RBM DEVALUES KWACHA

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The Reserve Bank of Malawi has devalued the Kwacha with immidiate effect from 9th November 2023  in response to a series of challenges  hitting the country in the economic sector.


In a letter released by the Bank , the Kwacha has been devalued from K1180 per dollar selling rate to K1700 per dollar selling rate  which is representing a 44% devaluation ratio.


The letter further states that the action was made to address a number of issues which they noted during a research they conducted on the Country's market and Economy which clearly indicated the struggles the Country's Economy is facing.


The Bank  then continued by saying that it will continue monitoring developments in the market to avoid disorderly behavior among market players that may cause excessive votality.


This is  the second time for the  country to  significantly devalue  its currency, after doing so first in May 2022 to prop up dwindling foreign currency reserves pressured by rising commodity prices and declining revenue from tobacco exports.


Article by Benjamin GK Nyirenda


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