Reserve Bank of Malawi has warned traders to stop refusing smaller denominations of the Malawi Kwacha when selling their goods and services.
Director for Public Relations at the Reserve Bank of Malawi Mark Lungu issued the warning in Karonga at the end of financial literacy training for members of Karonga Press Club, organised by the Central Bank.
“We have received reports and calls about traders refusing to accept smaller denominations of money like K20, K50 and some coins. Any currency that is in circulation is still legal tender and it is backed by law,” he said.
According to Lungu, refusing to accept the smaller denominations is denying the economic rights of customers.
By George Mponda, MANA
