The Reserve Bank of Malawi (RBM) has disowned reports circulatung on social media that it is planning to release a K10000 banknote in October this year.
In a statement, the RBM Governor, Wilson Banda, says the Central Bank has no intention of issuing the said banknote any time soon.
According to Banda, there are several conditions that the Bank considers before introducing a higher banknote and so far these conditions have not been met.
“One trigger point, amongst many others, for issuance of a higher banknote, is when the highest value denomination exceeds 60 percent of the total value of the currency in circulation.
” This condition has not yet been met as the ratio is currently at 26 percent,” says Banda in a statement.
Banda has since then advised members of the public to disregard the false article that has been circulating and desist from fabricating false news on the matter as any information on currency matters is always communicated by the Bank using appropriate channels.
Currently, the Malawi’s highest denomination is the K5000 banknote which went into circulation in February this year.