Reserve Bank of Malawi Devalues Kwacha

Reserve Bank of Malawi RBM has devalued again the Malawi Kwacha effective today 1^st September

RBM Governor Dr Wilson Banda says this is the result of the foreign exchange auction held on 29^th August where they agreed to be selling at a maximum of 1126.77 per Dollar

According to Dr Banda all authorized dealer banks participated and the auction was successful

He says all foreign currencies should be priced according to the 2023 guidelines for foreign exchange trading activities

As per RBM communication from 12^th January on foreign exchange the auctions will determine the market clearing price of Malawi Kwacha against the dollar and other major currencies.