Malawi Central Bank Collaborating with Church to Educate People about Mishandled Banknotes

23 Feb 2018  Fri

The Reserve Bank of Malawi (RBM) has directed religious leaders to ask their followers to stop mishandling national banknotes. The bank revealed that almost MK10 billion to K15 billion is spent every year to replace damaged banknotes.

Activities like stepping over banknotes during celebratory events such as traditional engagements, weddings, and bridal showers, using soiled hands, keeping banknotes in socks, writing on banknotes, excessive folding of banknotes during church service offerings, and smelting coins are some activities which have led to the degradation of banknotes in the country.

The RBM has collaborated with the church community to spread awareness about this issue. There has always been a relationship between monetary authorities and religious authorities which changes its colour with time. Over the recent years, central banks have stayed away from religious matters, which is why the relationship has strained a bit.

Image Source Malawi Central Bank

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