Kwacha of Malawi debauched by 30% against the $ USD based on Supply-Demand Imbalances in the Currency Market

By Abdul Rahman Bangura-

Malawi’s Kwacka Bills
Photo Credit: afriem.org

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- …cash sales of foreign currency by banks and other authorized dealers would be limited to $2,000, effective immediately, Malawi’s Finance Minister – Simplex Chithyola Banda divulged on Monday, November 13th, 2023.

He furthermore let out Malawi had spoken with the World Badivulged to improve grants for the poorest under the administration’s Social Cash Transfer Programme (SCTP). The Minister informed correspondents that the police and other security agencies would indict black market forex dealers.

This has been the second time Malawi has remarkably depreciated its currency in recent years, the first being in May 2022 to hold up decreasing foreign currency reserves by declining commodity prices and declining revenue from tobacco exports.

The latest devaluation has spurred an angry reaction from some netizens, with protests planned. The Southern African nation has likewise hiked fuel and electricity.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent