MK13.2 billion for making new bank notes

Jul 27, 2017 Business 127
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Reserve Bank of Malawi

The Reserve Bank of Malawi (RBM) has disclosed that it is to spend K13.2 billion for replacing damaged bank notes in the country.

The huge cost of replacing the currency follow poor handling of money which causes damage to bank notes.

RBM has disclosed that the cost of replacing damaged currency has gone up by K3.2 billion in 2017 since K10 billion was used for a similar operation in 2016.

k2000 bank note
Costs RBM a lot of money.

The central bank’s head of banking and currency management Mercy Kumbatila has since urged citizens to take care of money arguing that the funds used could have been used for other important issues in Malawi.

“This is a huge loss bearing in mind that we are a public institution. This money, if Malawians were careful in handling bank notes, could have been channelled towards servicing other important public functions like medicine,” said Kumbatila.

Meanwhile, RBM has said it will sensitise citizens on proper handling of notes in ceremonies such as weddings and birthday parties where people use money to express excitement.

The central bank is also promoting electronic payment as one way of reducing currency damage in the country.

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127 Comments

  5. Ndalama ya Malawi ndiyosalimba kuyerekeza ndi ndalama za mayiko ena,,ndalama imafunika kupangira ma pepala a cement osati amu copy (exercise book)

  14. Let us try to help the government by keeping well the currency can you imagine the money the government will spend to much that can be use for other thing

  15. No wander Malawi will remain poor, we have corrupted and clueless leaders. Who are practising nepotism, tribalism. Chaponda a lawyer who burnt his office to hide evidence. Using fire to hide evidence its dangerous in democracy

  18. Tisa tose chala munthu everyone amapanga handle ndalama careless example ku ukwati timaponda , wamsomba amanyowetsa poika nthumba kuikwinya tiyeni tione anzanthu aku mozambique ataliwona vuto ili anakapangitsa ndalama ya plastic yomwe ndiyolimba

  21. MAPEPELA OMWE AKAPANGIRA NDALAMA NTHAWI YA DR.H.KAMUZU BANDA SAKUPEZEKA ?CHIFUKWA NDALAMA ZAKE ZIMAKHALA ZOLIMBA KUSIYANA NDI ZALEROZI.

  22. Ndalama ndi chinthu cholemekezeka kuing’amba ndi mulandu,kotero let us handle it with care, kt azipangira pepala lolimba umvanso ndi lodula,km tiyeni titengepo mbali poisamala its our own money, komanso Boma lilimbikise even ma general workers ena azilandila through bank,lilimbikisenso ma shop ambiri kukhala ndi njira zija za swipe

  33. So u have just said 13 point2 billion? Malawi’s taxpayers money or donor funded? Guys penapake let’s b serious so many problems in the country Ku hospa angpkulembera at mankhwala ukagule wekha nde ndkagula bwanj NDALAMA akupanga NDALAMA zimzake

  35. The Reserve Bank of Malawi (RBM)has disclosed that will use 13.2 billion for replacing damaged bank notes in the country.

  52. It’s Better To Use Tambala Banknotes Becouse Kwacha Won’t Get Value Again. Zikavuta Just Send k1000 From That K13.2bn To My Mpamba for me to buy midoli than using at such bullshit

  53. Birthday, weddings and engagements let’s find other ways of celebrating other than stepping on bank notes. Because at the of all this we are all to pay huge taxes to make new banknotes

  55. ndalama yamalawi siipangidwa mwadongolo maiko anzathu ndalamayawo oloinyowe siionongeka yamalawi ingango nyowa ndiekuti yathaa tisaloze munthu chala kutisasamala tangopangani zolimba

  56. its not bcoz of poor handling but pepara lomwe mumagwiritsa ntchito popanga ndalama zakumalawi limakhala losalimba…. Vito mumangotenga leni leni lamu nkope LA property of Malawi government….. NDE mukuganiza out ingalimbe bwanji???? try to vist Bank yaikulu yakumozambiki muwone pepara lomwe amagwiritsa ntchito popanga ndalama yao….. Ndipepara laku olo kuichapa siing’ambika . They use plastic papers…..not manyaka anuwa… NDE don’t put a blame on us….. takukanirani….

  57. Azimayi ndiwo gwero lazonse amakonda kuyifinya dolayi then ndi kuyi finyilaso m’kati mwa bra kkkkkkk ati, kuwopa kubeledwa ndi Anyamata aa tyming kapena kuti Osongola m’maminibus ayinuwake osowa zochita mtown wa!kkkkkkkkkkk.

