‘Malawi Kwacha on sound footing’

The Malawi kwacha continues to appreciate it’s value against the US Dollar as the exchange rate is at least down to K 380 per dollar, according to the banks.

Reserve Bank of Malawi’s (RBM) official exchange rates, as of May 6, 2013, show that the central bank is buying Euro at K493, selling the same at K522; USD K376 and K397 buying and selling, respectively.

“While I do not agree with the entire statement , I will respond that the success of good tobacco sales has been a result of my government’s good relationship with tobacco buyers and farmers as my government created a conducive atmosphere for trade which allowed our farmers to sell their produce in U.S. dollars and this has worked greatly to the benefit of our farmers and the nation.

“I do not need to remind you that in the previous government, buyers were being dictated by government and they consequently abandoned our produce preferring to buy from other countries instead” says President Banda.