MALAWI TO INTRODUCE K1,000 BANK NOTES


The Reserve Bank of
Malawi (RBM) will soon put
into circulation 1,000
Kwacha (about $6) bank
notes.

The introduction of the
new banknote, which will
be the largest one in value,
signifies another
devaluation of the local
currency, central bank sources said.

It has been learnt that
government has awarded
British bank note printer De
La Rue to print the new K1,
000 bank notes. However, there was no
bidding for contract and
that De La Rue, which
produces over 150
currencies around the
world, has been given the contract to print the new
notes.

De La Rues has also
contracts to print Malawi
passports and yet-to-be
introduced National
Identity Cards.

Malawi bank notes have of
late been subject to
counterfeit and RBM in
collaboration with police
busted a syndicate run by
youngsters in Lilongwe who were allegedly
producing counterfeit
K500 (about $3)
banknotes. Police recovered K4 000
(about $26) in counterfeit
notes. Nyasatimes

Advertisements
Post a comment or leave a trackback: Trackback URL.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: