The Reserve Bank of Malawi (RBM) has clarified that any currency currently in circulation is considered legal tender, saying traders who refuse to accept such currencies are depriving buyers of their economic rights.
Director of Public Relations RBM, Mark Lungu, made the remarks during a media training session on financial literacy held on Monday in Karonga District.
He emphasized that both coins and banknotes, including denominations such as K20 and K50, are still legally recognized and must be accepted in transactions.
“We have received reports that some traders are refusing to accept smaller denominations like K20, K50, and coins. As the Central Bank, we are concerned because any currency still in circulation is legally valid and must be accepted” Lungu said.
He urged the media personnel to play an active role in educating the public about the status of currency. He stressed that any note or coin not officially withdrawn by the central bank remains valid and must be accepted by businesses.
In addition, Lungu encouraged journalists to engage in financial activities such as saving and investing in the Malawi Stock Exchange (MSE) to grow their wealth.
President of the Karonga Press Club, Adams Wundaninge, praised the Reserve Bank of Malawi for the financial literacy training, calling it an eye-opener on personal finance management.
Wundaninge urged journalists to provide well-informed information to the public, emphasizing the importance of opening savings accounts and valuing all circulating currency.
The training on financial literacy drew attendees from the Karonga Press Club as well as Executive Members from the Nyika Press Club.
By Wakisa Myamba
