Malawian Kwacha

Overview

Economy

• Malawi is a member of AU, SADC, COMESA, Commonwealth.
• Main industries include: Tobacco, Tea, Sugar, Sawmill products, Cement, Consumer goods.
• Malawi is part of the World Trade Organization.
• Imports are food, petroleum products, semi manufactures, consumer goods, transportation equipment.
• Major exports include tobacco, tea, sugar, cotton, coffee, peanuts, wood products, apparel.
• GDP: $13.2 billion (2023 est.).
• GDP per capita: $645 (2023 est.).
• Unemployment rate: 5.8% (2013 est.).
• Inflation rate: 28.8% (2023 est.).
• Main trading partners: India, South Africa, China, Germany, United States, United Kingdom.
• Trade agreements: SADC Trade Protocol, COMESA FTA, EU Economic Partnership Agreement.

History

• Previous currencies used: Malawian pound, British pound, Rhodesian pound.
• The kwacha was introduced in 1971, replacing the Malawian pound. The name 'kwacha' means 'dawn' in Chichewa, symbolizing freedom from colonial rule.
• 1971: Kwacha introduced, replacing Malawian pound
• 1975: Reserve Bank of Malawi established
• 1994: Return to multiparty democracy
• 2012: Devaluation and IMF program
• 2020: COVID-19 pandemic impact
• 2022: Significant depreciation pressures
• Exchange rate peg: Free floating since 2012.

General Information

• ISO 4217 Code: MWK
• Symbols: MWK/MK
• Currency Subunits: 100 tambala
• Central Bank: Reserve Bank of Malawi
• Monetary Policy: Inflation targeting with flexible exchange rate. Focus on controlling inflation while supporting agricultural economy.
• Bills: 20 MWK, 50 MWK, 100 MWK, 200 MWK, 500 MWK, 1000 MWK, 2000 MWK, 5000 MWK
• Coins: 1 tambala, 2 tambala, 5 tambala, 10 tambala, 50 tambala, 1 kwacha, 2 kwacha, 5 kwacha, 10 kwacha
• USD Exchange Rate: Variable (approximately 1700-1800 MWK per USD)
• Pegged To: None (Floating)
• Capital: Lilongwe
• Population: 20,405,317 (2023 est.)
• Area: 118,484 km²
• Languages: English (official), Chichewa (official), Chinyanja, Chiyao, Chitumbuka
• Time Zones: UTC+2 (Central Africa Time)
• Government Type: Presidential republic
• Head of Government: President (head of state and government)
• Independence: July 6, 1964 (from United Kingdom)
• Ethnic Groups: Chewa 34.4%, Lomwe 18.9%, Yao 13.2%, Ngoni 10.4%, Tumbuka 9.2%, Sena 3.8%, Mang'anja 3.2%, Tonga 1.8%, Nyanja 1.8%, Nkhonde 1%, Other 2.2%, Foreign 0.1%
• Religions: Protestant 33.5%, Roman Catholic 17.2%, Other Christian 26.6%, Muslim 13.8%, Traditional 1.1%, Other 5.6%, None 2.1%
• Literacy Rate: 62.1% (2015 est.)
• Transport: Lilongwe International Airport, limited road network, railway to Mozambique ports, Lake Malawi transport
• Communications: Basic telecommunications, 20% internet penetration, mobile network coverage
• Energy: Hydroelectric 98%, Biomass 1%, Other 1%
• Countries Using This Currency: Malawi
• Data Sources: Central Bank: Reserve Bank of Malawi (rbm.mw), Economic Data: National Statistical Office Malawi, World Bank, IMF, Trade Data: Malawi Revenue Authority, Demographic Data: National Statistical Office Malawi, Geographic Data: Department of Climate Change and Meteorological Services, Historical Data: Reserve Bank of Malawi archives
• Last Updated: 2025