By Alfred Manjawira
BLANTYRE-(MaraviPost)-The country’s Central bank, Reserve Bank of Malawi (RBM) has emphasised the need for law enforcers to dangers of production and supply of counterfeit currency is taking place.
This is the reason the bank on Thursday, December 2, 2021 engaged the Malawi Police Service (MPS) on how best to combat production and supply of counterfeits currency.
In his presentation, RBM senior Investigation officer of currency counterfeiting and mishandling Godfrey Chintengo observes that bank continues to receive reports of counterfeits on the market attributed to weakness in the legal framework and lack of enforcement.
On weak legal framework Chintengo emphasized that there are fragmented laws within law relating to counterfeit and that sentences given to the culprits are mostly lenient.
“Porous borders also aides the supply of counterfeits in the sense that the security systems in our borders is too weak to detect such cases. This has been evidenced by a number of reported cases from the neighboring countries where kwacha counterfeits are found in large numbers.
Asked on the issuing of new MK 5, 000 single bank note against the economy , he said that “Malawians should not panic as this will no way negatively affect the economy, other countries are also in the process of printing high notes of currency like Malawi and have done it already and perhaps Malawi has been even late,” added Chimtengo.
RBM Director of currency management Joseph Milna says that bank will continue activities combating counterfeit currency hence engaging them to see how they will kick start 2022 with the activities put in place.
Milna therefore lauded the police for the support in reducing the cases on counterfeits currency.