 The kwacha replaced other types of currency, namely the UK 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.