Reserve Bank to introduce K20 and K50 coins
Officials at Reserve Bank of Malawi (RBM) say the central bank will soon introduce K20 and K50 coins.
However, director of Currency Management, Muopeni Ngwalo, could not say when the coins will be introduced.
He said the central bank will make official communication whenever it is ready to coin 20 and 50 kwacha denominations.
Ngwalo said it is illegal for people to reject the two notes, as these are still legal tender and should be accepted for transactions at any time.
However, economist Gilbert Kachamba says the introduction of coins would help reduce its demand on the market, resulting in low usage, while on the other hand, reducing the placement costs, which are high.
He said this will also maintain the divisibility.
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My malawi 🇲🇼 my country, my currency.
This will make the K20 and K50 to be valueless.
This is a good development