12 November 2016 Last updated at: 8:22 AM

Malawians discontent with RBM’s announcement of MK2,000 banknote

Malawians have expressed anger over the decision by Reserve Bank of Malawi (RBM) to introduce MK2,000 bank note which will be in full circulation on December 19 2016, saying the development will affect the prices of commodities on the market.

Making the announcement on Friday, RBM governor Charles Chuka said the new note has been introduced because the current highest note of K1000 has lost value.

Malawi-K2000-bank-note

New K2000 bank note.

Chuka said the number of K1000 notes in circulation has increased from 13 percent in 2012 to 36 percent in 2016.

“This has resulted in the general public carrying large amounts of cash when doing transactions risking their lives and property,” Chuka said.

But the announcement has attracted mixed reactions with others accusing the ruling Democratic Progressive Party (DPP) led government of losing track.

Some Malawians who spoke with Malawi24 in an interview said life will be tough to the people as will fail to buy the basic commodities from the market.

Concurring on the same Nsanje Based Economist,Mr Moffat Nyerezerani says just very soon government will introduce MK10,000 banknote as the K2,000 will be losing its value again.

Meanwhile,the MK2,000 note will bear the portrait of Reverend John Chilembwe in front while the back will have a motif of the Malawi University of Science and Technology located in Thyolo district depicting the theme of social development (tertiary education).



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