Malawi forex levels are expected to improve following the opening of DX Capital Bureau DE Change, a forex Bureau company at Golden Peacock Complex in City Centre, in Lilongwe.
Speaking during the event marking the opening of the company a few days ago, Company Group Chief Executive Officer Mr Geoffrey Makhalipi said his company is much committed to adhere to the set down rules and compliment Government efforts in ending forex shortages.
He said “The Bureau will serve an important function in the society and global economy by providing formal forex trading solutions to businesses. Help the government find ways of making foreign exchange currency available, hence helping to increase its foreign reserves for the development of the country,” said the CEO.
A senior official cutting the ribbon to signify launch of the bureau
He said through providing competitive rates, the bureau will be receiving international incoming remittances.
“The Bureau has Foreign Currency Deposit (FCD) Account with Standard Bank which our prospective diaspora clients would use to send home money to their families and loved ones, hence, aligning with the government’s appeal to those in diaspora, ” he said.
He said the Bureau will allow currency conversion for international trade.
“Let me take this opportunity to request RBM to take a look at digital currency and Forex Markets which could be one of the solutions to foreign currency challenges; of which I believe the regulatory body is already working on. Our financial policy should be designed to accommodate new digital forex trading innovations and developments in order to reduce the gaps in our forex trading market, ” he said.
He said his company has direct contact with global regulated financial service providers, with new forex trading innovations who would be willing to partner with the regulatory body, Reserve Bank, to find ways of easing the forex pressure.
“We export less and that calls for other alternatives in order to generate the needed reserves,” he added.
He further said that this would be in line with one of His Excellency, President of Malawi, Dr. Lazarus Chakwera’s speeches in which he emphasized the need of Digital and Green economy of tomorrow, in order to transform Malawi economy.
“We believe that the bureau will also be crucial in promoting tourism activities in Malawi and make tourists experience the warm heart of Africa, Our Pride. This is the fifth generation of revenue where digital wise is the new dimension, ” he said.
In his speech Guest of Honour at the event, Reserve Bank of Malawi Policy and Compliance Manager (Foreign Flows Monitoring Department), Mr. Ken Khoswe, commended the initiative, saying it will have a positive impact on the Malawi economy.
“On behalf of the Reserve Bank of Malawi Governor, I stand before you to witness another milestone in the foreign exchange market through the entry of DX Capital Bureau De Change, ” he said.
Khoswe said the establishment of the Bureau marks a significant step in the Reserve Bank commitment to ensuring a robust and vibrant foreign exchange market by providing an alternative to the public in the buying and selling of foreign exchange in the country.
He said RBM expects that DX Capital Bureau De Change will help to make the operation of the foreign exchange market efficient and effective in the provision of services to the public through provision of competitive foreign exchange rates.
He said the entry of DX Bureau De Change takes the number of registered forex bureau to 23 across the country.
“This is a positive development to the Bank and the country in the sense that Malawians and travelers have a wider choice for their foreign exchange transactions, ” he said.
To date, the forex bureau scheme has registered tremendous growth in terms of geographical distribution as well as turnover of foreign exchange traded.
Khoswe has since appealed to the newly opened Bureau to adhere to the rules.
“The Bank also expects the bureau to take all necessary steps to prevent and curb the commission of financial crimes by developing robust controls and systems, ” he said.
Lilongwe City Mayor Councilor Richard Banda has since endorsed and welcomed the opening of the Bureau saying this development will benefit people from his City.
He said the bureau will create employment and contribute to the national economy.
Newly established company is already licensed by the RBM and is Located at Golden Peacock Shopping Centre, Lilongwe: Shop Number A16.
