May 25, 2018 Last Updated 8:55 AM, May 25, 2018
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Malawi kwacha losing value

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The Malawi Kwacha (MK) continues to lose value against major foreign currencies.

A snap check by Capital FM reporters in some of the high street banks revealed that the local currency continues to trade way above MK500.00 to the Unites States (US) dollar.

Finance Minister Goodall Gondwe recently indicated that the economy will take a downturn owing to economic shocks that the country is experiencing.

This also comes at the back of calls by the opposition for improved international trade if the Kwacha is to become strong.

The US Dollar is being bought at MK557.00 at the National Bank of Malawi (NBM) while FMB is selling it at MK559.00 the same Dollar is also selling at MK560.00 at Malawi Savings Bank (MSB).

The Great Britain (GB) pound is being bought at K838 at FMB while business persons and the travelling public can buy it at MK790 at National Bank.

The same currency is being bought at MK820.00 at MSB.

The Euro is going at MK570.00 at MSB and its being bought at MK602 at FMB while at national bank it’s going at MK590.00

The Rand is being bought at MK43.00 at National Bank while at FMB its being bought at MK41.00

The exchange rate of the kwacha undergoes fixed periodical adjustments, but since 1994 the exchange rate has floated.

In 2005, administrative measures were put in place by former President late Bingu wa Mutharikato peg the exchange rate with other currencies.

In 2012, the kwacha was devalued as part of moves by the new government to restore donor funding.

The former government had rejected calls by the International Monetary Fund (IMF) to devalue the currency.

In recent years, Malawi has run short of foreign currency after donors cut aid and demand fell for its main export, tobacco.

The International Monetary Fund has long urged Malawi to cut the value of its currency, saying this would boost exports and reduce demand for imports.

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