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The Reserve Bank of Malawi (RBM) has stated that the country’s foreign exchange reserves are severely depleted and will not last for more than a month.
The high import bill for fuel, amounting to $50 million per month, is one of the key factors contributing to this situation.
Economic expert Betchani Tchereni suggests short-term measures such as devaluing the kwacha and reducing government officials’ foreign trips to address the problem.
Tchereni also emphasizes the importance of diversifying the country’s agricultural exports beyond tobacco to generate sufficient foreign exchange in the long term.
