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Malawian kwacha
Old coins of the Malawian kwacha.
current k2000 banknote
ISO 4217
Code
MWK (numeric: 454)
Subunit
0.01
Unit
Symbol
K
Denominations
Subunit
1⁄100
tambala
Banknotes
20, 50, 100, 200, 500, 1,000, 2,000, 5,000 kwacha
Coins
Freq. used
1, 5, 10 kwacha
Rarely used
1, 2, 5, 10, 20, 50 tambala
Demographics
User(s)
Malawi
Issuance
Central bank
Reserve Bank of Malawi
Website
www.rbm.mw
Valuation
Inflation
19.90%
Source
Rbm Nov 2016 [1]
The kwacha (/ˈkwætʃə/; ISO 4217: MWK, official name Malawi Kwacha[2]) is the currency of Malawi as of 1971, replacing the Malawian pound. It is divided into 100 tambala. The kwacha replaced other types of currency, namely the British pound sterling, the South African rand, and the Rhodesian dollar, that had previously circulated through the Malawian economy. The exchange rate of the kwacha undergoes fixed periodical adjustments, but since 1994 the exchange rate has floated.[3] In 2005, administrative measures were put in place by Bingu wa Mutharika[4] to peg the exchange rate with other currencies.[5] Banknotes are issued by the Reserve Bank of Malawi. In May 2012, the Reserve Bank of Malawi devalued the kwacha by 34% and unpegged it from the United States dollar.[4]
The currency was further devalued by 25% by the central bank in May 2022 followed by another 44% devaluation in November 2023 raising inflation rate in Malawi.
^"HOME :: Reserve Bank of Malawi". Archived from the original on 2010-11-03. Retrieved 2010-10-30.
^ISO 4217 amendment number 162 dated 24 Feb 2016, change of currency name
^Frederic L. Pryor, The political economy of poverty, equity, and growth: Malaŵi and Madagascar Oxford University Press, 1990 ISBN 0-19-520823-4, p. 415
^ ab"Malawi devalues currency by a third". Al Jazeera. 8 May 2012. Retrieved 2012-05-08.
^Annual Report on Exchange Arrangements and Exchange Restrictions , International Monetary Fund, 2006, ISBN 1-58906-569-7, p[page 716
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