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Tuesday, April 23, 2024

MALAWI BROKE: No forex to last a month-RBM admits

The Reserve Bank of Malawi says the country’s foreign exchange reserves are depleted, not enough to last a month.

Spokesperson for the central bank Ralph Tseka has confirmed to Zodiak Online that the huge import bill of fuel is one of the contributing factors as the country is spending 50 million US dollars per month for the commodity.

An Economic Expert Betchani Tchereni has suggested the need for the country to devalue the kwacha and for government officials to minimise foreign trips as a short term measure solution to the problem.

Tchereni has also stressed the need for the country to stop depending on tobacco only by producing alot of crops that can be sold outside the country to generate enough forex in the long run.

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