The Reserve Bank of Malawi (RBM) will release a new K1000 banknote next year in a bid to fight counterfeiting of currency.
RBM Governor Dr. Wilson Banda said at a press briefing today that the new and upgraded 1000 Kwacha will have enhanced security features and will go into circulation on February 1, 2021.
According to Banda, the current 1000 Kwacha note will still be in circulation at the time but the bank will start gradually pulling it out of circulation. The current K1000 note was introduced in May, 2012.
Director of Currency Management Joseph Milner the bank uses at least K15 billion to replace currency. The RBM is also expected to spend money on sensitization of the new banknote in order to raise awareness.
There have been many reported cases of printing and possession of fake money in Malawi this year and the RBM says the K1000 and K2000 banknotes are mostly targeted by criminals.