By Twink Jones Gadama
The Reserve Bank of Malawi (RBM) has announced the introduction of a new K10,000 banknote, set to enter circulation on Wednesday, March 12, 2025.
This move is part of the RBM’s efforts to enhance currency management and reduce the cost of issuing new notes.
According to RBM Governor Dr. McDonald Mafuta Mwale, the introduction of the new banknote is in line with the bank’s currency management policy.
The policy aims to ensure that the currency in circulation is efficient, secure, and meets the needs of the economy.
The RBM has been working to modernize the country’s currency, with a focus on reducing production costs and improving security features.
The new K10,000 banknote is expected to help reduce the frequency of ATM replenishments and minimize the need for change, making transactions more efficient.
The introduction of the new banknote is also seen as a move to promote economic growth and development.
By providing a higher denomination note, the RBM is catering to the needs of businesses and individuals who require larger transactions.
The design and security features of the new banknote have not been disclosed, but it is expected to incorporate advanced security features to prevent counterfeiting.
The RBM has assured the public that the introduction of the new banknote will not lead to inflation or devalue the existing currency.
The bank has also emphasized that the new note will co-circulate with the existing notes, and the public can continue to use the current notes without any concerns.
The introduction of the new K10,000 banknote is a significant development in Malawi’s financial sector, and it is expected to have a positive impact on the economy.
As the RBM continues to work towards promoting economic growth and development, this move is seen as a step in the right direction.
