No kwacha devaluation plans -RBM

The Reserve Bank of Malawi (RBM) is dismissing speculation about an imminent devaluation of the kwacha, arguing it is currently committed to stability-first policies.

Speaking in an interview with Capital FM, RBM governor MacDonald Mafuta Mwale emphasizes that devaluation without sufficient foreign exchange reserves would not address the underlying challenges facing the economy.

“As the Central Bank, our focus is on increasing forex inflows through exports, investments, and remittances while plugging leakages in the system.

“A stable kwacha is crucial for predictable business planning, controlling inflation, and protecting household purchasing power. Our strategy therefore, is centered on building supply, not weakening confidence,” highlighted Mafuta Mwale.

Meanwhile, the RBM boss has assured the public and business community that the bank will continue to engage transparently with stakeholders while working on reforms aimed at strengthening the country’s economic resilience, while at the same time attract private sector participation in growing the economy.