MWK Banking

The kwacha has been the currency of Malawi since 1971. The kwacha replaced the Malawian pound at a rate of 2 kwacha = 1 pound. The kwacha (ISO 4217: MWK) is divided into 100 tambala.

The name kwacha derives from the Nyanja and Bemba word for "dawn" while the name tambala translates as "cockerel" in Nyanja.

Coins

Coins were introduced in 1971 in denominations of 1, 2, 5, 10 and 20 tambala. In 1986, 50 tambala and 1 kwacha coins were added. New bimetallic 5 and 10 kwacha coins were released in January 2007[1]. All these denominations are currently circulating.

[edit] Banknotes

In 1971, banknotes were introduced in denominations of 50 tambala, 1, 2 and 10 kwacha. 5 kwacha notes were introduced in 1973 when the 2 kwacha note was discontinued. 20 kwacha notes were introduced in 1983. 50 tambala notes were last issued in 1986, with the last 1 kwacha notes printed in 1988. In 1993, 50 kwacha notes were introduced, followed by 100 kwacha in 1993, 200 kwacha in 1995 and 500 kwacha in 2001.

As of 2005, the following banknote denominations of banknotes are in circulation[2]:

* 5 kwacha * 10 kwacha * 20 kwacha * 50 kwacha * 100 kwacha * 200 kwacha * 500 kwacha

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