Don’t reject K20, K50 banknotes—RBM
The Reserve Bank of Malawi (RBM) has cautioned people in Mzimba District against rejecting K20 and K50 banknotes, saying they are still valid notes.
RBM Mzuzu branch manager of currency operations Anna Mambiya said this on Thursday during a currency awareness meeting the central bank in conjunction with Malawi Police Service conducted with different stakeholders in the district.
She also emphasised on the need for people to stop mutilating or destroying banknotes.
Said Mambiya: “We have been informed that some businesspeople in Mzimba are rejecting K20 and K50 banknotes, saying they are no longer in use. This is wrong because the denominations are still valid tenders in the country and that people should still use them.
are still in use
“Again, we want to urge people to stop destroying banknotes because replacing damaged ones costs RBM a lot of money per year. People should know that proper handling of the banknotes increases their lifespan in circulation.”
Group village head Julius Mbale confirmed that some people in Mzimba were rejecting K20 and K50 banknotes.
He said: “This is true because one can no longer buy anything with K20 and K50 in Mzimba. Therefore, we will engage business owners on the advice from RBM.
“We will also inform people to handle the currency properly as we have learned that destroying money is an offence under the country’s laws.”
On her part, Tamika Mkandawire, a renowned master of ceremonies during weddings in the district, said she will encourage people not to trample on banknotes during wedding ceremonies.
Mzimba Police station officer Horace Chabuka said they will ensure that the local currency is protected.
“We will also make sure that those who are involved in producing counterfeit currencies are investigated and arrested,” he said.
