Opposition demand Malawi Kwacha devaluation report in Parliament
Speaker of Parliament Catherine Gotani Hara has overruled the opposition which wanted the House to start deliberating on the recent devaluation of the Malawi Kwacha as deliberations started in the Chamber on Monday afternoon.
Leader of Opposition Kondwani Nankhumwa raised the issue with a backing of opposition members of Parliament.
But the government turned down the proposal and asked if the Minister of Finance can present a report on Tuesday the same issue.
Nankhumwa demanded that Finance Minister Simplex Chithyola Banda first bring to Parliament a statement on the devaluation of the Kwacha before the House tackles any other business.
Nankhumwa said the devaluation has caused a lot of suffering among Malawians.
But Leader of the House Richard Chimwendo Banda said Standing Orders of the House need to be followed when coming up with such demands.
According to Chimwendo Banda, the Finance Minister already made a statement on the issue of devaluation to the media and he was ready to make a statement in Parliament as long as Standing Orders are followed.
Chithyola Banda said he would bring a comprehensive report on the devaluation and measures to cushion Malawians on Tuesday.
Earlier in the day, Chithyola Banda held a press conference in Lilongwe he unveiled the action plan to recover, develop, and protect Malawi’s economy in the wake of the recent 44% re-alignment of the kwacha against the dollar.
Chithyola Banda said that government is exploring potential areas to help grow the country’s economy.
He cited carbon credits trading and Climate Smart Funding, mining, Cannabis export, Diaspora revenue collection, Mega Farms and Industrial Parks, as some of the areas which will help in generating much-needed revenue and forex to grow the economy.
The minister further announced mechanisms which have been put in place to safeguard the country’s forex.
He said with immediate effect, the Fiscal Police, with support from the Financial Intelligence Authority (FIA), National Intelligence Service and Malawi Defence Force (MDF) will intensify the crackdown on all illegal foreign exchange trade in all markets across the country and in border areas.
He added that the Ministry of Finance and Economic Affairs will publish and gazette regulations to promote legal forex exchange trade.
Chithyola Banda said the Reserve Bank of Malawi with immediate effect has restricted Authorised Forex Dealers to sell foreign exchange in cash over a counter in any foreign currency equivalent of 2000 US Dollars per traveler and if the traveler wants more, the exceeding amount should be placed in an electronic bank card.
He said the Reserve Bank of Malawi will also intensify foreign exchange compliance inspections in all financial institutions.
The minister also announced that relevant authorities will investigate the rumours that some workers in banks were smuggling forex into the black market and once found guilt laws will be applied to them
Follow and Subscribe Nyasa TV :
