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Reserve Bank of Malawi (RBM) has the mandate to regulate financial matters and print bank notes. As such RBM constantly monitors notes in circulation to maintain that only genuine notes are being used.
The bank noticed that one of its notes is prone to counterfeit, hence, it decided to release the new K1000 bank notes with enhanced security features.
This means the old k1000 notes will be be phased out in 2021. The new notes will be issued into circulation starting from 1st February 2021.
The bank laws states that it is an offence to be found in possession of fake notes, to make counterfeit notes, or use them knowingly. It is a crime and it attracts years of imprisonment.
Therefore, it is important to know the characteristics of the genuine bank notes as described by RBM.
I am therefore glad, to share with you the published marks that you can use to distinguish the counterfeit and genuine K1000 banks notes.
There are five security features to take note of.
Five Security features of the New K1000 bank notes
- Spark live (Fish Shaped)
This is a new feature in form of an image of the fish that changes colour from gold to green when the note is tilted . The image is located at the front of the banknote on the left hand side.
- Security thread
This is a new security thread placed vertically near the centre at the back of there note. The line changes colour from green to gold.
Another distinguishing feature on the new notes is watermark. This is an image embedded inside the banknote.
When the note is viewed against direct direct sunlight, the watermark appears as a portrait of Dr. Hastings Kamuzu Banda with the number 1000 below it.
The watermark appears on both sides of the banknote.
This is a special kind of printing on banknotes that gives a raised and rough feeling when touched unlike the other sections of the note which are smooth.
The denomination value of K1000. the capital letters reading RESERVE BANK OF MALAWI and four dots at the left bottom corner of the note feel rough when touched.
- HOLOGRAPHIC FOIL STRIP
Lastly, the new security feature is the holographic foil strip.
This is a shinny vertical strip near the right -front edge of the banknote. When the banknote is tilted, the stripe shows the portrait of Dr. Hastings Kamuzu Banda, denomination value of 1000, the Reserve bank of Malawi Logo, and the text RESERVE BANK OF MALAWI
Effects of Counterfeit Money of the Economy
Have you wondered of the effects of fake money of the economy?
Well, counterfeit money has several negative effects of the countries economy.
The counterfeit business is as old as money itself, but throughout history, it has remained illegal in all countries.
Largely, because making of fake money is a blow to the economy.
Some of the effects of counterfeit money includes;
- Reduction of value of the real money
- An unauthorized artificial increase in the money supply
- A decrease in the acceptability or trust of paper money
- Increase in prices of goods (inflation)
Did you know?
Counterfeiting is called “the world’s second oldest profession because of its wide availability in history.