The Reserve Bank of Malawi (RBM) has given assurance to the general public that it has no plans to devalue the Malawian Kwacha, despite the economic challenges facing the country.
This assurance comes as the black market exchange rate hits K5,000 per dollar, far exceeding the recommended exchange rate.
Speaking to the local media, RBM governor Macdonald Mafuta Mwale said that they are in the process of cracking down on black markets as a way of stabilising the Country’s economy.
“We have discussed with all relevant institutions on issues surrounding the black markets and so soon the measures will be implemented.
We assure you that the value of Kwacha is K1,750, not beyond K4,000, so anything that is speculated to distort the economy will be dealt with,” he said
He added that all the strategies and measures will be presented in the parliament by Minister of Finance, Simplex Chithyola Banda in the next Parliamentary meeting
My mother Malawi