The Reserve Bank of Malawi (RBM) Friday officially presented the newly printed K2000 bank note to President Professor Peter Mutharika before it is put to use on Monday December 19, 2016.
Speaking during the presentation of the note at Kamuzu Palace in Lilongwe, RBM governor Charles Tchuka said since 2012 the country has gone through currency depression.
“When we were starting 2012 the K1000 note which was the county’s highest note was equivalent to $5 and now is at $1, 34 cents meaning that K1000 is now the currency that people are using most instead of keeping it,” he explained adding.
Tchuka further said that since K1000 is no longer a restoring currency, but a transaction one the K2000 currency will provide people in the country to restore the value as they will continue using the already existing currency and be able to keep the K2000 note.
“The printing of the K2000 note is not reflecting the future, but the past and when it comes on Monday it will be just at $2 which is far from the highest $5 note and said they change the whenever inflation has picked up for some time,” he said.
He then said since the K1000 note has now become the transaction currency they were printing many resulted to the printing cost to be high, but with the coming in of the K2000 note it will reduce the cost of printing money as they will be printing less of both of them.
He further explained that the note will serve the inconveniences to the public from the risks of carrying huge amount of money when doing their businesses.
He also said people in the country have been educated on the new currency that is coming and they will continue up to early 2017.
Speaking after receiving the currency, Mutharika appealed to all Malawians to take care of the new bank notes by not tearing, writing, pinning and stepping on them during weddings among others.
“I know that weddings are festive occasions, but I found out that in our weddings people throw bank notes in the air, dancing around and step on them. In some countries this is not allowed, let us learn to respect our currency and be able to put them in winnowing baskets,” he said.
Mutharika added that printing of the notes is costly and if people can take care of them it will help serve government money. (By Linda Likomwa)