Malawi Kwacha plummets again, by 16% this time

Date:

Those who said the Kwacha’s gaining of power was due to nothing but the tobacco being sold at the auction floors were right; actually, were very right.

Called to resign - Charles Chuka
Called to resign – Charles Chuka
Reports from the Reserve Bank of Malawi indicates that the country’s currency, Malawi Kwacha, has once again lost its value when compared to major foreign currencies.

This time around, the Kwacha has lost its value by a staggering 16 %.
Last week, we posted a story in which an MCP member and the former

President of Farmers Union of Malawi (FUM), Felix Jumbe, predicted a fall in the Kwacha because of bad economic policies followed by the Reserve Bank of Malawi. Further to that, Jumbe called for the resignation of the RBM governor, Charles Chuka, for not advising the government correctly so as to avert a pending economic crisis that has started with the plummeting of the local currency.

The falling of the local currency is mostly followed by an increase in prices of goods and services that eventually hits back on the majority of people who are already finding it hard to make a living following economic reforms that were introduced by the Joyce Banda government with the support of the International Monetary Fund and other donor partners who had been rebuffed by former President, Bingu wa Mutharika.

Subscribe to our Youtube Channel:

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Featured Video

click to play

Popular

More like this
Related

Lady Lies To Her Boyfriend That She Was Home, Turns Out She Was At A Hotel With A Man (See Photos)

Here’s a viral WhatsApp conversation between a Nigerian lady...

7 People Arrested Over Missing Of Albino Man In Phalombe

Seven people have been arrested by police in Phalombe...

UK govt fires warning shots at Chakwera over Chizuma’s suspension saga

The UK government has said its partnership with the...