17/01/2024
Nkhani ija Kuno
The Reserve Bank of Malawi (RBM) director of currency management, Muopeni Ngwalo, says the central bank will make official communication whenever it is ready to coin 20 and 50 kwacha denominations.
Ngwalo has stressed that it is illegal for people to reject the two notes, as these are still legal tender and should be accepted for transactions at any time.
However, economist Gilbert Kachamba says the introduction of coins would help reduce its demand on the market, resulting in low usage, while on the other hand, reducing the placement costs, which are high.
He says this will also maintain the divisibility attributes of money.
(by Moses Masiye-Mwanza: 01/16/2024)
