BLANTYRE – The Reserve Bank of Malawi (RBM) has said it has no plans to further devalue the Malawian Kwacha as there is no reason to do so.
It follows speculations about another devaluation which according to a statement released by RBM signed by its Governor, Dr Wilson Banda, there are measures that government is undertaking to address foreign exchange supply and demand imbalances.
“The private sector is urged to improve foreign exchange generation,” Dr Banda said.
He further said that going forward, the Reserve Bank of Malawi will continue to allow the exchange rate to respond to market fundamentals by maintaining a flexible exchange rate regime.
“The Reserve Bank of Malawi remains committed to its mandate of ensuring price and financial stability,” he explained.
