Finance Minister abolishes illegal foreign currency market (Black market)

Minister of Finance and Economic Affairs Simplex Chithyolo has banned all illegal trading of foreign currency (Black market.) across the country

Chithyola said this in a press briefing held in Lilongwe where he highlighted a number measures the government is undertaking to protect Malawians from exploitation.

In his speech the Minister said that everyone involved in this business will be arrested.

He also told companies who sell foreign currency not to sell more than 2000 US Dollars to a person, instead if a person wants more money it should be put in cards.

Chithyola Banda said that people who buy goods from abroad they should be showing proof of where they got the money to buy the goods.

He said that the Reserve Bank will be visiting the banks to see if the banks are following the rules of selling foreign currencies.

In addition to that Chithyola said that every person who does business above 5 million kwacha should have a bank account.