Malawi Kwacha: To have new features
Malawi will from Wednesday next week 23 May have a new family of banknotes and coins which will comprise of six banknote denominations of K1000, K500, K200, K100, K50 and K20 and three coins of K10, K5 and K1, the Reserve Bank of Malawi (RBM) announced yesterday on 17 May.
According to the press release signed by Charles S. R. Chuka, the RBM governor, the themes on the new banknotes largely focus on the long-term objectives outlined in the Malawi Growth and Development Strategy (MDGS) which are Sustainable Economic Growth, Social Development, Infrastructure Development and Good Governance.
“The K1000 note will feature the Mzuzu maize silos, K500 note the Mulunguzi Dam, while the K200, K100, K50 and K20 notes will feature the new Parliament Building, the College of Medicine in Blantyre, the Kasungu National Park and the Domasi Teachers College respectively,” reads part of the statement.
The statement further states that the following six “prominent Malawians” of significant will appear on the new Malawi Kwacha Banknotes as follows: K1000 – Dr. Hastings Kamuzu Banda; K500 – Reverend Mr. John Chilembwe; K200 – Mrs Rose Lomathinda Chibambo, still alive; K100 Mr James Fredrick Sangala; K50 – Inkosi ya Makhosi Gomani II. Philip Zitonga Maseko; and K20 – Inkosi ya Makhosi M’mbelwa II (Lazalo Mkhuzo Jere).
These new banknotes, according the statement will run side by side with the old series for a period of one year from 23 May 2012 to 22 May 2013 after which the old series shall be withdrawn from circulation and cease to be legal tender. The exchange of the old and new notes will be done at all commercial banks throughout the country.