The Reserve Bank of Malawi has reminded tourism enterprises of immediate and mandatory measures governing foreign currency payments under the Foreign Exchange Act of 2025, warning that non-compliance will attract penalties.
In a statement, Deputy Governor for Economics and Regulation Henry Mathanga said the rules are meant to ensure proper settlement of foreign currency transactions involving international tourists and foreign passport holders.
All tourism enterprises are required to obtain authorization from the central bank to deal in foreign currency, with the compliance deadline extended to 28 February 2026.
Operators must demand payment for services rendered to foreign passport holders strictly in convertible foreign currency, while clearly displaying official exchange rates and issuing accurate receipts.
Authorized enterprises are required to submit monthly transaction returns to the Bank and maintain complete records for inspection.
The Bank has also directed all authorized operators to open foreign currency-denominated accounts and ensure that any payments received outside Malawi are repatriated into those accounts.
Mathanga emphasized that proceeds from services provided to international tourists are classified as export proceeds and must be handled in full compliance with the law.
