Government will not issue K5000 bank note

Government has said it has no plans of issue a K5, 000 bank note in the foreseeable future.

The Minister of Finance, Economic Planning and Development, Goodall Gondwe was quoted in the media earlier this week as saying that Government was planning to introduce the new banknote.

However, a statement released by the Ministry of Finance, Economic Planning and Development on Thursday described the reports as untrue.

“The Minister only agreed with the supposition of a reporter that that the issue of k5000 would be appropriate at this time now that the rate of inflation was decline,” reads the statement.

The statement said Government is only focused on maintaining the stability of the economy including the Kwacha.

The statement also highlighted that it is only the Reserve Bank of Malawi which has the mandate of issuing a banknote.

In any case as we have emphasized time and again this matter should be clarified by the Reserve Bank of Malawi which is the currency issuing authority,” reads the statement.

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