Currency Rates for Malawian Kwacha
Bank Exchange Rates for Malawi in East Africa - MWK - Malawian Kwacha - MK. The foreign exchange rates for Malawi in East Africa also known as the ISO code MWK or the Malawian Kwacha currency and as a symbol MK.
Send Money Transfer to Malawi in East Africa. Coins which are frequently used are available in denominations of 1, 5 and 10 kwacha, whilst denominations of 1, 2, 5, 10, 20 and 50 tambala are rarely used and may not be in circulation. Banknotes are available in denominations of 20, 50, 100, 200, 500 and 1000 kwacha.
Malawian Kwacha is the legal name for Malawi's currency. The currency was founded in 1971 to replace a Malawi Pound so as to be used for foreign exchange rates for Malawi, MK is the symbol used to represent the currency and its ISO code is MWK. One Kwacha is equal to 100 Tambala. The exchange rate for this currency undergoes various periodical adjustments. The word Kwacha is derived from the Chichewa and it means it has dawned Tambala is also acquired from Chichewa and it means rooster. This basically means that a dawn is presented by one hundred roosters.
The frequently used coins are available in the following denominations; ten, five and one (10, 5 and 1). Tambala coins are also available in twenty, ten, five, two and one denominations(20, 10, 5, 2 and 1). However, Tambala coins are rarely used and therefore they are not so much in circulation. Banknotes are printed in the denominations of twenty, fifty, hundred, two hundred, five hundred, one thousand kwacha and two thousand (20, 50, 100, 200, 500, 1000, and 2000)
The first coins to be introduced in 1971 was in twenty, ten, five, two and one tambalas denominations. Later in 1986 fifty (50) tambala coin and coin of 1 kwacha were introduced. Banknotes of twenty kwacha were brought in 1983. In 1993, fifty (50) Kwacha note was introduced and was later followed by 100 note Kwacha in 1993, 200 note in 1995, and 500 note in 2001, and later in November 2016, they introduced a 2000 note.
The Reserve Bank of Malawi is the one tasked with the responsibility of issuing banknotes. In one of the most recent press releases, the bank said it will revise the notes so as to make new notes that will be produced to be more blind-friendly. The Kwacha was introduced 1971 to replace the pound which exchanged at 1 pound for 2 kwachas. All the Malawian kwacha banknotes are printed in a theme that portrays the Malawian socio-economic development and celebration of significant personalities in the history of this East African country.
GBP to MWK
One kwacha subdivides into 100 Tambala; ‘tambala’ translates into ‘rooster’ in Chichewa, whilst ‘kwacha’ translates into ‘it has dawned’.
The tambala was named ‘rooster’ because “one hundred roosters announce the dawn”. The currency was introduced in 1971, replacing the pound at a rate of 1 pound = 2 kwachas.