MWK

MWK, or the Malawi Kwacha, is the official currency of Malawi. It is designated by the ISO 4217 code MWK and commonly represented by the symbol MK. The kwacha is issued by the Reserve Bank of Malawi (RBM) and is legal tender throughout the country. One kwacha is divided into 100 tambala, the subunit.

The Reserve Bank of Malawi conducts monetary policy and is the sole issuer of notes and coins. The MWK operates on a managed float, with the RBM intervening as needed to maintain price stability and liquidity in the economy. The central bank also regulates currency issuance, exchange facilities, and foreign exchange markets within Malawi.

In 2012, Malawi undertook a redenomination, replacing 1,000 old kwacha with 1 new kwacha. The change aimed to simplify transactions and restore confidence in the currency, while the ISO code MWK was retained.

Banknotes and coins: Banknotes are issued in a range of denominations for daily use, and coins are issued in tambala (the subunit) as well as in higher kwacha values. Security features and design elements have evolved with new series issued by the RBM to deter counterfeiting.

Usage and context: The MWK is used in everyday commerce, pricing, and financial transactions within Malawi. Foreign exchange with other currencies occurs through banks and authorized bureaux de change. The currency’s value has fluctuated over time in response to inflation and broader macroeconomic conditions in the country.