Lilongwe, Malawi – The Centre for Democracy and Economic Development Initiative (CDEDI), led by Sylvester Namiwa, has called for a significant reform of Malawi’s currency. The organization emphasized that the country’s currency should be streamlined, with a maximum denomination of 1,000 kwacha.
Speaking on the matter, Namiwa explained that the recent introduction of the 5,000 kwacha note was not ideal and recommended the removal of the 2,000 and 5,000 kwacha notes from circulation. He added that simplifying the currency system could improve economic stability and make everyday transactions more manageable for citizens.
However, Namiwa stressed that any changes would require input from other relevant organizations and stakeholders to ensure a balanced approach. “Currency reform should be a collaborative process involving various economic experts and public institutions,” he said.
The proposed changes, if implemented, could have wide-ranging effects on Malawi’s economy, including reducing inflationary pressures and increasing transparency in financial transactions.
As discussions continue, the public and private sectors are encouraged to contribute their views on the potential impact of removing higher denomination notes from circulation.
