Kwacha gains slightly to Dollar – Reserve Bank of Malawi
Malawi Kwacha, which is trading at its lowest levels, has slightly firmed against three major foreign currencies, Reserve Bank of Malawi (RBM) report indicates.
The central bank indicated in its latest financial market development report, that the Kwacha currency has appreciated against the United States dollar, British pound and South Africa rand, but has marginally depreciated against the euro.
The local currency traded at around K557.85 against the dollar this weel, according to RBM, which is a gain from K570 to a greenback in the past weeks.
Foreign exchange rates in some authorised dealer banks (ADBs) also show that the kwacha is trading at around K560 to a dollar.
The central bank has not provided an explanation behind the gain in the value of the kwacha, but University of Malawi economics professor at Chancellor College, Ben Kaluwa, told a local paper that the slight appreciation to lower buying power among businesses.
He said since foreign exchange market is driven by demand and supply, the local currency might be appreciating not because the currency is doing fine on the supply side, but because people do not have the buying power.
“For instance, if business is poor, demand for imports will reduce. Right now, the demand for one of Malawi’s major imports, petroleum products, is falling and this can result in the kwacha appreciating as people are substituting expenditure,” Kalua is quoted as saying.
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Complacency has completed us. That’s all I can say…
zaziii!!!!!
I feel not happy with the way how our government is handling monetary issues. The finance minister must stop the Kwacha from collapsing further.
Olira ndi mlimi. Lero wayamba kutenga mipopi kuthilira nursery za fodya after kunamizidwa kuti kwacha yagena dzulo pogulitsa fodywa, kenako nkugwa soon after kugulitsa hona, lero ndi iyi ikugenayi. This farming seems to go together with some curses.
Better than none a chupa u r trying
Mmmmmmm no idea
please don’t appease people,if the Kwacha has appreciated to the foreign currencies why not €.
Palibepo nkhani apa. I sees nothing newsworthy
Kusuta kukhoza kuwononga moyo
whateve.nothing is working,
kusinthaku koti nkunyandira? ifike muma k400 apo ndipo mudzanyadile
ndiye mukuona ngati chani za masiku awiri zo
kumeneku ndikusintha sindikuonapo kanthu , mulira nonse amene mudavotera chipani chokumbachi
What surprises me is that a story like this attracts few comments. But a story on some stupid thing like a man caught with a married woman or political story we have 200 comments. Are we Malawians focusing on the wrong things?
Guys listen to me. Please as Malawians, it is better to be frank and say the truth. There is no improvement on the value of the kwacha against the major currencies. This is cooked. I work at the RBM myself. This is tp blind fold Malawians and nothing more.
Yifika liti pa 1 to 1 pin?
call a spede a spede
yes this is good it will bring inflation down
Mbuto yakalulu idakula mtazawonen this is makaka apitala wazikakila mtrauza
stupid
Malawi economy is unpredictable. Very shortly it will be back to normal after eating tobacco farmers’ dollars.
ok
What a gain. Thought is back to 400. Rubbish and temporary gain
Nonsense