The kwacha (; ISO 4217: MWK, official name Malawi Kwacha) is the currency of Malawi as of 1971, replacing the Malawian pound. It is divided into 100 tambala. The kwacha replaced other types of currency, namely the UK pound sterling, the South African rand and the Rhodesian dollar, that had previously circulated through the Malawian economy. The exchange rate of the kwacha undergoes fixed periodical adjustments, but since 1994 the exchange rate has floated. In 2005, administrative measures were put in place by Bingu wa Mutharika to peg the exchange rate with other currencies. Banknotes are issued by the Reserve Bank of Malawi. In May 2012, the Reserve Bank of Malawi devalued the kwacha by 34% and unpegged it from the United States dollar.
Malawi’s Anti-Corruption Bureau has launched an investigation into whether money irregularly changed hands during the rushed signing of production-sharing agreements on three of Malawi’s petroleum blocks just eight days before the 2014 elections in the country. The probe was requested by a range of Malawian civil society organisations and international NGO Oxfam. By COLLINS MTIKA for the Centre for Investigative Journalism (Malawi) in association with AMABHUNGANE.