Deemed as “secure”, Reserve Bank of Malawi (RBM) says it will release its upgraded K1000 banknote on February 1 2021.
RBM Governor Wilson Banda told a news conference in Blantyre on Friday that the upgrade is in terms of enhancement of security features making it very difficult to counterfeit.
He said the current K1000 banknote – which feature Hastings Kamuzu Banda, Father and Founder of the Malawi nation and first President of independent Malawi – will remain in circulation ahead of legal tender status being withdrawn.
Banda did not disclose how much will be spent to print the new bank note but Director of Currency Management, Joseph Milner, says the centra; bank uses at least K15 billion to replace currency.
The Bank will embark on a public awareness campaign aimed at sensitising the general public on the general features of the new currency series and more importantly security features to protect them from being cheated by counterfeiters.