IMF did not influence Kwacha devaluation – RBM Governor

Governor of the Reserve Bank of Malawi (RBM) Wilson Banda has dismissed reports that the devaluation of Kwacha has been influenced by the team of International Monetary Fund (IMF) which is in the country.

Banda said this during a media briefing in Blantyre where he is justifying the recent devaluation of the Malawian currency.

Last night, the RBM governor announced that Kwacha has been weakened with 25 percent.

Malawians on social media concluded that the devaluation of the Kwacha is a result of IMF members who have paid the country a visit.

Banda, while admitting that the country is facing increasing pressure over the forex scarcity, the devalued kwacha coupled with tightened monetary policy could enable availability of forex.

Banda added that the devaluing of the currency has prevented ordinary Malawians from suffering from a lack of drugs in hospitals, and other essential goods and services in the country.

He added that the international donors will appreciate the decision made and other essential products such as fuel and drugs will be available in abundance.