The Reserve Bank of Malawi (RBM) has issued a warning to traders who refuse to accept lower denomination of Malawian currency, stating that the practice infringes on individuals’ economic rights
Speaking during a day-long financial literacy training held in partnership with Karonga Press Club at Mikoma Beach Resort in Karonga District, Director of Public Relations and Spokesperson of RBM, Dr Mark Lungu said that the central bank has noted with concern that some traders are not accepting coins and MK20 notes.
“We have heard that some traders are denying some bank notes like 20 Malawi Kwacha and coins, and we are concerned about that, any currency ‘note or coin’ that has not been withdrawn by the central bank remains a legal tender and must be accepted by everyone.
“Denying anyone who wants to use such notes and coins is denying that person his or her economic rights and this should not be condoned,” he said.
Lungu has since asked journalists to play a role in sensitizing the masses on currencies that are still an equal tender.
Chairperson for Karonga Press Club, Adams Wundaninge has expressed gratitude to RBM for the training session and believes the training is timely to the club.
“As journalists, we are thankful for this initiative, it has come at the right time since we are supposed to provide right information to communities, so the knowledge obtained here will go a long way in enlightening masses out there on what they are supposed to do in utilization of money,” said Wundaninge.
He has since challenged fellow journalists to take the message beyond the training as they interact with different communities.
Of late, there has been a public outcry that some traders in the country are rejecting use of lower denomination like 20 Kwacha and coins.
The training session involved journalists from the Karonga Press Club and members of the executive committee in the Nyika Media Club, centering on roles of RBM, financial literacy, personal finance management, credit management, investments, consumer rights and responsibilities.