Author Topic: New Malawi currency issued May 2012  (Read 5781 times)

0 Members and 1 Guest are viewing this topic.

Offline <k>

  • Moderator
  • Honorary Member
  • *****
  • Posts: 22 895
New Malawi currency issued May 2012
« on: May 26, 2012, 12:20:28 PM »
My thanks to Paul Baker (member name africancoins) for this news.



Source: http://www.rbm.mw/documents/Press%20Release-New%20Notes.pdf

RESERVE BANK OF MALAWI

PRESS RELEASE

INTRODUCTION OF THE NEW MALAWI KWACHA CURRENCY SERIES

The Reserve Bank of Malawi will on 23rd May, 2012 release a new family of banknotes and coins which will comprise six banknote denominations of K1000, K500, K200, K100, K50 & K20 and three coins of K10, K5 & K1.

COINS

The obverse of all the coins will depict the Malawi Government Coat of Arms while the reverse will feature the following wildlife:

K1 - flying eagle.
K5 - the stock bird N.B. There is no "stock bird". It is a purple heron.
K10 - two elephants.

Sizes

The sizes of the notes have been trimmed by more than 30 percent on average. The diameters of the coins have been made smaller and the weights have been reduced by over 60 percent on average for easy portability.

TRANSITIONAL PERIOD AND EXCHANGE ARRANGEMENTS FOR THE NEW CURRENCY

The new banknote series will run side by side with the old series for a period of one year from 23rd May, 2012 to 22 May, 2013 after which the old series shall be withdrawn from circulation and cease to be legal tender. During this period exchange of old and new notes will be done at all commercial banks throughout the country. After 22 May, 2013 an additional three months exchange period will be provided during which the old notes will be exchanged with new notes at the Reserve Bank of Malawi only, with justification why the notes were not exchanged during the prescribed one year period.

The above notwithstanding, the old K1, K5 and K10 coins will circulate simultaneously with the new coins until such time as the Reserve Bank of Malawi announces their withdrawal from circulation.
« Last Edit: November 25, 2013, 06:14:28 PM by <k> »
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Offline <k>

  • Moderator
  • Honorary Member
  • *****
  • Posts: 22 895
Re: New Malawi currency issued May 2012
« Reply #1 on: May 26, 2012, 12:32:15 PM »
For more details about the new banknote issues, click on the link below:

Malawi to Get 1000 Kwacha Notes
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 538
  • Mumbai, India.
New Malawi currency issued May 2012
« Reply #2 on: June 13, 2012, 01:10:56 PM »
WCN has images of new coins:



Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline <k>

  • Moderator
  • Honorary Member
  • *****
  • Posts: 22 895
Re: New Malawi currency issued May 2012
« Reply #3 on: June 13, 2012, 03:52:39 PM »
So, the bird is not a "stock bird" but the purple heron, that appeared on the old 5 tambala. All the designs have been seen before, then - they are not new.

What is interesting is that the new 5 kwacha is a heptagon, which suggests it was made by the Royal Mint. More interesting is that it is bucking the trend - the Solmon Islands recently replaced its heptagonal dollar with a circular coin. The polygonal coins have been going out of fashion elsewhere: Jamaica, the Caribbean States. I thought this was because coins are getting smaller, so this suggests that the 5 kwacha is a reasonable size. Do we know the dimensions of the New Malawi coins yet?

 
« Last Edit: June 30, 2017, 05:58:11 PM by <k> »
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 538
  • Mumbai, India.
New Malawi currency issued May 2012
« Reply #4 on: June 13, 2012, 03:58:26 PM »
Reserve Bank of Malawi hasn't published the details of new coins yet (not even images) so we will have to wait for further details.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline andyg

  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 3 739
  • DERBYS · UK
Re: New Malawi currency issued May 2012
« Reply #5 on: June 13, 2012, 08:06:34 PM »

What is interesting is that the new 5 kwacha is a heptagon, which suggests it was made by the Royal Mint. More interesting is that it is bucking the trend - the Solmon Islands recently replaced its heptagonal dollar with a circular coin. 

Don't forget these !!
always willing to trade modern UK coins for modern coins from elsewhere....

Offline <k>

  • Moderator
  • Honorary Member
  • *****
  • Posts: 22 895
Re: New Malawi currency issued May 2012
« Reply #6 on: June 13, 2012, 09:24:31 PM »
Just testing...  I think they are reasonably large coins too - possibly bigger than the new ones from the Solomon Islands? When we get some official dimensions, we'll see how well my thesis stands up: the larger the coins, the more likely they are to support polygonalism?
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Offline andyg

  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 3 739
  • DERBYS · UK
Re: New Malawi currency issued May 2012
« Reply #7 on: June 13, 2012, 09:35:11 PM »
I was thinking this one may be quite small - around the same size as a 20p...
It looks cheap to produce - and the shape is to differentiate it easily from the 10 Kwacha.

I guess we will have to wait and see :)
always willing to trade modern UK coins for modern coins from elsewhere....

