…Malawi is the only country in SADC with a least bank note – Goodall
Barely a year after introducing a K2,000 bank note, the Malawi government has announced of plans to produce K5,000, Malawi24 has learnt.
Finance Minister, Goodall Gondwe confirmed the news to Malawi News Agency.
“It’s very true that the Ministry of Finance is pushing for the production of K5, 000 bank notes soon. It costs eight million dollar (about K5.8 Billion) for ordering new bank notes and it is a lie that when we come up with this new bank note then we will have prices of goods on the market increasing” said Goodall Gondwe.
He further explained that Malawi is one of the few countries in the SADC Region with the least banknote giving an example of neighbouring Tanzania, which he said has a 10,000-shilling banknote while beyond SADC the banknote for Uganda is even higher.”
“If we continue in the situation we are in now without coming up with a higher banknote, then we [will] continue losing a lot of billions for replacement of the denominations.
Government had said the K2000 note came about because the current highest note of K1000 has lost value, implying plans to introduce K5o00 is a direct indication that the K2000 note has already lost its value less than a year into circulation.