100 Kwacha

The P#54 series ran across six years with no design changes, a notably long unaltered run for a denomination of this size. Malawi's Reserve Bank had faced repeated pressure to dollarize or peg more tightly to the rand during this period, as the kwacha suffered persistent depreciation against both — the 100 Kwacha note, worth roughly US$0.70 at the series' open, had slipped to under US$0.30 by the time the type was retired.

The OVD strip was a relatively late adoption for Malawian currency and reflects IMF-linked modernization requirements tied to aid conditionality agreements in the mid-2000s.