflation) due to more money getting circulated in the economy – an unauthorised artificial increase in the money supply; leads to decrease in the acceptability of paper money and cause losses to the business community.