Malawi Kwacha - MWK

Overview

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.

Economy

• 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.

History

• In 1971, the Malawi Kwacha replaced the Malawian Pound at a fixed rate of two Kwacha = one Pound.
• And as of July 4, 2010, one British Pound = 227.681 Kwacha, while one US Dollar = 149.8 Kwacha, and one South African Rand = 19.4475 Kwacha.
• In May 9, 2011, an one British Pound = 257.7172 Kwacha, one US Dollar = 152.2933 Kwacha, and one South African Rand = 23.7740 Kwacha.

General Information