The Malawi kwacha has depreciated by three percent and will now be trading at K1 751 to dollar following foreign exchange auction conducted by the Reserve Bank of Malawi on Monday.
In a communication to authorised dealer banks dated March 19 2024, the RBM said the forex auction in which four banks participated, was successful.
The RBM said the minimum selling price of the kwacha against the dollar will now be at K1 751.
Before the auction, the kwacha was trading at K1 700 against the dollar.
RBM spokesperson Mark Lungu confirmed the auction took place.
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