RBM announces new Economic Measures

Reserve Bank of Malawi RBM has announced new measures aimed at curbing inflation, boosting forex and promoting economic growth effective 1^st July

RBM governor Dr MacDonald Mafuta Mwale revealed during a news conference that central bank will implement changes that require all banks and other financial institutions to renew licences annually, comply with exchange control regulations

Mafuta Mwale said all existing licences will expire on 30^th June adding the initiative aims to uphold high integrity among forex traders

He further said they are also targeting the use of telegraphic transfers for import payments where traders will be required to send their electronic copies to the central bank and Malawi Revenue Authority