Today, the 23rd May 2012, the Reserve Bank of Malawi has released a new series of banknotes and coins. Six banknote denominations have been issued consisting of the K1000, K500, K200, K100, K50 and the K20. There are also three coin denominations of K10, K5 and K1.
The long-term objectives outlined in the Malawi Growth and Development Strategy (MGDS), particularly the Sustainable Economic Growth, Social Development, Infrastructure Development and Good Governance objectives, are the themes for the new series of banknotes.
The obverse of all the new coins display the Malawi Government Coat of Arms and the reverse feature various wildlife, (a flying eagle on the K1, the stock bird on the K5 and two elephants on the K10).
This series sees a reduction in size compared to its predecessor; banknotes are 30% smaller on average, and coins have been reduced in both size and weight, now being 60% lighter on average.
The previous series of banknotes and coins will be withdrawn from circulation after the 22nd May 2013, but they can be exchanged at the Reserve Bank of Malawi for a further 3 months after this date.
