RBM denies planning to release K10000 banknote

Wilson Banda is the governor of the Reserve Bank of Malawi which is the central bank in Malawi

The Reserve Bank of Malawi (RBM) has rejected reports that it is planning to release a K10000 banknote in October 2022.

In a statement signed by the RBM Governor, Wilson Banda, the Bank says it has no intention of issuing the said banknote any time soon.

According to the bank, there are several conditions that the Bank considers before introducing a higher banknote and so far these conditions have not been met.

“One trigger point, amongst many others, for issuance of a higher banknote, is when the highest value denomination exceeds 60 percent of the total value of the currency in circulation. This condition has not yet been met as the ratio is currently at 26 percent,” Banda said.

The Bank has since advised members of the public to disregard the false article that has been circulating and desist from fabricating false news on the matter.

Malawi’s highest denomination is the K5000 banknote which went into circulation in February this year.

Follow us on Twitter: