Malawians should brace for more hard times as President Dr. Lazarus Chakwera and his ‘failed’ Malawi Congress Party (MCP) administration has devalued the kwacha by 44 percent effective today midnight.
President Chakwera’s administration through the Reserve Bank of Malawi (RBM) confirmed the sad development t in a statement.
Following the devaluation, the kwacha will be selling at K1 700 against the US dollar in authorized dealer banks from K1 180.
RBM Governor Wilson Banda said this follows the supply-demand imbalances and mismatch in the exchange rates in the cash and telegraphic transfer markets.
“Spot checks on some market players indicate that the market is able to clear bills at this rate,” said Banda.
The devaluation comes a week before International Monetary Fund-IMF executive board meets in Washington, USA to decide on Malawi fate on Extended Credit Facility-ECF.
