Barely a year after introducing a K2,000 bank note, the Malawi government has announced plans to produce K5000 bank note.
Finance Ministry Goodall Gondwe confirmed the plans on Monday.
“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,” Finance Minister Goodall Gondwe is being quoted as saying.
Gondwe said Malawi remains the sole nation in the SADC region with the least bank note.
Government had said the K2000 note came about because the current highest note of K1000 had lost value.
The K2000 bank note entered into circulation on Monday, 19 December.
Some quarters had however argued that the introduction of the K2000 bank note was indication that the Malawian currency is not stable and the economy is not recovering.