Reserve Bank refutes reports that K10,000 bank note on the cards

Officials from central bank, the Reserve Bank of Malawi, say there are no plans to release into circulation a K10,000 banknote.
This follows social media reports circulating in the social media that the central bank intends to introduce the banknote in October 2022.

Dr Wilson Banda: RBM Governor
A statement signed by Reserve Bank Governor, Ted Wilson Banda says the bank has no intention of introducing a K10,000 banknote anytime soon.
According to the central bank, there are a number of conditions that must be met to trigger issuance of a higher banknote which includes that the highest denomination must exceed 60.0 percent of the total value of currency in circulation.
However according to Banda, currently this condition has not been met as the ratio is currently at 26 percent.
The bank has since described the speculations as false and that the public should regard it as such.
Democratic Progressive Party (DPP) operatives have been circulating fake news on social media platforms in a bid to discredit President Dr Lazarus Chakwera’s administration that it is failing to fix the economy.
President Chakwera said last week that the economy, battered by covid-19 pandemic, war in Ukraine and natural disasters, is now recovering.

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