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.
01/04/2020: 50th Anniversary of the Paʻanga
Tonga celebrated the 50th anniversary of the introduction of the paʻanga as its national currency.
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.
29/07/2014: Second Devaluation of the Paʻanga
Another devaluation occurred, this time by 20%, as part of Tonga's economic reform program.
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.
14/03/2008: Currency Redenomination
Tonga redenominated its currency, removing three zeros from the paʻanga to simplify monetary transactions.
16/11/2006: Riot and Currency Crisis
Civil unrest and riots erupted in Tonga, leading to a currency crisis and a temporary suspension of trading the paʻanga.
10/04/2000: Introduction of New Kwacha Banknotes
Malawi introduced new banknotes with enhanced security features to combat counterfeiting and to modernize the currency.
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.
01/04/1991: First Devaluation of the Paʻanga
The paʻanga was devalued by 25% in an attempt to boost Tonga's economy and improve trade competitiveness.
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.
04/06/1975: Independence of Tonga
Tonga gained full independence from the United Kingdom, further solidifying the status of the paʻanga as its national currency.
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.
01/04/1967: Introduction of the Paʻanga
The Tongan paʻanga was introduced as the official currency, replacing the pound at a rate of 1 pound = 2 paʻanga.