Malawi Kwacha in further gains against US Dollar

Reserve Bank of Malawi (RBM) statistics show that Malawi Kwacha currency continues further gains against the dollar and other major international currencies in the month of February 2015.1,

Against the United States dollar the Kwacha is at K425 in some authorised dealer banks in Lilongwe from a peak of K520 it 2was sold in December last year.

The kwacha appreciated by 3.3 percent against the dollar to close the month at K439.42, gained  0.7 percent against the British pound, 2.6 percent against the South African rand and 4.7 percent against the euro.

RBM spokesperson Mbane Ngwira has attributed the continued appreciation of the kwacha against other currencies to the injection of more foreign currency in the market, among other factors, The Nation reported Thursday.

Gross Official Foreign Reserves which fall directly under the control of RBM stood at $669.18 million as at March 4, 2015, representing 3.5 months of import cover.

Meanwhile, Nico Asset Managers Limited, a Blantyre-based investment management and advisory firm has projected that the exchange rate is expected to continue appreciating as we approach the opening of tobacco market.