Malawi Kwacha falls to ‘weakest level ever’

The Malawi Kwacha has weakened sharply to a record low against the dollar  by 6.4 percent since the start of the year, Finance Minister Goodall Gondwe has confirmed the slump.

Malawi Kwacha falls to record low

Malawi Kwacha falls to record low

Malawi Kwacha falls to 'weakest level ever'

Malawi Kwacha falls to ‘weakest level ever’

The free fall of the local currency is the weakest level ever against the greenback and inflation is increasing becoming high pushing up the cost of living.

Foreign exchange market indicates the kwacha is trading at K1 000 to the British pound and K768 to the dollar.

Finance minister Gondwe conceded that the Kwacha fall has “worsened”.

He however assured Malawians that all will be well mid this year though stressing it will take time for the economy to fully recover.

Gondwe was upbeat IMF will lead donors back to Malawi to resume aid in the year.

The kwacha’s performance is pushing prices of commodities and services up causing discomfort to Malawians, among them students studying with foreign institutions and paying their fees in foreign currency too.

An investment management and advisory firm named Nico Asset Managers, said in its economic brief the kwacha would continue depreciating in the short term as the lean season continued.

The declines compound the troubles of an economy hit hard by a downturn in commodity prices and its inability to put into place what economists say are necessary revival strategy.

“We are a country in crisis,” commented opposition politician and parliamentarian Kamlepo Kalua.

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Dwambazi
Guest
Dwambazi
7 months 27 days ago

Mr Gondwe told the nation in May-June 2015 that the economy would be better in Dec 2015 and that we all would be clapping hands for Mathanyula and his clueless administration , I haven’t seen a reason to clap hands yet. I have never seen Malai in such a dire situation

prence
Guest
prence
8 months 11 hours ago

ino sinthawi yolozana zala!! tingogwada pansi ndikuyang’ana kwa namalenga kut atithangate basi,,,,coz votoli sangalithe munthu mmozi!!!! god bless nyasaland worm haert of africa MALAWI!!!

Theoj
Guest
8 months 15 hours ago

How can we survive when we hav been sorrounded by selfish people, they eat and drink while others are dying of hunger. So soon the judgement will follow.

shosholoza
Guest
shosholoza
8 months 16 hours ago

Malawi will be poor so long our political style never change. Either Malawi should adopt federal type of government or try a northerner to be a leader of the country. Otherwise we will keep on crying with the same people in power, I doubt if there can be any change. In federal system state will be competing no state will like to remain behind. Time has come for Malawians to think beyond tribal lines.

kk
Guest
kk
8 months 23 hours ago

No4 kikkkkkkkk kwacha yagwa apulezidenti kugwaso? kikkikkkkk!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Jijo
Guest
Jijo
8 months 1 day ago

Lets just join hands and move forwad

B
Guest
B
8 months 1 day ago

Its time we open our eyes before it is too late….lets starts using the dollar or else things are going to be worse than this..this has nothing to do with the finance minister..wake up Malawi!

Damus
Guest
Damus
8 months 1 day ago

If we can’t change the way we think we can’t change the way we live.
We can be slaves and ne free if our vision is greater than our chains.

Fraser Moyo
Guest
Fraser Moyo
8 months 1 day ago

If you say this problem is all over the world, shut up your month, this old finance minister Mr GG must resign or Mr APM fire him, R, Juma must take over the position no matter which party and area he come from.

Tim
Guest
Tim
8 months 1 day ago

Malawi is a useless shit hole of an Evil Nation…It deserves to be poor..Churches is evil..Tribalism is evil..Corrupt Government is evil…The whole nasty society is evil…
Heart attack in high office soon just like before

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