Malawian Kwacha

The Kwacha is the currency of Malawi. It is subdivided into 100 tambala. The Kwacha replaced the Malawi Pound in 1971. The name Kwacha is a Chichewa word meaning "dawn", "new day" or "fresh start". The Kwacha is issued by the Reserve Bank of Malawi and is pegged to the US Dollar at a rate of MWK 750 to 1 USD. The Kwacha is made up of 100 tambala and is Malawi's official currency. The word 'kwacha' means 'dawn' in Chichewa, one of Malawi's main languages, and was chosen to symbolise the country's new beginning when it became independent from Britain in 1964. The Kwacha replaced the Malawi Pound in 1971, when Malawi switched to using a decimal system. The currency is pegged to the US Dollar at a rate of MWK 750 to 1 USD. The Reserve Bank of Malawi is responsible for issuing the Kwacha, and manages the country's monetary policy. The bank is also responsible for ensuring that the Kwacha remains stable in value.