
IN THE NAME OF SAVING MALAWI... By Joseph Kayira | 20 November 2023 Where I live, we are still arguing; and bone of contention is the 44 percent devaluation of the Malawi Kwacha, which the Reserve Bank of Malawi announced some days ago. We were informed that the devaluation was a necessary evil that once effected it would unlock donor funds that this country very much needs for development projects and to resuscitate the economy, which has been in the doldrums for far too long. The exchange rate was adjusted from the selling rate of K1,180.29 to K1,700.00 United States Dollars with effect from 9 November 2023. The Central bank said the adjustment stemmed from an assessment it conducted which showed that: Supply demand imbalances remain in the market despite adjustments of the exchange rate through the auction system; arbitrage opportunities have resurfaced in the market due to the mismatch in the exchange rates in the cash and TT markets; and that spot checks on some of the players ind...