Reserve Bank of Malawi Denies Planning to Introduce MK10,000 Banknote

The Reserve Bank of Malawi has refuted reports that it plans to release into circulation a K10,000 banknote.

This follows reports circulating in the social media that the central bank intends to introduce the banknote in October 2022.

A statement signed by Reserve Bank Governor-Ted Wilson Banda-says the bank has no intention of introducing a K10,000 banknote anytime soon.

According to the central bank, there are a number of conditions that must be met to trigger issuance of a higher banknote which includes that the highest denomination must exceed 60.0 percent of the total value of currency in circulation.

However according to Banda, currently this condition has not been met as the ratio is currently at 26 percent.

The bank has since described the speculations as false and that the public should regard it as such.

The post Reserve Bank of Malawi Denies Planning to Introduce MK10,000 Banknote appeared first on Malawi Voice.

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