Offline malawi

  • Senior Member
  • ***
  • Posts: 204
Re: New Malawi currency issued May 2012
« Reply #8 on: June 14, 2012, 01:06:15 AM »
I am disappointed, the current 5 and 10 Kwacha are beautiful , these new are less attractive and design already seen
 :-\

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 538
  • Mumbai, India.
New Malawi currency issued May 2012
« Reply #9 on: June 14, 2012, 04:39:43 PM »
I am disappointed, the current 5 and 10 Kwacha are beautiful , these new are less attractive and design already seen
 :-\

I'm disappointed too, but at-least those are some nice designs (even though repeated). Always better than portraits of leaders, dictators and all those notorious people. ;)

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline <k>

  • Moderator
  • Honorary Member
  • *****
  • Posts: 22 895
Re: New Malawi currency issued May 2012
« Reply #10 on: June 14, 2012, 05:20:16 PM »
Don't forget these !!

Those are nice images - do you have any of the 3 lower Samoa denominations?
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Offline andyg

  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 3 739
  • DERBYS · UK
Re: New Malawi currency issued May 2012
« Reply #11 on: June 14, 2012, 07:45:27 PM »
your command is my wish!
always willing to trade modern UK coins for modern coins from elsewhere....

Offline <k>

  • Moderator
  • Honorary Member
  • *****
  • Posts: 22 895
Re: New Malawi currency issued May 2012
« Reply #12 on: June 14, 2012, 10:41:38 PM »
Thanks. Nice designs, but the relief isn't as high as it used to be, which spoils the effect somewhat. Fiji announced some time ago that it would introduce Queenless coins this month, but no word yet.
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Offline <k>

  • Moderator
  • Honorary Member
  • *****
  • Posts: 22 895
Re: New Malawi currency issued May 2012
« Reply #13 on: June 14, 2012, 10:45:30 PM »
Of the three main coinless countries of sub-Saharan Africa (four, if you count Zimbabwe, but that's a no-hoper), I wonder if any are stable enough yet to produce a proper coinage: Liberia, Sierra Leone, and DR Congo (former Zaire)? South Sudan is also coinless but is happy with its fractional notes.
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 538
  • Mumbai, India.
New Malawi currency issued May 2012
« Reply #14 on: June 18, 2012, 04:18:37 PM »
Malawi central bank releases new currency

Reserve Bank of Malawi introduces series of banknotes and coins; follows decision to devalue the kwacha to appease international aid donors.

Author: Central Banking Newsdesk
Source: Central Banking | 18 Jun 2012

A new series of banknotes and coins has entered into circulation in Malawi. A spokesperson for the Reserve Bank of Malawi says the six banknote denominations and three new coins are being released into the currency pool in exchange for older designs.

"We are avoiding any inflationary problems," explains Ralph Tseka, the bank's spokesman. "When the old notes are collected by commercial banks, they are sent to the central bank and then the same amount of new notes is released."

It was towards the end of May, the same month that the central bank announced a devaluation of the national currency, that the K1,000, K500, K200, K100, K50 and K20 notes and K10, K5 & K1 coins were released. The process of designing them, however, began in 2007. Previously, Malawi has introduced new banknotes one denomination at a time, as the need for higher values became necessary. This is the first time all the banknotes have been replaced at once.

"The themes on the new family of banknotes largely focus on the long-term objectives outlined in the Malawi Growth and Development Strategy, namely, sustainable economic growth, social development, infrastructure development and good governance," the central bank says.

The K1,000 note will feature the Mzuzu maize silos, the K500 note the Mulunguzi Dam, while the K200, K100 and K50 notes will feature the new parliament building, the college of medicine in Blantyre, the Kasungu national park and the Domasi teachers college, respectively.

The process of selecting the portraits to appear on the notes involved "wide" consultations, the bank said. "We asked the history department of the University of Malawi to come up with a list of historical heroes and then we asked them to rank them," said Tseka.

Eventually, six prominent Malawians of historic significance were selected to appear on the notes. For example, Hastings Kamuzu Banda will appear on the K1,000 note. He was the father and founder of the Malawi nation and the first president of the country when it claimed independence. Rose Lomathinda Chibambo, the first chairperson of the Nyasaland African Congress Women's League and the first female member of independent Malawi's first cabinet in 1964, will feature on the K200 note.

The obverse of all the coins will depict the Malawi government coat of arms while the reverse will feature the following wild life: K1 – flying eagle, K5 – the stock bird, K10 – two elephants.

The notes and coins will be considerably smaller than their predecessors. The banknotes are on average 30% smaller while the coins' diameters and weights have been reduced by more than 60% on average. The bank says these changes were made to aid portability, but the move will also considerably reduce the production costs of the currency. "In terms of cost reduction, we are looking at about a 45% lower price for production," says Tseka.

The new banknote series will run alongside the old series until May 22, 2013, after which the old series will be withdrawn from circulation and cease to be legal tender. The notes can be exchanged at any commercial bank until that date; afterwards, an additional three-month exchange period will be provided whereby the public can swap the notes at the central bank, provided justification can be given as to why they were not previously exchanged.

The central bank announced a public awareness campaign to cover "every corner of the country" and ensure the population was aware of the change.

Source: Central Banking
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.