Malawi Kwacha Devalued by 44%
Reserve Bank of Malawi RBM has devalued the kwacha again as it will be selling at 1700 kwacha from 1180 kwacha to a dollar
According to governor of RBM Dr Wilson Banda says the adjustment of the exchange rate is with effect from 9th November
Banda says the adjustment stems from an assessment conducted by the bank
The assessment showed that supply-demand imbalances remain in the market despite adjustments of exchange rate, arbitrage opportunities have resurfaced due to mismatch in exchange rates and import bills are cleared at this rate.
The RBM governor says will closely monitor developments in the market to avoid disorderly behavior among market players that may cause excessive volatility
Meanwhile ministry of finance and economic affairs will address the nation on Monday 13th November on measures government has to cushion vulnerable Malawians and stimulate economic growth
