Dr. Perks Ligoya, Reserve Bank of Malawi (RBM) Governor said that the new banknote will be in circulation in the next six months at a news conference in Blantyre on Friday.
Ligoya said “We are introducing a complete new series of banknotes; in the process will have a new banknote of K1, 000”.
The new series of banknotes are “much smaller in size,” he said.
Ligoya said “The move is aimed at easing the pressure on inflation, the rise in the cost of basic goods and services”.
Ligoya said that “we have done this in order to reduce the cost of printing money as the sizes of the currencies have been significantly reduced. At the same time we have also increased some additional security and visually impaired-friendly features”.
The new K 1,000 banknote will be the largest one in value, economic commentators observed.