By The Radar, BLANTYRE
Authorities have adjusted the exchange rate of the local currency from a selling rate of K1 180.29 to K1 700 to the United States Dollar.
Reserve Bank of Malawi’s Governor, Wilson Banda confirms the development; saying this is effective November 9, 2023.
Banda attributes the devaluation to supply-demand imbalances and a mismatch in the exchange rate in the cash and TT markets, among others.
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