The name kwacha was first used in Zambia, where the Zambian kwacha was introduced in 1968. It derives from the Chinyanja or Chichewa word meaning "it has dawned", while tambala translates as "rooster" in Chichewa. The tambala was so named because a hundred roosters announce the dawn.
History
The kwacha replaced the Malawian pound in 1971 at a rate of two kwacha to one pound.
As of 30 August 2019,[update] one British pound sterling was equal to approximately 883.43 kwachas, one US dollar was equal to 725.16 kwachas and one South African rand was equal to 47.69 kwachas. As of 30 August 2019[update] one Euro is equivalent to 797.42 Kwachas.[6]
Coins
A one kwacha coin from 1992
The first coins introduced in 1971 were in denominations of 1, 2, 5, 10 and 20 tambala. In 1986, 50 tambala and 1 kwacha coins were also introduced. In January 2007, 5 and 10 kwacha coins, which actually bear a mint date of 2006, were also released into circulation. On 23 May 2012 new 1, 5 and 10 kwacha coins were released into circulation[citation needed]
The 1 and 2 tambala coins are composed of copper-plated steel. The 5 tambala coin is of nickel-plated steel. The 50 tambala and 1 kwacha coin are composed of brass-plated steel.[7]
Banknotes
Old Malawian 1 kwacha note, carrying the date 1 Dec 1990, depicting former President-for-Life Hastings Banda on the front and workers in a Tobacco field on the reverse.
In 1971, banknotes dated 1964 were introduced in denominations of 50 tambala, 1, 2 and 10 kwacha. 5 kwacha notes were introduced in 1973 when the 2 kwacha note was discontinued. 20 kwacha notes were introduced in 1983. 50 tambala notes were last issued in 1986, with the last 1 kwacha notes printed in 1992. In 1993, 50 kwacha notes were introduced, followed by 100 kwacha in 1993, 200 kwacha in 1995, 500 kwacha in 2001 and 2000 kwacha in November 2016 to ease desperate cash shortages.[8]
As of 2008, the following banknote denominations are in circulation:
According to an article in the Nyasa Times dated 9 March 2012, within the next six months the Reserve Bank of Malawi would introduce a whole new series of notes, including a 1,000-kwacha note, twice the largest denomination currently in circulation. The notes were announced in Biantyre on 8 March by Governor Dr. Perks Ligoya. The new notes would be much smaller in size than the current notes, which served as a cost-cutting measure. The new 1,000-kwacha note was going to be printed by De La Rue.[10][11]
On 23 May 2012, the Nyasa Times reported that the Reserve Bank of Malawi introduced the new 1,000 kwacha note into circulation along with the proposed new notes. The new 1,000 kwacha note was valued at around US$4. The new kwacha had the face of the first president Kamuzu Banda on the front and the back carries a depiction of Mzuzu maize silos.[12]
The new 20 kwacha note was found to contain an error. On the back of the note is a building identified as the Domasi Teacher's Training College (now known as the Domasi College of Education). However, it is reported that the building is, in fact, the Machinga Teacher's Training College.[13]
The Reserve Bank of Malawi is going to revise its new family of notes so that they are more "blind friendly". According to the Malawi Union of the Blind, the current notes have raised dots to aid in recognition of the denominations, but the dots are too small to be useful.[14]
Wikimedia Commons has media related to Money 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 ISBN0-19-520823-4, 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, ISBN1-58906-569-7, p[page 716
malawian, kwacha, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, news, newspapers, books, scholar, jstor, april, 20. This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Malawian kwacha news newspapers books scholar JSTOR April 2012 Learn how and when to remove this template message The kwacha ˈ k w ae tʃ e 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 Malawian kwachaOld coins of the Malawian kwacha ISO 4217CodeMWK numeric 454 Subunit0 01UnitSymbolK DenominationsSubunit 1 100tambalaBanknotes20 50 100 200 500 1 000 2 000 5 000 kwachaCoins Freq used1 5 10 kwacha Rarely used1 2 5 10 20 50 tambalaDemographicsUser s MalawiIssuanceCentral bankReserve Bank of Malawi Websitewww wbr rbm wbr mwValuationInflation19 90 SourceRbm Nov 2016 1 Contents 1 Etymology 2 History 3 Coins 4 Banknotes 5 See also 6 ReferencesEtymology EditThe name kwacha was first used in Zambia where the Zambian kwacha was introduced in 1968 It derives from the Chinyanja or Chichewa word meaning it has dawned while tambala translates as rooster in Chichewa The tambala was so named because a hundred roosters announce the dawn History EditThe kwacha replaced the Malawian pound in 1971 at a rate of two kwacha to one pound As of 30 August 2019 update one British pound sterling was equal to approximately 883 43 kwachas one US dollar was equal to 725 16 kwachas and one South African rand was equal to 47 69 kwachas As of 30 August 2019 update one Euro is equivalent to 797 42 Kwachas 6 Coins Edit A one kwacha coin from 1992 The first coins introduced in 1971 were in denominations of 1 2 5 10 and 20 tambala In 1986 50 tambala and 1 kwacha coins were also introduced In January 2007 5 and 10 kwacha coins which actually bear a mint date of 2006 were also released into circulation On 23 May 2012 new 1 5 and 10 kwacha coins were released into circulation citation needed The 1 and 2 tambala coins are composed of copper plated steel The 5 tambala coin is of nickel plated steel The 50 tambala and 1 