  61. This kind of Bullshit reckless waste of tax payers money could have been avoided if the government opted for a good quality bank notes in the first place. Most of our problems in Malawi could have been easily prevented from occurring but the current headless government is so reluctant in developing and implementing better and workable policies, instead they are busy fixing what they have been breaking….how do you expect progress from such kind of ignorant leaders?? We want to know who is contracted by our government to print these bank notes.? These guys are reaping from where they did not sow. Am very angry….yerrrrrr…!!!

    2. These people are breaking things deliberately so that they can get kickbacks through fixing them. It’s time we knock some sense into their heads and if they don’t take it we will bring them down.

  63. Zopusa zisiyeni zomwezi njira zobera zakusowani tsopano zisiyeni zikatha zatha basi,abuluzi inu kuzolowera kuba mukhaulatu zikulowetsani mmanda ndalama zimenez

  65. Try to introduce Digital payments… they won’t accept it. They will stop you the fastest! This is all they want.

  67. zowonadi amalawife ndalama timayifinya . ndalama kuchita kukhala ngangi nyuzi yoti ukupita nayo Ku toilet aaaaa ntchito ya ma wallet muyidziwe iyaa

  68. Let us know the company which is going to do the job and quotations that werevreceived.Its not a requst now but an ORDER.Kamlepo is also tired now of singing the same song kuti siyani kuba.Huuu!

  72. It costs approx US 5c to make a bank note. This would mean that Malawi has purchased about 350,000,000 new bank notes.

  73. Is this a cost of replacement or the volume of money which is destroyed and replaced?
    This amount is just too much as a replacement cost.
    Check again. 13.2 billion?

  74. Malawi should rapidly develop online payment with cards and bring in circulation larger amount notes. It is ridiculous that the largest bank note is MK 2000 which is only EURO 2.5. This causes a lot of costs to the banking system because printing a note of MK 50 costs basically the same as printing a note of MK 1000 moreover transport costs of larger notes are cheaper than of small notes. Malawi currency is printed outside Malawi.

  78. 13.2? spend? this is too much. People can’t hand with care because something is wrong with our currency and our banknotes try to strengthen our currency so that we can bring few notes to the shop and buy and buy more goods as it was in 1990s. you can explain to us why only 100 RSA Rands are buying morethan k5,553 . weakest currency I guass

    4. Chabwino eeee iwe ndiye walasadi fans imatenga ndalama nkuphatikiza ndi mafuta a khumba ati wachitaka akhaule chonchi ndalama ingalimbe? ????

  85. Many Malawians shocked when they travel abroad to see how ppo are handling their bank notes.A Malawi sitikuyambapo na pa nkhani yosanalila ndalama we need civic education

  86. Pangani ndalama zolimba ngati zija munapanga nthawi ya kamuzu panopa sizolimba ndalamazo mukadali kuononga ndalama zopangira kkkkkkkkk muone ndalama zaku moshiko ndizolimba kuposa zathu

  91. kupanga NDALAMA sikophweka, komanso zimapangidwa kunja kwa dziko lino.. …. Tikuyenera kumazisamalira … tigule MAWALETI ndi MAPESI kuti makwacha athu akhale osamalika.

    1. kuno ku south Africa ukakhala kuti ulindindalama yo ‘gambika amakukana kugulira zithu kotero umayesesa kusamara kuti isawonogeke.

    3. #Edson walasa ndipo ukapeleka ndalama yalitsiro amachita kuitanizanatu kuzaipanga check ngatidi ili ya original kulibe kukwinyakwinya ndalama kuno.Ndalama imapindidwa anga ili ndimafupa kuti ithyoka wezi wezi mmanja muli mbeeeeee osati wagwiragwira makala uko.

  94. Tangopangani za plastic ma bank n otes ang’onoang’ono like 20, 50 and 100 as a result life span of those notes will increase check with Nigeria currency looks as if it is a plastic

  95. Ndiye kuti mukupanga ndalama zosalimba, za China (Chinese Money)

  96. k13.2 billion couldnt have been used on any other developing activities dont cheat us if . you only disclose it When the need come to replace the money that are damaged but if there no such opereation you dont tell us how much you have saved and how you have you the saved money…..osamanena zikalakwika pokha zikakhalanso bwino kumanena ndi momwe mwagwirisila ntchito.

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