Unlicensed foreign exchange dealers warned

Reserve Bank of Malawi

The Reserve Bank of Malawi (RBM) has warned tourist operators in the country over illegal foreign exchange dealings.

In a statement signed by its Governor Dalitso Kabambe, RBM says it is illegal to deal with foreign currency in the absence of a requisite licence issued by the bank.

Reserve Bank of Malawi
Governor Dalitso Kabambe

“In particular, the Bank has noted that some tourist operators are accepting foreign currency from foreign clients yet they do not have the requisite licence to deal in foreign exchange,” reads the statement.

RBM has since advised such operators to stop the malpractice saying they must apply for a licence to enable them accept foreign currency.

The Central Bank adds that licensed tourist operators must comply with all operational requirements for the licence to deal in foreign exchange including issuance of receipts for all purchases of foreign exchange.

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