After attaining independence in July 1964 Malawi through its Reserve Bank, took charge of monetary administration. The Reserve Bank of Malawi announced the issuing of new Malawi banknotes to replace the colonial and federal currency, to be effected on November 16th, 1964.
The federal currency ceased to be legal tender on 1st June 1965. Interestingly, the new currency was known as the Malawi Pound. It had banknotes divided into 1 Shilling, 1 Pound, and 5 Pounds. Circulating together up until June 1st, 1965, the old pound and the new pound had a match in value. One of the features displayed on the new currency was the face of the Prime Minister, Dr. Hastings Kamuzu Banda.
The new currency was divided into units of Twenty Shillings and each Shilling was divided into twelve pennies. The Prime Minister had powers to recommend the appointment of the Governor of the Reserve Bank and his Deputy and during the establishment of the Reserve Bank and the subsequent change of currency from the British Pound to the Malawi Pound, the Governor of the Bank was Mr. Alan G. Peruh who was a high ranking official from the Bank of England.
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