RBM, Energy ministry contradict on forex availability

Energy authorities and the Reserve Bank of Malawi (RBM) are giving contradictory statements on foreign exchange availability on the market.

The development follows the erratic supplies of fuel in the major cities of the country.

Minister of Energy and Mines Cassim Chilumpha told Capital fm in an exclusive interview on Tuesday that shortage of forex has led to the scarcity of both petrol and diesel.

Chilumpha said the low donor inflow and poor proceeds from this year’s tobacco selling season have affected the availability of forex, as a result the country is failing to procure adequate fuel from international suppliers.

“Right now our fuel quantities in the country are not as higher as they should be, they are white low. But the good thing is that at least we have enough fuel to keep the country running. Supplies have nothing to do with any failure by the government to do its job, it’s simply that we don’t have as much foreign exchange as we should in the country. This is due to combinational factors,” said Chilumpha.

On the other hand, the Reserve Bank of Malawi’s director in the governor’s office Ralph Tseka dismissed the remarks made by Chilumpha insisting that the country has enough forex.

However, Tseka could not disclose the current import cover to justify his claims.