The Reserve Bank of Malawi (RBM) has come out to allay fears of its purported intent to issue a new K10, 000 banknote on the market in October this year.
A press release from the central bank signed by its Governor Dr. Wilson Banda has come out to dispute the rumour which has been awash on social media platforms.
“The Bank would like to inform members of the General Public that currently the Bank has no intention of issuing the said banknote any time soon. Further, the general public is hereby advised that there are a number of conditions which the Bank considers before introducing a higher banknote.
“One trigger point, amongst many others, for issuance of a higher banknote, is when the highest value denomination exceeds 60.0 percent of the total value of currency in circulation. This condition has not yet been met as the ratio is currently at 26 percent” read the statement.
RBM advised the general public to disregard the false article and desist from fabricating false news stating that any information on currency matters is always communicated by the Bank using the appropriate channels.
The bank was recently in the news following a leak of an intent to hike the current fuel prices to K2, 270 per litre for petrol, K2, 284 for diesel and K1, 627 for paraffin following a July 5th meeting by its Monetary Policy Committee (MPC).
Authorities from both RBM and the Malawi energy regulatory authority (MERA) could not confirm on the authenticity of the document and recommendations respectively