The Reserve Bank of Malawi (RBM) has rejected the rumors that it intends to devalue the Kwacha by 30 percent this month-end.
Spokesperson for Reserve Bank of Malawi Dr. Mark Lungu, said that the devaluation rumors are originating from those he called ‘unpatriotic citizens.’
Lungu added that RBM has noted with concern the rumor circulating on social media that the bank is expecting to devalue Kwacha by 30 percent.
Economist Christopher Mbukwa, has warned that any further devaluation will trigger inflationary pressure and mean more poverty for low-income Malawians as they cannot afford high prices of essential commodities.
