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Kwacha loses value
Published on September 18, 2013 at 2:01 PM by FACE OF MALAWI
The improvement in the economy of Malawi was a farce if the current economic progressions are anything to go by. With the Malawi economy in tatters before the death of Bingu, the coming in of Joyce Banda promised some relief to the economy. However, things escalated from the bad to the worst.
A time later, however, things picked up and the economy gained strength especially when the local currency, Malawi Kwacha, was compared to the major world currencies, the U$ chief of them. It was the tobacco being marketed at the auction floors that made things improve, it now shows.
The Malawi Kwacha, that was trading at a better price in comparison to the other currencies has currently started sliding back into recession of losing value. The Kwacha has currently moved from trading at MK350 against the U$ to MK360.
