Malawi announces new K1, 000 bank notes

Nyasa Times has once again been vindicated. The June 13, 2011 Nyasa Times report said the Reserve Bank of Malawi  (RBM) will put into circulation 1,000 Kwacha (about $6) bank notes, has now been confirmed.

Reserve Bank of Malawi (RBM) Governor, Dr Perks Ligoya, told a news conference in Blantyre on Friday that the new bank note will be in circulation in the next six months.

“We are introducing a complete new series of bank notes, in the process will have a new bak note of K1,000,” Ligoya said.

He said the new series of bank notes are in a “much smaller in size”.

“The move is aimed at easing the pressure on inflation, the rise in the cost of basic goods and services,” Ligoya said.

K1,000 note: Malaiw following the Zambia footsteps

“Mainly we have done this in order to reduce the cost of printing money as the sizes of the currencies have been significantly reduced.

“At the same time we have also increased some additional security and visually impaired-friendly features,” Ligoya said.

The introduction of the new K1,000 banknote, which will be the largest one in value, signifies another silent devaluation of the local currency, economic commentators observed.

Nyasa Times has learnt that government has awarded British banknote printer De La Rue to print the new K1, 000 bank notes.

However, there was no bidding for contract and that De La Rue, which produces over 150 currencies around the world, has been given the contract to print the new notes.

De La Rues has also contracts to print Malawi passports and yet-to-be introduced National Identity Cards.

Malawi government – which has for the first time since 47 years of independence from Britain – presented a ‘zero deficit’ financial plan, is reported to be broke following donor freeze.

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