Here is a detailed financial historical report on Malawi, in English (the official language) and Chewa (widely spoken), based on available information:
Country ISO Code: MW
Official Language: English
Widely Spoken Language: Chewa (Chichewa)
Language ISO Codes: en (English), ny (Chewa)
Current Official Currency: Malawian Kwacha
Currency ISO Code: MWK
Upon gaining independence in 1964, Malawi used the Malawian pound, which was subdivided into 20 shillings, with each shilling equal to 12 pence.
The Malawian pound was pegged to the British pound sterling and circulated alongside the East African shilling.
In 1971, Malawi introduced the Malawian kwacha (kwacha means "dawn" in Chichewa) to replace the Malawian pound at a rate of 2 kwacha = 1 pound.
The kwacha is subdivided into 100 tambala (meaning "dawn" or "morning" in Chichewa).
The kwacha is issued by the Reserve Bank of Malawi and is the sole legal tender in the country.
Attribute | Description |
---|---|
ISO Code | MWK |
Singular Name | kwacha |
Plural Name | kwacha |
Subdivision | 1 kwacha = 100 tambala |
Fraction Singular | tambala |
Fraction Plural | tambala |
Initial Production | 1971 |
Initial Circulation | 1971 |
Issuer | Reserve Bank of Malawi |
Common Coin Denominations | 1, 2, 5, 10, 20, 50 tambala; 1, 2, 5 kwacha |
Common Banknote Denominations | 20, 50, 100, 200, 500, 1,000, 2,000 kwacha |
The currency features images of Malawi’s natural heritage, including Lake Malawi, native animals, and important national figures.
The kwacha and tambala names reflect the cultural significance of "dawn" or "new beginning" in the Chewa language.
Banknotes and coins include security features to prevent counterfeiting.
Malawi’s economy is predominantly agricultural, with tobacco, tea, sugar, and coffee as major exports.
The kwacha has experienced periods of inflation and depreciation due to economic challenges and external shocks.
The Reserve Bank of Malawi manages monetary policy and currency issuance to maintain economic stability.
The Malawian kwacha is the official and sole legal tender in Malawi.
Coins and banknotes are in active circulation and accepted for all transactions.
This report summarizes Malawi’s monetary history, currency details, and economic context, reflecting the cultural and linguistic significance of the Malawian kwacha.
If you wish, I can prepare translations of this report into Chewa or Portuguese (Brazilian).