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Kwacha Risks Further Decline

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There are fears that the local currency might continue declining if authorities fail to come up with practical solutions to boost the country’s exports.

Reserve Bank of Malawi Governor Wilson Banda has hinted on the possible kwacha further decline at a media briefing today, Thursday.

But Labour Minister Vera Kantukule has challenged the bank to devise practical mechanisms that will help sustain Malawi’s struggling economy.

She adds the monetary policy should strive to be relevant and responsive to the people’s needs by helping them afford at least some basic necessities with ease.

Statistics shows that the country made 1 billion dollars in exports with importation worth over 3 billion dollars; creating a 2 billion dollar trade balance.

In May this year, government announced the 25 percent kwacha devaluation in a desperate bid to shore up declining forex exchange reserves and curb inflation.

However, authorities parried away fears that the kwacha could be devalued further anytime soon.

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