Reserve Bank of Malawi has ordered Auction Holdings Limited to begin a mandatory sale of 30 percent of it’s foreign exchange proceeds, generated from tobacco auction floors to RBM immediately at the prevailing exchange rate as a way of addressing the dwindling Forex situation in the country.
In a letter signed by the central banks Govonor Wilson Banda, dated 24th March, the decision has been arrived at due to market developments hugely contributed by the global pandemic covid 19, a thing that compelled the regulator to re-introduce an export proceeds surrender requirement as part of a solution.
Meanwhile, the central bank has been putting various measures in place in an effort to mitigate the country’s worsening forex situation including gold purchases.
The country’s import cover countinues to take a downward trend with latest at 6 weeks against the recommended requirement of 3 months.
However, RBM showed optimism that the situation will change, citing the contributing pressures are mostly short lived.
The way Charles Mchacha is castigating the Leader of Opposition in Parliament, Hon Kondwani Nankhumwa, is just testimony enough that Read more
If you thought Malawians are lazy people, I bet you a Dinosaur, think twice and you will know, check in Read more
The recent arrest in Malawi of three opposition politicians accused of planning to unseat President Peter Mutharika is dissent from Read more
The US embassy has denied involvement in an alleged plot to overthrow the president, Peter Mutharika. Analysis Media reports that Read more