Reserve Bank of Malawi’s cry on worn out notes just got louder as the firm revealed it has spent 40.1bn in the past 4 years. Attributing the worn out notes to stamping on money during weddings, RBM has resolved into structuring further strict penalties on the crime.
However as economists feel for RBM, they have expressed skepticism over the wedding/engagement ceremony blame. “The worn out notes is a collective of various reasons, not solely on weddings and engagements” said an anonymous economic expert, “I have done businesses with various lake shore individuals, who have given me damp money or damp and torn money altogether” The expert said there is now awareness not to step on money at wedding, but RBM must make as much effort in rural areas where businesspersons are mishandling the currency.
Commenting further, another expert pointed out that people in distant rural areas cannot access mobile money, let alone banks, so they store money on their own. “They may have access to these facilities in theory” she said, “but practically these facilities may be too distant for them to withdraw or deposit their money, so the resolve is to keep the money on their own”. She then pointed out that rats may nibble on the notes, adding that where the money is stored my not be a warm and dry place.
In conclusion, the economic experts called for an actual census concerning how notes are exposed to destruction, stressing that the commonality and frequency of weddings and such ceremonies does not necessarily mean they are solely to blame. “Fresh new notes are the trend at such events” conclude the experts, “and such notes aren’t that frail”