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RBM Governor advises reporters to be factual, accurate

By James Kanyenda

Lilongwe, November 24: Reserve Bank of Malawi (RBM) Governor, Dr Wilson Banda has asked Media houses in the country to be factual and accurate when reporting financial matters saying misrepresentation of the same can attract reactions on the market which could pose a burden on consumers.

Speaking Friday during a press briefing at RBM headquarters in Lilongwe, Banda cited an article from one of the local newspapers which misquoted the current US Dollar exchange rate against kwacha as K2700, instead of its official rate of K1700.

He said such misrepresentation is dangerous as it has the potential of moving traders to adjust prices which has a direct effect on the consumers.

“People trust the media and take whatever has been published seriously, if you are not sure, my office is readily available to provide you with the actual figures,” said the Central Bank governor, who said despite a few misrepresentations, the media continues doing a great job.

On the realignment of the local currency, Banda described the move as necessary, saying the misalignment was punitive on the side of the exporters, as they were paid less.

He then said the realignment has come as an incentive to the exporters who were losing before due to misalignment.

The Central Bank governor said the increase in prices of imported goods and goods with imported contents is a true reflection of their value as the currency used to import them is trailing at a required rate.

He noted with concern an increase in prices of goods beyond the percentage at which the kwacha was devalued, as well as an increase in prices of locally produced goods without foreign content, saying such is unjustifiable.

Meanwhile, the RBM Governor has also trashed assertions that the bank has produced a K10,000 note, saying what is circulating on social media is an old K10 note with three zeros added to it.

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