Reserve Bank of Malawi pens churches over damaged banknotes
Feb. 8, 2018, 8:02 a.m.
Originally published in: Times Malawi on Feb. 8, 2018, 8:02 a.m.
Posted By: Moses Chitsulo
The Reserve Bank of Malawi (RBM) has written letters to churches in the country over the mishandling of banknotes by the general public.
This comes at a time the Bank is concerned that it uses between K10 billion and K15 billion every year to replace damaged banknotes.
In the letter, RBM Governor, Dalitso Kabambe, cites the practice of stepping over banknotes, placing banknotes under wet conditions in fresh fish and vegetable markets, using soiled hands, keeping banknotes in socks and smelting coins for repairing bicycles, as some of the regrettable practices.
“Such malpractices damage our currency and are costly to the bank,” Kabambe said.
RBM, therefore, expresses willingness to join hands with the church community in dealing with the malpractices.
“We strongly believe that the church is one place where the bank can be assisted in advancing its noble cause. The church also stands to benefit from this exercise as we understand church leaders spend hours on end unfolding and straightening banknotes after collections,” he said.
Kabambe said other malpractices include writing on banknotes, excessive folding of banknotes during church service offerings, splashing and stepping on banknotes during celebratory events such as traditional engagements, weddings and bridal showers.
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