Malawi to introduce K5000 bank note – Finance Minister

November 6, 2017 Zawadi Chilunga - Nyasa Times, 29 Comments

Minister of Finance, Economic Planning and Development Goodall Gondwe  has disclosed that Malawi will  soon introduce the new kwacha note, K5000.

New K5 000 bank note on its way

At the moment the highest denomination note is 2,000 kwacha.

However, some economic observers say the K2 000 note has lost value  with a lot of it in circulation resulting in the general public carrying large amounts of cash when doing transactions risking their lives and property.

Gondwe said in an exclusive interview with official Malawi News Agency that  the new bank note will make it easier for people to carry and also cost-cutting in ordering them for government.

“Yes, that is very important because we will serve our foreign currency. It costs 8 million dollars for ordering new bank notes,” said Gondwe.

He downplayed assertions of inflationary pressure as the reason for introducing the higher bank note.

“By the way, do you know that Malawi is the only country in the SADC region with the least banknote? Tanzania has 10,000 bank note and in Uganda is even higher, these denominations save billions of money for a particular country. In brief the monies that are used to finance the production of new currency are very huge. If we have this K5, 000 bank note it will be very good.

“On the contrary, if we continue in the situation we are in without coming up with a higher banknote then we continue losing a lot of millions for replacement of the money. It will be laborious to carry a huge bag with money just to buy one item, but with this new note it becomes so simple,” said Gondwe.

Reserve Bank of Malawi officials  remained mum on details of the planned introduction of a new-bank note and when it will be in circulation.

Follow and Subscribe Nyasa TV :
Follow us in Twitter

29 replies on “Malawi to introduce K5000 bank note – Finance Minister”

  1. This is a shame..
    Ati “only country in the SADC region with the least banknote? Tanzania has 10,000 bank note and in Uganda is even higher, these denominations save billions of money for a particular country. In brief the monies that are used to finance the production of new currency are very huge. If we have this K5, 000 bank note it will be very…”
    This is the dumbest backing point on the planet
    Just retire already

  3. Is Malawi going to be like Zimbabwe now? Zimbabwe was starting like this, what next? K10,000 then the bank notes that can expire in two days then you say !Malawi economy is growing come on don’t deceive people here tell Malawi that this country is going nowhere.

  4. Now i can agree kuti Gondwe wakalambadi & school yake yakale yachikape masamu anthawi imeneyo sakumupindulira this time, akanati ma certificate enawa azipangidwa renew i doubt if Gondwe’s certificate in economic would have been renewed…… DPP the silent killer is killing my beautiful MALAWI…. Go to hell mlomwe and ur fools 2019 is around the corner

  5. “However, some economic observers say the K2 000 note has lost value with a lot of it in circulation resulting in the general public carrying large amounts of cash when doing transactions risking their lives and property.” This should have read large volumes of cash. ikabwela K5000 nde amount itsika? komanso kodi za paperless money/electronic money payments zija zili pati? looks like you’ve lost direction

  6. Do not compare our kwacha to those of others if Tanzania has a 10,000.00 bank that is not our yard stick. Stop the nonsense and tell us that our kwacha has nose dived and there is nothing we can do despite having billions in our homes stacked in our suitcases. Apa zativuta basi. KWACHA YAGWA ndipo yagwa nthawi yachabe!!!!!!!!!!! Musova aGondwi ndi anzanu’wo

  7. You DPP fools, just scarape off 4 zeroes from the currency dziko lakukanokani fwetseke. Why should we have tambalas in our currency when we don’t use them? 2019 come fast, alternatively cardiac ujeni

    1. What’s wrong with u the leaders ?
      Why don’t you think back wards when we was under the leadership of Dr kamuzu banda? …am fully concerned u dogs u act like that u was not in Malawi ?

