RBM Devalues Kwacha

The Reserve Bank of Malawi has devalued the Malawi kwacha with 25 percent effective today, Friday 27 May 2022.

A statement issued by the central bank’s governor last evening indicates that the decision has been made as a last-ditch attempt to salvage the shortage of forex in the country.

In the statement governor Wilson Banda says interim measures to control the situation have not been effective and that there was rising hoarding of the US dollar hence the move.

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Last modified on Friday, 27/05/2022

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