RBM Urges Business to Keep Using K20, K50 Notes
RBM said these interventions will foster stability, integrity and efficiency of the monetary, financial and payment systems through sound policies considering national interest.
Dowa, Malawi - The Reserve Bank of Malawi (RBM) is urging business communities to continue accepting and using K20 and K50 banknotes to maintain stability in the country's financial system, writes Mphatso M'bang'ombe.
"We urge all community members to continue using the K20, K50 bank notes and other denominations issued by the central bank," said Muopeni Mgwaru, RBM's Director of Currency Management, during an awareness meeting held at the MANAC conference hall in Dowa district today.
Representatives from law enforcement, market committees, traditional authorities, media and RBM were present to address concerns.
Mgwaru said these awareness campaigns aim to educate the public on caring for currency, authenticating currency, exchanging mutilated notes and that all denominations issued by RBM are acceptable.
"We must work together to maintain trust in our currency," Mgwaru said.
Dowa Police Assistant Superintendent Gilbert Chitsamvu emphasized the importance of complying with RBM's directives.
"Failure to comply may result in confusion and inconvenience for both businesses and consumers and the law will take its course," he said.
Representing Senior Chief Msakambewa, Christopher Mdachi thanked RBM for the awareness drive and said, "We are committed to preaching the messages to our subjects in our localities."
Mdachi asked for more meetings in remote areas to benefit ordinary citizens.
RBM said these interventions will foster stability, integrity and efficiency of the monetary, financial and payment systems through sound policies considering national interest.