kwacha coin are composed of brass plated steel 7 Banknotes Edit Old Malawian 1 kwacha note carrying the date 1 Dec 1990 depicting former President for Life Hastings Banda on the front and workers in a Tobacco field on the reverse In 1971 banknotes dated 1964 were introduced in denominations of 50 tambala 1 2 and 10 kwacha 5 kwacha notes were introduced in 1973 when the 2 kwacha note was discontinued 20 kwacha notes were introduced in 1983 50 tambala notes were last issued in 1986 with the last 1 kwacha notes printed in 1992 In 1993 50 kwacha notes were introduced followed by 100 kwacha in 1993 200 kwacha in 1995 500 kwacha in 2001 and 2000 kwacha in November 2016 to ease desperate cash shortages 8 As of 2008 the following banknote denominations are in circulation 1997 Series 9 Image Value Dimensions Main Colour Description Date of first printingObverse ReverseK5 126 63 mm Green John Chilembwe Villagers mashing grain 1 July 1997K10 132 66 mm Brown Children in bush schoolK20 138 69 mm Purple Workers harvesting tea leavesK50 144 72 mm Blue Independence Arch in BlantyreK100 150 75 mm Red Capital Hill in LilongweK200 156 78 mm Blue Reserve Bank building in LilongweK500 162 81 mm Multi colour Reserve Bank building in Blantyre 1 December 2001According to an article in the Nyasa Times dated 9 March 2012 within the next six months the Reserve Bank of Malawi would introduce a whole new series of notes including a 1 000 kwacha note twice the largest denomination currently in circulation The notes were announced in Biantyre on 8 March by Governor Dr Perks Ligoya The new notes would be much smaller in size than the current notes which served as a cost cutting measure The new 1 000 kwacha note was going to be printed by De La Rue 10 11 On 23 May 2012 the Nyasa Times reported that the Reserve Bank of Malawi introduced the new 1 000 kwacha note into circulation along with the proposed new notes The new 1 000 kwacha note was valued at around US 4 The new kwacha had the face of the first president Kamuzu Banda on the front and the back carries a depiction of Mzuzu maize silos 12 The new 20 kwacha note was found to contain an error On the back of the note is a building identified as the Domasi Teacher s Training College now known as the Domasi College of Education However it is reported that the building is in fact the Machinga Teacher s Training College 13 The Reserve Bank of Malawi is going to revise its new family of notes so that they are more blind friendly According to the Malawi Union of the Blind the current notes have raised dots to aid in recognition of the denominations but the dots are too small to be useful 14 2012 Series 15 Image Value Dimensions Main Colour Description Date of first printingObverse Reverse K20 128 64 mm Purple Reserve Bank of Malawi headquarters in Lilongwe Inkosi ya Makhosi M mbelwa II Lazalo Mkhuzo Jere Domasi Teachers Training College building and tree stack of books and mortarboard 23 May 2012 K50 128 64 mm Light blue and green Reserve Bank of Malawi headquarters building in Lilongwe Inkosi Ya Makhosi Gomani II Philip Zitonga Maseko Elephants tree and safari vehicle in Kasungu National Park K100 128 64 mm Red Reserve Bank of Malawi headquarters building in Lilongwe James Frederick Sangala College of Medicine in Blantyre stethoscope K200 132 66 mm Blue and violet Reserve Bank of Malawi headquarters building in Lilongwe Rose Lomathinda Chibambo New Parliament building in Lilongwe K500 132 66 mm Brown and orange Reserve Bank of Malawi headquarters building in Lilongwe Reverend John Chilembwe Mulunguzi dam in Zomba water spigot silhouette of woman carrying container on head and man carrying hoe over shoulder K1000 132 66 mm Green Reserve Bank of Malawi headquarters building in Lilongwe Dr Hastings Kamuzu Banda Mzuzu maize silos stalk of maize corn silhouette of two people mashing maize K2000 Yellow Reverend John Chilembwe outline of Malawi Malawi University of Science and Technology Thyolo District 1 June 2016Current MWK exchange ratesFrom Google Finance AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPYFrom Yahoo Finance AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPYFrom XE com AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPYFrom OANDA AUD CAD CHF CNY EUR GBP HKD JPY USD ZAR EUR JPYSee also EditEconomy of Malawi Zambian kwachaReferences Edit Wikimedia Commons has media related to Money of 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 a b 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 XE Currency Converter Malawi NumisMaster F W Publications Inc 2011 Web 17 February 2011 Malawi Govt Introduces 2 000 Kwacha Banknote 2016 11 11 Retrieved 2016 11 12 Nyasa Times Currency Notes amp Coins Rbm mw Archived from the original on 2014 04 22 Retrieved 2014 03 23 Linzmayer Owen 2012 Malawi The Banknote Book San Francisco CA www BanknoteNews com Malawi new banknote family confirmed BanknoteNews com Retrieved 2012 05 17 Malawi releases new Kwacha bank notes Malawi Nyasa Times Malawi breaking news in Malawi Nyasatimes com Retrieved 2014 03 23 Reserve Bank goofs on new K20 banknote Mawali Today retrieved 2012 06 04 Malawi Central Bank to issue new blind friendly bank notes Amalawi info Retrieved 2012 07 15 Malawi new banknote family confirmed Africa Banknote News 2012 06 05 Retrieved 2014 03 23 Preceded by Malawian poundRatio 2 kwacha 1 pound Currency of Malawi 1971 Succeeded by Current Portals Africa Malawi Money Numismatics Retrieved from https en wikipedia org w index php title Malawian kwacha amp oldid 1150354611, wikipedia, wiki, book, books, library,
