Counterfeit money worries RBM

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The Reserve Bank of Malawi (RBM) has expressed concern over counterfeiting of money arguing the malpractice affects the country’s economy.

Reserve Bank of Malawi

Kabambe: Inflation will rise

Speaking at the launch of National Counterfeit Policy in Lilongwe on Tuesday, RBM Governor Dalitso Kabambe said the conduct needs to be curbed in the country.

“If indeed counterfeiting is not taken out, then it will affect money supply system and we all know that this can drive inflation,” said Kabambe.

He further expressed hope that stakeholders are to join hands in the fight against counterfeit money in the country.

Malawi Police have since pledged to work towards ending the malpractice through arresting people involved in currency counterfeiting.

During the launch, RBM, Malawi Police, Micro Finance Network and Institute of Bankers in Malawi signed a Memorandum of Understanding (MoU) to fight against currency counterfeiting in the country.

Over 2500 counterfeit notes have been intercepted in Malawi since last year.

 

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