The Reserve Bank of Malawi (RBM) on Friday announced it will introduce a new K1,000 note as it embarks on what it called a new Malawi kwacha currency series.
According to the central bank, the changes, which will be effected beginning July this year, will include the phasing out of the old K20, K50, K100, K200 and K500 notes.
RBM Governor Perks Ligoya made the announcement at a press briefing at the bank’s premises in Blantyre where he attributed the changes to efforts the bank is making to cut costs.
“Mainly we have done this in order to reduce the cost of printing money as the sizes of the currencies have been significantly reduced. At the same time we have also increased some additional security and visually impaired-friendly features,” Ligoya said.
He, however, denied suggestions the introduction of the K1,000 note would trigger inflation.
RBM says it will soon embark on an awareness campaign to educate the public on the features of the new currency.
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