RBM loses MK10 billion yearly in replacing damaged bank notes

Written by  Beatrice Mwakaghe

The Reserve Bank of Malawi RBM says it loses over MK10 billion yearly to replace bank notes destroyed during public events such as wedding ceremonies.


RBM spokesperson Mbane Ngwira’s remarks come following Master of Ceremonies Association sensitization meeting in Mzuzu that was organised to find means of avoiding damaging bank notes during fundraising events.

‘We realise the need to partner with the MC’s because they are at the centre of most ceremonies where bank notes are prone to damage,’’ said Ngwira.

According to Ngwira, the money that is lost during the replacement of the bank notes can be used in other sectors like hospitals and schools as one way of developing the country.

Realising the damage to bank notes during such times, the Reserve Bank of Malawi jointly with Master of Ceremonies (MC’s) Associations is conducting awareness meetings to address the challenge.

Northern Region Chapter MC’S president Martin Nkhoma said the meeting came about following an outcry by the Reserve Bank on the malpractice.

‘The meeting among other things has been organised with the aim of civic educating the association members and the general public on the dangers of damaging bank notes during celebrations such as weddings and birthday parties among others.

‘We are pleading with the Reserve Bank of Malawi to provide us with board charts that should be placed in our streets that deliver the message on how people can take care of the money,’ Nkhoma said.

Launched in 2015, the association among other things seeks to give a platform for customers to log complaints if they are not satisfied with the master of ceremonies services.

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