Reserve Bank of Malawi to release new 1 000 kwacha note: ‘Upgraded to beat counterfeit’
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Malawi nation and first President of independent Malawi – will remain in circulation ahead of legal tender status being withdrawn.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.
The development is a must welcome, but looking at the economy of this country using k15,000,000,000 just to print k1000 note for the reason of counterfeiting is just a waste of resources. Is k2000 note not prone to counterfeit?
Agawila azibale awo,
Mwachedwa tikhala titasintha kale ndalama
Now you are talking. You have my full support and I wish you did the same to the K2000 note which is in largely in pillow cases, afraid to find it’s way in Crooks’ bank accounts
On 1 February 2021! 🙄 ‘ll b◾⬛❗
Kutha kwa kwacha. That’s how things begins
Tikufuna mbava zonse zomwe zinabisa ndalama zaboma mu mtsuko zisowe nazo chochita,