13/05/2020: Introduction of New Thousand Kwacha Banknotes
Malawi introduced new banknotes with higher denominations to address issues of inflation and to streamline transactions in a cash-based economy.
01/05/2016: Currency Floatation
The Malawian government allowed the kwacha to float freely against other currencies, leading to a significant depreciation of the currency.
07/08/2012: Introduction of New Kwacha Coins
Malawi introduced new coins to replace smaller denominations of the kwacha banknotes, facilitating transactions and reducing the cost of producing money.
18/05/2005: Removal of Ten Hong Kong Dollars Note
The Hong Kong Monetary Authority announced the removal of the HKD 10 paper note from circulation, encouraging the usage of electronic payment methods and reducing printing costs.
10/04/2000: Introduction of New Kwacha Banknotes
Malawi introduced new banknotes with enhanced security features to combat counterfeiting and to modernize the currency.
01/07/1997: Hong Kong's Handover to China
Hong Kong was officially handed over to China, marking the end of British colonial rule but maintaining the Hong Kong Dollar as its currency under the 'one country, two systems' principle.
14/06/1994: Malawi's First Multiparty Democratic Elections
Malawi held its first multiparty democratic elections, leading to a political and economic transition which affected the value of the kwacha.
17/10/1991: Linked Exchange Rate System
The Linked Exchange Rate System (LERS) was implemented, establishing a narrow trading range of HKD 7.75 to 7.85 against the U.S. Dollar, backed by stringent measures to maintain stability.
31/12/1983: Joint Declaration on the Future of Hong Kong
The Sino-British Joint Declaration was signed, affirming Hong Kong's return to China in 1997 and ensuring the continuity of the Hong Kong Dollar as its official currency.
01/09/1979: First Devaluation of the Kwacha
The Malawian government devalued the kwacha by 30% in response to economic challenges and to promote exports.
22/05/1972: Pegging to the U.S. Dollar
As the British Pound faced pressures in the foreign exchange market, Hong Kong decided to switch the peg to the U.S. Dollar at a rate of HKD 5.65 to USD 1.
06/07/1971: Introduction of the Malawian Kwacha
The Malawian Kwacha (MWK) was introduced as the official currency of Malawi, replacing the Malawian pound at a rate of 2 kwacha = 1 pound.
12/09/1935: Pegging to the Sterling
The Hong Kong Dollar was pegged to the British Pound (Sterling) at a fixed exchange rate of HKD 16 to GBP 1, which helped stabilize the currency.
01/01/1863: Introduction of the Hong Kong Dollar
The Hong Kong Dollar was first introduced as an official currency by the British colonial government to facilitate trade and commerce in Hong Kong.