Wilson Banda, Governor of the Reserve Bank of Malawi, declared yesterday that the bank does not intend to issue new banknotes of 10,000 kwacha in October 2022, as reported in the social media.
He stated that the Bank considers that a higher banknote denomination is needed when, among other considerations, the largest existing one exceeds 60% of the total value of currency in circulation. This is not the case now, as the 5,000 kwacha note (MWK5,000.1) comprises only 28%.
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