Malawi urged to stop buying luxury goods, save foreign exchange
Malawians should stop importing luxuries such as cars and televisions to conserve foreign exchange in the southern African nation, the central bank said.
The country has a shortage of foreign currency caused by falling prices for tobacco, its biggest export, a decline in foreign portfolio investment and the global recession.
“We are in a crisis,” Reserve Bank of Malawi Governor Perks Ligoya said in remarks broadcast on Capital Radio, a closely held broadcaster, today. “In hard times like these, we cannot afford luxuries, we have little resources.”
The Malawian kwacha has weakened 1.6 percent to 142.9 against the dollar from the 140.6 it was set at for more than two years until Oct. 28. On the black market, the currency is trading at 190.
Malawi’s government has announced plans to conserve financial resources, including restricting travel abroad by all public officials to no more than six times a year.
–Bloomberg
It is time to look at how malawians in dispora could help. We are willing but there is need for leaders to acknowledge that we living outside malawi do contribute ten thousands of kwachas but it all end up in fees to western union for example.
Peharps one of the malawi banks could have a branch or indeed a direct electronic transfer system that would enable us to put the much needed foreign echange directly into Malawi. Iam not an economist but anything to help out my country if needed.
The second issue for me is i do not understand the issue of Malawian constitution not allowing its natives having multiple nationalities. In my opinion tis allows better access to foreign markets albeit one resides in malawi. It also makes it easier for people born in the western world to consider investment opportunities without being treated as foreigners in their country of origin or that of there forefathers/mothers.
This should be an option for all malawians where ever they are. I would beseech the govt to look at allowing multiple citizenship.
Ghana is one good example of a country that allows multiple citizenship and the level of patrotism is evident anywhere you go. Malawians have to shy away from engaging publicly at times due to the fact that they may have to given up their Malawian passport to engage in the country of residence.
Openning a bank account with a malawi passport can be a nightmare in a lot of european countries or starting your own business. However it gets easeir after a few years and thats is an opportunity to then transfer some of the credit facilites and or hard arned cash bank to our mother land. But this could be made easeir if the malawi constitution could allow multiple citizenship.
Just a thought buying luxury goods is a personal choice and no govt should take away that Right from their citizens. There are better ways of raising the much needed cash.
A Malawian in diaspora says “Amwenyewo are the mostly overlooked culprits in this issue of forex. They are involved in black market and they come to the West and enjoy confortable life after crossing with thousands and may be millions uncontrolled”
REMOVE EXCHANGE CONTROLS LIKE EVERY OTHER NATION IN THE REGION..
basi
Mophwiya Mulhako leader has failed Malawi Big time.Being an economist we never expected Malawi to be on its knees like this and look now.What he knows is the politics of division and playing blame game for his own failures instead of looking for tangible solutions for the small impoverished country like Malawi.He has tried a tribal card but aliyense wanzeru anamtulukira kuti he just want to confuse malawians.We are looking towards for a leader who will unite Malawi than dividing them.Mophwiya just admit that you have failed Malawi with your useless nepotism and tribalism.You have to be ashamed of failures since you wanted to pose to malawians as one of the great leaders malawi has produced.
A Ligoya sangatithandize, if this man is failing to manage his own home, the whole governor angakwatire hule la pa 7/11 filling station, do you expect him to manage the economy of the country. we are yet to see worse things than queeing for fuel and lack of forex. Better Mbewe than this fake phDeed guy. Am telling you this country is going to the dogs. You think you can stop people from buying what they want all because you are failing to curb the flow of forex, forget it and dont punish poor Malawians with their own money all because you have run out of ideas. Mbuli zokhazokha inu. A Pulezidenti wanu nawonso kutuma ti ma MP tawo kumakavotera Leader of Opposition, what a mess in our beautiful Malawi. Your devide and rule system will fail you, ng’ombe inu.
Kokakokakokakoka zofuna