Malawi devalues currency amid FX crisis
Reports say central bank has devalued kwacha by 25% as country’s exports slump
The Reserve Bank of Malawi has devalued the country’s currency by 25%, as the country suffers a crippling shortage of foreign exchange.
In a May 26 statement, the central bank said that it “will allow the exchange rate to adjust to a market clearing position” as part of a “managed float”.
The central bank’s statement does not specify a new exchange rate. Both Malawian news outlets and international agencies said the kwacha had been devalued by 25%.
The central bank website is showing the
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