
29/10/2023
Authorities at Reserve Bank of Malawi says for over a period of 3 to 4 years they have replaced banknotes with a value of 200 billion Kwacha.
Samuel Senzani Reserve Bank of Malawi Currency Operations Manager disclosed this in Nsanje on the sidelines of public engagement meetings central bank officials held in the district.
According to Senzani, the replacement of the damaged banknotes cost the central bank 20 billion Kwacha annually.
He cited throwing of cash during social gatherings such a weddings as some of malpractices leading to currency destruction in the country.
Senzani was however quick to disclose that following these public engagements there has been positive response on the part of members of public on proper use of currency to avoid destruction.