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The 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 British 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. The currency was further devalued by 25% by the central bank in May 2022 followed by another 44% devaluation in November 2023 raising inflation rate in Malawi.
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Sports in Malawi have been shaped by its history as a colony in the old British Empire,
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References
- ↑ "Smartex Tambala Olympic Results". Sports Reference. Archived from the original on 18 April 2020. Retrieved 2 June 2015.
- ↑ Runner's World. Rodale Press. 1991. p. 32.
- ↑ Phillips, Bob (2000). Honour of Empire, Glory of Sport: The History of Athletics at the Commonwealth Games. Parrs Wood. p. 233. ISBN 9781903158098.
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