Reserve Bank of Malawi presents K2000 bank note to President Mutharika
The Reserve Bank of Malawi (RBM) Friday officially presented the newly printed K2000 bank note to President Professor Peter Mutharika before it is put to use on Monday December 19, 2016.
Speaking during the presentation of the note at Kamuzu Palace in Lilongwe, RBM governor Charles Tchuka said since 2012 the country has gone through currency depression.
“When we were starting 2012 the K1000 note which was the county’s highest note was equivalent to $5 and now is at $1, 34 cents meaning that K1000 is now the currency that people are using most instead of keeping it,” he explained adding.
Tchuka further said that since K1000 is no longer a restoring currency, but a transaction one the K2000 currency will provide people in the country to restore the value as they will continue using the already existing currency and be able to keep the K2000 note.
“The printing of the K2000 note is not reflecting the future, but the past and when it comes on Monday it will be just at $2 which is far from the highest $5 note and said they change the whenever inflation has picked up for some time,” he said.
He then said since the K1000 note has now become the transaction currency they were printing many resulted to the printing cost to be high, but with the coming in of the K2000 note it will reduce the cost of printing money as they will be printing less of both of them.
He further explained that the note will serve the inconveniences to the public from the risks of carrying huge amount of money when doing their businesses.
He also said people in the country have been educated on the new currency that is coming and they will continue up to early 2017.
Speaking after receiving the currency, Mutharika appealed to all Malawians to take care of the new bank notes by not tearing, writing, pinning and stepping on them during weddings among others.
“I know that weddings are festive occasions, but I found out that in our weddings people throw bank notes in the air, dancing around and step on them. In some countries this is not allowed, let us learn to respect our currency and be able to put them in winnowing baskets,” he said.
Mutharika added that printing of the notes is costly and if people can take care of them it will help serve government money.
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The correct heading for this piece would have been, Munthalika gets another of his fizzled accomplishments award from RBM, because that is the message RBM is attempting to send crosswise over to the president. Wake up man! I mean was that even essential for RBM to waste all their vitality just to exhibit another note to an entire president? SMH
Government needs to go back to the basics . Introducing k2000 will not solve any of our problems we are facing . Just take good example of our neighbor Zambia is doing well y? Please put interest of the people first
Mundemanga yanu mulibe chanzelu chilichonse a zaya kunkhongo.., zandinvetsa chisoni kuti tidakali ndi anthu okhanizamopelewela ngati momwe mwaonetsela apamu. My condolence to ur brains
Khalani nacho chisoni chanu! Vuto lisakhale la ine kuti you can’t comprehend simple commentary ngati iyo. Inu umbuli simatenda muna badwa nawo ndilibe chithandizo choti ndinga kupaseni. Umbuli ukanakhala matenda ine bill yanu yaku chipatala ndikanatha kuti ndikulipilileni kuti akuchizeni.
Ndemanga yanu a zaya kunkhongo ndiyopanda nzelu ndithu, ndanva chisoni kuti palinso anthu ena oganiza mopelewela ngati momwe mwachitilamo aaaaaa very sorry, my condolence 2ur brains
Foolish man Tchuka had nothing to do with cashgate. You imbeciles seem to forget that Joseph Mwanamvekha and Daliso Kabambe were the masterminds. Remember that it was this duo who in 2009 crafted the MOU that instructed banks to cash any govt check regardless of whether the account was in red or black. Civil servants just took advantage of the stupid policy and started stealing. Ministry of Finance knew that govt was spending more than it was funding but did nothing not because they are dull but because most officers in Treasury were beneficiaries. Very few of us know the… Read more »
Wotota iwe you can make your point without being vulgar. Muzisungile ulemu bwa?
Sad occasion yet these two guys are smiling like this is somewhat “trophy presentation”…This is sign of erosion our currency value ….nothing worthy smiling here…
As a president who is a professor are happy with that ? But myself as a jce holder am crying where is our country economy is heading.Koma u ll solve anytime.
Stepping on a currency only depicts its usefulness or lack of it Mr President. Try doing it with a Pound/Euro/Dollar or Rand – Its absolutely difficult if not impossible. In short it tells us how useless our currency has become. The idiot superintending on our currency rot is none other than this Mulohmwe mzanu Tchuka. It was him who superintended over the Cashgate sleaze lelo ndi uyu akuvundika Kwacha yathu. Poti ndi Mulohmwe mzanu he gets to keep his job at the apex bank. The bank needs fresh brains aMalawi Tchuka akapume kuMwela kwanuko. AMalawi alipo ambili ophunzila tipeze ena… Read more »