The Reserve Bank of Malawi (RBM) has refuted reports that it is planning to release into circulation a K10,000 banknote.
On Monday, the social media was awash with reports that the Central Bank will release the new banknote soon and will be in circulation by October.
The rumour attracted panic among Malawians with many claiming that the situation will worsen the economic situation in the country.
But in a statement RBM Governor Wilson Banda said the bank has no intention of introducing a K10,000 banknote anytime soon.
According to the central bank, there are a number of conditions that must be met to trigger issuance of a higher banknote which includes that the highest denomination must exceed 60.0 percent of the total value of currency in circulation.
However according to Banda, currently this condition has not been met as the ratio is currently at 26 percent.
The bank has since described the speculations as false and that the public should regard it as such.
RBM speaks out on MK10,000 banknote
