RBM Puts Security Features on K5000 Bank Note
A week before K5000 bank note gets in circulation, the central bank, Reserve Bank of Malawi (RBM) says it has put water-tight measures and enhanced security features to ensuring that nobody produces counterfeit notes.
Speaking to Zodiak Wednesday, RBM Spokesperson, Ralph Tseka, says the K5000 bank note has enhanced security features that would make it difficult for someone to produce and on the other apart helping the citizenry to easily identify the fake notes.
"We have enhanced security features on the bank note which will be very difficult to counterfeit. As we have done before, we showed you new security features. It has a Spark live fish, it changes color as tilt to the currency". Tseka said.
Meanwhile, economist Arthur Ngende, says production of counterfeit bank notes will lead to high inflation and fake life among the citizenry.
"If there is fake money, we assume that most people will not know it. What happens is that we will have a lot of money in circulation or exchanged than what RBM anticipated, hence it contributes to inflation".
"To the shop owners, it eats a lot of their profits. This is why government always plan not to have high inflation because it eats your profits." Ngende said.
On Thursday, February 24, 2022, Malawians will start using K5000 bank note which is a response to RBM currency management policy that provides guidance on how to react to various economics developments and some other important reasons, such as inflation.
The 5,000-kwacha note is a brand-new large denomination intended to ease economic transactions.
Among others, the note will have the face of Dr. Hastings Kamuzu Banda, Malawi map, SPARK Live fish, fishermen in boat, the Reserve Bank of Malawi Blantyre branch office and its logo.