K

Since 1971, the kwacha has served as Malawi's official unit of account. There are 100 tambala in all. The British pound sterling, the South African rand, and the Rhodesian dollar were among the earlier forms of money that were used in the Malawian economy before the kwacha. Although the kwacha's exchange rate is adjusted on a regular basis, it has floated since 1994. Bingu wa Mutharika instituted administrative measures to fix the exchange rate with other currencies in 2005. The Reserve Bank of Malawi issues banknotes. The kwacha was devalued by 34% in May 2012 by the Reserve Bank of Malawi, which also removed the currency's link to the US dollar.