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Malawian kwacha

The kwacha 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 the British pound sterling, the South African rand, and the Rhodesian dollar, 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. In 2005, administrative measures were put in place by Bingu wa Mutharika to peg the exchange rate with other currencies. Banknotes are issued by the Reserve Bank of Malawi. In May 2012, the Reserve Bank of Malawi devalued the kwacha by 34% and unpegged it from the United States dollar. The currency was further devalued by 25% by the central bank in May 2022 followed by another 44% devaluation in November 2023 raising inflation rate in Malawi.

e: 31000000000211694

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Strings (5)

  • str_k__gdb_alternateName
    str.gdb:alternateName
    Malawi kwacha|Kwacha (1971-date)
  • str_k__gdb_currencyCode
    str.gdb:currencyCode
    MWK
  • str_k__gdb_image
    str.gdb:image
    MWK2000v.jpg
  • str_k__gdb_unitText
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    MK
  • str_k__rdfs_comment
    str.rdfs:comment
    The kwacha 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 the British pound sterling, the South African rand, and the Rhodesian dollar, 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. In 2005, administrative measures were put in place by Bingu wa Mutharika to peg the exchange rate with other currencies. Banknotes are issued by the Reserve Bank of Malawi. In May 2012, the Reserve Bank of Malawi devalued the kwacha by 34% and unpegged it from the United States dollar. The currency was further devalued by 25% by the central bank in May 2022 followed by another 44% devaluation in November 2023 raising inflation rate in Malawi.

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URIs (2)