The Kwacha is the official currency in Malawi since 1970. The Kwacha was adopted based on the Zambian Kwacha, which was used in Zambia since 1968. The name kwacha was derived from the Bemba word meaning dawn, reflecting the Zambian national motto: "New Dawn of Freedom." The Malawian Kwacha is subdivided into 100 tambala.
The Malawian Kwacha is the currency in Malawi (MW, MWI). The symbol for MWK can be written MK. The Malawian Kwacha is divided into 100 tambala. The exchange rate for the Malawian Kwacha was last updated on May 24, 2019 from Yahoo Finance. The MWK conversion factor has 4 significant digits.
Malawi is considered one of the least developed countries in the world and has had unstable economic growth.
Malawi's economy is mainly agricultural, with almost 90% of their population living in rural areas. Agriculture accounts for about 40% of the GDP and 88% of export revenues.
The economy relies on extensive economic support from the World Bank, the IMF, and neighboring nations.
The government has had many difficult challenges, including development of a market economy, economic problems, educational improvements, and the exponential spread of AIDS.
In 1971, the Malawi Kwacha replaced the Malawian Pound at a fixed rate of two Kwacha = one Pound.
The Rwandan Franc (RWF), is the authorized tender utilized in Rwanda. The Rwandan Franc is subdivided into a hundred centimes. Banknotes and coins are both used as legal tender for the country.
The Rwandan Franc is the currency in Rwanda (RW, RWA). The symbol for RWF can be written RF. The Rwandan Franc is divided into 100 centimes. The exchange rate for the Rwandan Franc was last updated on May 24, 2019 from Yahoo Finance. The RWF conversion factor has 5 significant digits.
Rwanda is a very agricultural-based country with about seventy percent of the inhabitants engaged in farming. Major exports are tea and coffee.
Despite being land-locked with a high population and minimal resources and industry, Rwanda has been able to make significant progress in rehabilitating and stabilizing its economy.
The Rwandan economic system relies heavily on farm production of small, semi-subsistence, and fragmented farms.
By 1994, farm size was was typically less than 1 hectare, whilst inhabitant’s density was greater than 450 individuals per square kilometer.
The Franc became the foreign money of Rwanda in 1916, when Belgium captured the German territory and switched the German East African Rupee for the Belgian Congo Franc.
Rwanda utilized the Belgian Congo Franc until 1960, when the Burundi and Rwanda Franc was introduced.
Rwanda commenced issuing the Rwandan Franc in 1964.
In 1964, banknotes of the Rwanda and Burundi Bank of Emission were overstamped for Rwanda usage only.
In 1969, aluminum 1 franc coins were launched. In 1970, 2 and ½ francs were also added in aluminum.
Brass 50 and 20 francs were launched in 1977.
There is a plan to launch a standard currency, a modern East African Shilling, for 5 East African countries at the start of 2012.