BY DRAXON MALOYA
The Reserve Bank of Malawi (RBM) has issued a statement dismissing reports circulating on social media that the International Monetary Fund (IMF) has recommended a 60 percent devaluation of the Malawi Kwacha.
The Bank described the reports as “false and misleading” and assured the general public that there are no plans to devalue the local currency.
In a statement signed by its Governor Wilson Banda, released on Wednesday the Bank urged the public to disregard the rumors and warned against creating and circulating false reports that can cause unnecessary panic and uncertainty in the economy.
The Bank further emphasized that it is the sole authority on monetary policy matters advising the public to rely on official channels for accurate information.
“The Reserve Bank of Malawi would like to assure the general public that there are no plans to devalue the Malawi Kwacha. We urge the public to ignore the false reports and rely on official channels for accurate information on monetary policy matters,” the statement read.
The Central Bank also appealed to the public to desist from spreading false information, which can have negative consequences on the economy.
By dismissing the rumors that went viral on various social media platforms, the RBM aims to calm the markets and reassure the public that it is committed to maintaining economic stability in Malawi.
