The Malawi kwachas is an official currency of Malawi since 1971 with currency code MWK and symbol K. it is subdivided into 100 tambala. The currencies like the South African rand, UK pound sterling, the Rhodesian dollar and Malawian pound had earlier circulated through the Malawian economy. In 1971 the kwachas was introduced as an official currency by replacing the pervious currencies. In the beginning the exchange rate of Malawi kwachas was fixed but since 1994, it has been floated. In 2005, executive actions were taken by Bingu wa Mutharika to peg kwachas with United State dollar. In 2012, the banknotes of Malawi kwachas devalued by 34% which unpegged US dollar.
In 1971, first coin series were introduced in denomination of 1, 2, 5, 10 and 20 tambala. The coins of 50 tambala and 1 kwacha were introduced in 1986 and coins of 5 and 10 kwacha in 2007 but released into circulation on 23rd May 2012. The banknotes dated 1964 were introduced in 1971 in denominations of 50 tambala, 1, 2 and 10 kwacha.
Recently banknotes and coins in circulation include:
Banknotes 20, 50, 100, 200, 500, 1,000, 2,000 kwacha
Frequently used coins 1, 5, 10 kwacha
Rarely used coins 1, 2, 5, 10, 20, 50 tambala