President Peter Mutharika has welcomed the newly introduced K2000 bank note saying it will ease the pressure of carrying a lot of money during transanctions.
Mutharika made the remarks after Reserve Bank of Malawi governor Charles Chuka presented the bank note to him. It is a requirement that every new banknote has to be presented to the Head of State before it goes into circulation.
“This note we hope will be used mostly as a store of value and that the other notes will continue to be used as transactional money. “I am sure the new notes will ease the pressure of carrying a lot of money when doing transactions,” Mutharika said.
The Malawi leader then appealed to people to take care of the bank note.
“My appeal to my friends is that they should please take care of these notes by not folding them anyhow, tearing, throwing down and stepping on them during festivities and ceremonies as it is very expensive to print new currencies,” Mutharika said.
The K2000 bank note will enter into circulation on Monday, 19 December. Some quarters have however argued that the introduction of the K2000 bank note is indication that the Malawian currency is not stable and the economy is not recovering.