  8. Get the example of US currency. Get the example of UK pound. These are large economies in the world.

  9. Zikutheka bwanji inu a DPP, posachedwapa mumauza dziko kuti inflation is gone down to dingle digit, mwatiwonongera dziko, clueless nkhalamba zokhazokha za DPP clinging to key positions kukana achinyamata

  11. Bwana Minister, if you carry so much money only to buy a few things, isn’t it what inflation does? What economic principles does Goodal Gondwe follow as a Minister of Finance Economic Planning and Development? Just accept that economically, things are not going well in this Malawi economy.

  13. Its not true that Malawi is the only country in the sadc region with the least bank note . RSA highest note Rand 200. Botswana highest note Pula 200. when your bank notes are in bigger denominations, it signals a currency that is losing its value. Remember Zimbabwe zinayamba chonchi . Malawi is getting worse economically. Zabvuta . Tell the nation the truth about the state of the country.

    1. Dpp musationongele dziko ndi maganizo anuwo ife sitikuifuna k5000 yanuyo ngat zakumvutani mvomelezan ife timaganiza ngat muzitiuza kut mwapungula ma zelo simungatengele chisanzo ndi ma nebar anthu zambia mene ndalama yao ilili ndi mphamvu

  14. …………and then some fool says our economy is booming and investors are coming………… ayayaya mabvuto alipo……. when is the next Cardiac Arrest? please Lord help us!

  15. Koma a Goodall amayesa tonse ndi mbuzi. Economy ikuyenda bwino ija ndi zimenezi zikugwirizana?

  16. “By the way do you know that Malawi is the only country in the SADC region with the least banknote?” Goodall Gondwe, who are you fooling? I guess it is high time you throw a towel. Learn to say the truth sometimes.

    1. ndikakumbukula bwinobwino ine pano Hon Kamulepo ananena kuti amalawi tiyembembekezele k5000 note imeneyi, ambiri mwa ife monga osatila chipani cha DPP ansusa kwa mutu wagaru kuti ndi bodza la nkunkhuniza, nanga pano mukuti bwanji.Munthu uyu kamlepo kalua anawona patali ndi mmnene dziko likuyendela. Amalawi timva kuwawa sitinati ngati tikakamila boma limeneli. Nthawi ya DPP apanga ma bank notes angati

  19. WAGWANAYO? This means that the purchasing power of the Kwacha has gone down. As such, you need more kwachas to be carried around when transacting. When our neighbouring countries are becoming paperless economies, we are advocating more paper of higher denominations signifying that the economy has tanked. This is very sad. How can an 80 year old man who did stone age economics be at the helm of Malawi government finances? Kodi osayanganako anyamata bwanji? Probably because in Malawi whether you are a dinosaur or young, it does not make a difference because our economics is anchored in the central theme of gross negligence and theft, over spending and serious wastage. FEES KUNYAMULIRA MU DENGU THESE DAYS! DZIKOLIDI LATHERTU-Whether Mlakho or no Mlakho.Onse kunyamulira DENGU NDALAMA ZOKAGULIRA BULEDI.HEHEHEHEDE

  21. Banknotes are nothing more than IOU (I owe you) notes. They are not backed by anything of worth like gold, they’re just notes which are debt to the reserve banks of the world – owned by the zionist elite. They can print as much as they want, control or ruin economies, and indebt countries and people. But, unlike SA, at least your banknotes don’t have a terrorist on each one.

  23. This is very pathetic to our economy. our neigbours have removed those zeros to their currencies while us we are further increasing. this is idiotic way of thinking. imagine in Botswana the biggest note is P200, RSA R200. Zambia goes at K200 if not mistaken. why is it the APM cant see what is happening in other countries. the problem is that introduction of K5000 will automatically increase the prices of goods. Do you remember what happened soon after introducing P2000???? things got bad at that time!

    1. Usually, removing zeroes is what pushes up prices. It makes the currency 10x less but prices stay the same or drop by less than 10x. Also look at what they did in Europe when they changed to the Euro. Like in Holland or Germany, it was 2 guilders/marks to the Euro, prices stayed the same but they just changed the currency logo – so prices doubled overnight.

Comments are closed.