Kwacha holds firm against dollar amidst rumours of devaluation

The Malawi Kwacha continues to maintain stability against the US dollar amidst rumours of devaluation of the currency, according to statistics from Foreign Exchange Auction.

Bertha Chikadza, president of the Economics Association of Malawi (ECAMA) said this stability reflects positively on the local economy.

She encouraged Malawians not to lose hope, citing the Reserve Bank of Malawi’s consistent communication regarding any developments related to the kwacha.

Currently, $1 is trading at K1,751 and RBM spokesperson Mark Lungu, recently described as unfounded fears of devaluation by some people.

The stability of the local currency is anticipated to persist as the country’s tobacco marketing season reaches its sixth week.

During the fifth week, the country recorded $108 million in revenue, marking an increase from the $64 million realized during the same period last year.