Govt makes U-turn on MK5,000 note
Malawi Government through Ministry of Finance says it has no plans to introduce a K5000 banknote.
Finance Minister Goodall Gondwe earlier this week told the local media that his ministry was pushing for the introduction of a K5000 banknote.
But according to a press statement issued by the ministry, the story that government plans to have K5000 note was just wrongly reported.
“The Ministry of Finance wishes to correct the misrepresentation that the Minister of Finance announced an eminent issue of a K5000 banknote.
“The Government does not have any such intention to issue a K5000 banknote,” reads the statement from Ministry of Finance.
Government claims that the minister, during an interview, only agreed with the supposition of a reporter that the issuing of K5000 note would be appropriate at this time now that the rate of inflation was in decline.
“The general public is therefore being informed that there is no likelihood nor plans of issuing a higher bank note than the K2000 note in the foreseeable future.
“As the Government and the international financial institutions have emphasised, Malawi’s macro economy, including the kwacha, is now stable and the Government intends to maintain this stability including the currency,” says the statement.
Malawi Government has reminded Malawians that the Reserve Bank is the currency issuing authority and is the only one that can make announcements about a new banknote.
The decison to introduce a K5000 banknote brought mixed responses from Malawians as some were seconding it while others were against it.
Source : malawi24