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The kwacha (/ ˈ k w æ tʃ ə /; ISO 4217: MWK, official name Malawi Kwacha [2]) is the currency of Malawi as of 1971, replacing the Malawian pound. It is divided into 100 tambala . The kwacha replaced other types of currency, namely the British pound sterling , the South African rand , and the Rhodesian dollar , that had previously circulated ...
The service sector accounts for 51.7% of Malawi's national GDP. Notable industries are tourism, retail, transport, education, health services, telecommunication and the banking sector. The Government of Malawi holds shares in many important companies, such as Malawian Airlines (51%) and Press Corporation Limited. Press Corporation Ltd. is the ...
Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar). In some places there is a thriving street trade by unlicensed street traders in US dollars or other stable currencies, which are seen as a hedge against local inflation. The exchange rate is ...
On the advice of the International Monetary Fund, in May 2012 Banda devalued the Malawian kwacha, something Mutharika had refused to do. The announcement of the kwacha's devaluation by 33 per cent against the United States dollar, an attempt to attract donor funding, prompted "panic-buying" in Malawian cities, the BBC News reported. [57]
Colour key and notes Indicates that a given currency is pegged to another currency (details) Italics indicates a state or territory with a low level of international recognition State or territory Currency Symbol [D] or Abbrev. ISO code Fractional unit Number to basic Abkhazia Abkhazian apsar [E] аҧ (none) (none) (none) Russian ruble ₽ RUB Kopeck 100 Afghanistan Afghan afghani ؋ AFN ...
The value of Zambian currency dropped following redenomination; the exchange rate was 22 kwacha to one U.S. dollar in April 2021. After the 2021 Zambian general election saw a defeat for Edgar Lungu , the currency's depreciation was reversed; as of 27 August 2021 [update] one U.S. dollar was exchanged for about 16 kwacha. [ 5 ]
Zambian kwacha: Bank of Zambia Zimbabwe: Various (including South African rand, Botswana pula, pound sterling, Indian rupee, euro, Japanese yen, Australian dollar, United States dollar and the Chinese yuan) Reserve Bank of Zimbabwe
Malawi: Malawian kwacha: Reserve Bank of Malawi: 1964 Malaysia: Malaysian ringgit: Central Bank of Malaysia: Bank Negara Malaysia: 1959 Maldives: Maldivian rufiyaa: Maldives Monetary Authority: 1981 Mali: West African CFA franc: Central Bank of West African States: Banque Centrale des États de l'Afrique de l'Ouest: 1959 Malta: Euro