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.
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.