Reserve Bank of Malawi engages Judiciary on currency handling

Post was last updated: June 15, 2018

The Reserve Bank of Malawi (RBM) has joined hands with the Judiciary in its advocacy for appropriate ways of currency handling by the public.

The move also seeks to address challenges of counterfeit bank notes on the market.

This follows a campaign the central bank launched last year where it intends to be working with stakeholders in a bid to minimise amount of damaged banknotes and cost of printing money.

The move also follows a warning from RBM to the public against destruction of the notes.

RBM Director for Currency Management, Mercy Kumbatira, said during a workshop for officers from the Judiciary in Lilongwe on Tuesday that courts would play a pivotal role in addressing the concern.

“The Judiciary is key in the process and that is why we brought them on board,” Kumbatira said.

High Court judge Rachael Sikwese, who also made a presentation, concurred with Kumbatira, stressing that there is a big knowledge gap on counterfeiting where not many cases are reported to the courts.

“As courts, we need to consider precedent cases which were reported so that we can make informed decisions. So there is that gap in that we do not have reference materials and we hope that this gap will be filled by the awareness initiative that the central bank is undertaking,” Sikwese said.

RBM says it spends over K12 billion every year in printing new banknotes to replace damaged ones.

Let us know what you think of this update and remember to add us on our facebook and follow us on our twitter. Make sure to come back daily for more Malawi business news updates.

Quick Links: Malawi Banking News | Malawi Technology News | Download Business eBooks | Ten Signs You Are An Entrepreneur | What is a Managing Director?

Today’s top business story: Top Commercial Banks In Malawi

Source link