LILONGWE-(MaraviPost)-Barely two weeks after Reserve Bank of Malawi (RBM) released the new MK2, 000 notes on the market, unscrupulous traders are reproducing the banknotes similar with the original one, The MaraviPost can exclusively reveal.
The fake bank note which is in our possession and is in circulation has some security features missing on the MK2, 000.
For instance the banknote lacks the brightness and shiny features. Its holographic foil strip which is the shiny vertical line at the far left end is not as shiny as the real banknote.
The fake banknote also lacks the sparkling live image of fish that shows color changes but it can be seen only on the front side which is shiny.
Not only that, the counterfeit bank note’s fish image is faded and cannot shine. But what is worrying if the fact that the difference between the fake and real banknotes is very small so much so that the public is generally expected to have problems noticing.
Speaking to MaraviPost spokesperson for the central bank Mbane Ngwira acknowledged the circulation of the fake MK2, 000 notes saying it is a general challenge his institution faces when every new bank note is introduced to the market.
Ngwira said RBM was not aware where the fake notes was reproduced while quickly warning those unscrupulous traders that they will face the law once caught.
“This is a problem we face every time we dispatch a new currency to the market. The general public should double-check the security features to confirm the authenticity of the banknote to avoid being cheated. This is the reason the central bank rolled sensitization campaign before the release of the bank note. But those producing the fake banknote will face the law once caught as the malpractice is illegal”, warned Ngwira.
The RBM adopted the latest security features on the MK2,000 banknote in order to make it easy for the public to easily identify the genuine banknote.
The central bank introduced MK2, 000 notes on December 19 this year to cushion the country’s 20 percent inflation rate which has seen the then highest MK1000 banknote lose value.