Malawi to unveil 200 currency note to stem economic crunch
A new Kwacha 2000 new note is set to be unveiled in December according to the Reserve Bank of Malawi, necessitated by economic crisis and devaluation of the Kwacha. “We want to tell Malawians that starting from December end they will be using a new note and that is K2000,” said RBM manager Charles Tchuka
” This is because of the current economic turmoil as well as the devaluation of our note, ” he added. Meanwhile, economic pundits are yet to issue a comment on the matter especially on what Malawians should expect from the development.
TChuka said the new bank note will bear the portrait of freedom fighter Reverend John Chilembwe while the motif on the back of the K2,000 note will be the Malawi Univesity of Science and Technology at Ndata in Thyolo.
Historically, the Malawian Kwacha reached an all time high of 756.41 in February of 2016 and a record low of 4.15 in October of 1992.
The USD MWK decreased 9.2350 or 1.28 per cent to 712.0900 on Friday November 11 from 721.3250 in the previous trading session. The USDMWK changed +0.35 per cent during the last week, +0.30 per cent during the last month and +25.51 per cent during the last year.
The development comes after Chuka told Parliamentary Committee on International Relations that the high inflation and high interest rates prevailing in the country are not a result of lack of knowledge among technocrats including those at the Central Bank but are fruits of political choices.
According to Chuka, RBM is only responsible for the management of inflation and interest rates but the power to ensure that the two rates are low rests in the hands of politicians.
“Malawi does not need advice. Your Minister [of Finance Goodall Gondwe] has been involved in advising other countries and those countries have been successful. In Malawi, issues are not about technical advice but political choices. We, the Reserve Bank and the Treasury work together almost on daily basis. We know what we want. We know what needs to be done. We know what Malawi needs in the next 50 years.
