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Another Devaluation Looms

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The Economist Intelligence Unit (EIU) says the Kwacha is still overvalued and will depreciate further against the dollar at K1 224 by December this year.

In its forecast for Malawi, the EIU said the kwacha is expected to be undermined by a large current account deficit this year with high volatility expected in 2023 owing to the probable transition to less interventionist exchange rate regime.

The EIU, is a firm within the Economist Group of the United Kingdom which provides forecasting and advisory services.

In May, the Malawi government through the Reserve Bank of Malawi (RBM) devalued the kwacha by 25%.

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