RBM clarifies misunderstanding on forex externalisation

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The Reserve Bank of Malawi (RBM) is emphasizing the need for people to follow authorized channels of clearing forex when travelling outside the country.

The call follows social media concerns of the recent arrest of a northern region man for illegally externalising forex.

The man was found in possession of about $400 as he was about to leave Malawi for Tanzania on a business trip.

People however raised concern arguing such an arrest is not justifiable considering that the amount of money is not alarming.

Speaking to Capital FM however spokesperson of the RBM Mbane Ngwira emphasized that the issue is not how much one is externalising but having a permit to externalise the money.

Ngwira has since stressed on the need for people to follow the right procedures of legally externalising forex to avoid being found on the wrong side of the law.


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