Malawi to introduce K5000 bank note – Finance Minister

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.

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321
Guest

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

P Hassan
Guest

Kungofuna kutionongera dziko,period yawo ikàtha azathawira ku America Kwak ife kutisiya mmavuto, tanatiganizirankoni anthu ovutikafe

Soldier Wyson
Guest

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.

nkatanala
Guest

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

Peter
Guest

Zadziiii zokhazokha

Nadzimbiri
Guest

“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

Bristone Mabichi
Guest

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

Nginde
Guest

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

Peter
Guest

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 ?

Dr. Andrew T Daudi
Guest

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

Chatha
Guest

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

Chief
Guest

Gondwe uyo ndi fodya

wpDiscuz

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