Malawian kwacha


Malawian kwacha
Malawian kwacha
Current coins
Current coins
ISO 4217 code MWK
User(s)  Malawi
Inflation 7.5%
Source Reserve Bank of Malawi, Dec 2007.
Subunit
1/100 tambala
Symbol MK
Coins
Freq. used 1, 5, 10 kwacha
Rarely used 1, 2, 5, 10, 20, 50 tambala
Banknotes 5, 10, 20, 50, 100, 200, 500 kwacha
Central bank Reserve Bank of Malawi
Website www.rbm.mw

The kwacha (ISO 4217: MWK) 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 British, South African and Rhodesian, 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.[1] In 2005, administrative measures were put in place to control the exchange rate with other currencies.[2] Banknotes are issued by the Reserve Bank of Malawi.

Contents

Etymology

The name kwacha derives from both the Nyanja and Bemba word for "dawn", while tambala translates as "rooster" in Nyanja. The tambala was so named because a rooster appeared on the first one tambala coin.

History

The kwacha replaced the Malawian pound in 1971 at a rate of two kwacha to one pound.

As of 4 July 2010, one British pound sterling was equal to 227.681 kwacha, one US dollar was equal to 149.8 kwacha and one South African rand was equal to 19.4475 kwacha.

As on 9th May 2011, one British pound sterling was equal to 257.7172 kwacha, one US dollar was equal to 152.2933 kwacha and one South African rand was equal to 23.7740 kwacha.

Coins

The first coins introduced in 1971 were in denominations of one, two, five, ten and twenty tambala. In 1986, fifty tambala and one kwacha coins were also introduced. In January of 2007, five and ten kwacha coins, which actually bear a mint date of 2006, were also released into circulation.

The one and two tambala coins are composed of copper-plated steel. The five tambala coin is of nickel-plated steel. The fifty tambala and one kwacha coin are composed of brass-plated steel.[3]

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 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 1990. In 1993, 50 kwacha notes were introduced, followed by 100 kwacha in 1993, 200 kwacha in 1995 and 500 kwacha in 2001.

As of 2008, the following banknote denominations of banknotes are in circulation:

1997 Series [1]
Image Value Dimensions Main Colour Description Date of first printing
Obverse Reverse
K5 126 × 63 mm Green John Chilembwe Villagers mashing grain 1 July 1997
K10 132 × 66 mm Brown Children in "bush" school
K20 138 × 69 mm Purple Workers harvesting tea leaves
K50 144 × 72 mm Blue Independence Arc in Blantyre
K100 150 × 75 mm Red Capital Hill in Lilongwe
K200 156 × 78 mm Blue Reserve Bank building in Lilongwe
K500 Multi-colour 1 December 2001
These images are to scale at 0.7 pixels per millimetre. For table standards, see the banknote specification table.
Current MWK exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD ZAR
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD ZAR
From OzForex: AUD CAD CHF EUR GBP HKD JPY USD ZAR
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD ZAR
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD ZAR

See also

References

  1. ^ Frederic L. Pryor, The political economy of poverty, equity, and growth: Malaŵi and Madagascar Oxford University Press, 1990 ISBN 0195208234, p. 415
  2. ^ Annual Report on Exchange Arrangements and Exchange Restrictions , International Monetary Fund, 2006, ISBN 1589065697, p[page 716
  3. ^ "Malawi." NumisMaster. F+W Publications, Inc. 2011. Web. 17 February 2011.
Preceded by:
Malawian pound
Ratio: 2 kwacha = 1 pound
Currency of Malawi
1971 –
Succeeded by:
Current

Wikimedia Foundation. 2010.

Look at other dictionaries:

  • MWK (Malawian Kwacha) — The currency abbreviation for the Malawian kwacha (MWK), the currency for Malawi. The Malawian kwacha is made up of 100 tambala and is often presented with the symbol MK. The name kwacha comes from the word dawn in Chichewa, which along with… …   Investment dictionary

  • Malawian pound — User(s) Malawi Subunit 1/20 shilling 1/240 penny Symbol £ …   Wikipedia

  • Kwacha — can refer to: * Malawian kwacha, the currency of Malawi since 1971 * Zambian kwacha, the currency of Zambia since 1968 * Kwacha, a member of the UNITA political party in Angola …   Wikipedia

  • Malawian monetary unit — noun monetary unit in Malawi • Hypernyms: ↑monetary unit • Hyponyms: ↑Malawi kwacha, ↑kwacha, ↑tambala …   Useful english dictionary

  • Zambian kwacha — ISO 4217 code ZMK User(s)  Zambia Inflation 13.5% Source …   Wikipedia

  • Malawi kwacha — noun the basic unit of money in Malawi • Syn: ↑kwacha • Hypernyms: ↑Malawian monetary unit • Part Meronyms: ↑tambala …   Useful english dictionary

  • Malawi — Malawian, adj., n. /meuh lah wee/, n. 1. Formerly, Nyasaland. a republic in SE Africa, on the W and S shores of Lake Malawi: formerly a British protectorate and part of the Federation of Rhodesia and Nyasaland; gained independence July 6, 1964; a …   Universalium

  • Nkhata Bay — Coordinates: 11°36′S 34°18′E / 11.6°S 34.3°E / 11.6; 34.3 …   Wikipedia

  • Economy of Malawi — Economy overview:Landlocked Malawi ranks among the world s least developed countries. The economy is predominantly agricultural, with about 90% of the population living in rural areas. Agriculture accounts for 37% of GDP and 85% of export… …   Wikipedia

  • Pound (currency) — The pound, a unit of currency, originated in England as the value of a pound mass of silver. [ [http://www.etymonline.com/index.php?term=pound Online Etymology Dictionary] ] For a long time, £1 worth of silver coins were a troy pound in… …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.