Malawi Reserve Bank
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The Reserve Bank of Malawi (RBM) has asked religious leaders in the country sensitize their follows to desist from mishandling the banknotes. This comes at a time the Bank is concerned that it uses between MK10 billion and K15 billion every year to replace damaged banknotes.

In the letter, RBM Governor, Dalitso Kabambe, cites the practice of stepping over banknotes, placing banknotes under wet conditions in fresh fish and vegetable markets, using soiled hands, keeping banknotes in socks and smelting coins for repairing bicycles, as some of the regrettable practices. “Such malpractices damage our currency and are costly to the bank,” Kabambe said.

RBM, therefore, expresses willingness to join hands with the church community in dealing with the malpractices.

Historically, there has always been this relationship between monetary authorities and religious authorities. The relationship has always been this topsy-turvy kind with one dominating the other over the period. There may have been rifts/conflicts but still the relationship was persisted.

This strong relationship has tempered down in recent years as central banks have become monetary authorities which have generally stayed away from religious matters.

Thus, it was Interesting to read this bit of central bank trivia. In Malawi, people have not been using the currency notes properly leading to high damages in the notes. This leads central bank to print more notes than needed to replace the old notes leading to higher costs.

Thus, they have asked the church authorities to convey the message to people:

In the letter, RBM Governor, Dalitso Kabambe, cites the practice of stepping over banknotes, placing banknotes under wet conditions in fresh fish and vegetable markets, using soiled hands, keeping banknotes in socks and smelting coins for repairing bicycles, as some of the regrettable practices. “Such malpractices damage our currency and are costly to the bank,” Kabambe said.

RBM, therefore, expresses willingness to join hands with the church community in dealing with the malpractices.

“We strongly believe that the church is one place where the bank can be assisted in advancing its noble cause. The church also stands to benefit from this exercise as we understand church leaders spend hours on end unfolding and straightening banknotes after collections,” he said.

Kabambe said other malpractices include writing on banknotes, excessive folding of banknotes during church service offerings, splashing and stepping on banknotes during celebratory events such as traditional engagements, weddings and bridal showers.

Source: mostlyeconomics.wordpress.com

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