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RBM dismisses devaluation claims

The Reserve Bank of Malawi (RBM) has debunked claims making rounds on social media about ‘an imminent devaluation of the Kwacha’.

The rumour mongers claim that RBM would announce the devaluation of the local currency during the ongoing Monetary Policy Technical meetings, which started on Thursday in Blantyre.

However, spokesperson for RBM,Mark Lungu, dismissed the rumours as false.

“The public should refrain from propagating fake news as it has serious implications on the economy such as hoarding of goods- resulting in scarcity of certain commodities on the market,” said Lungu.

He further cautioned companies and suppliers of various commodities to refrain from hoarding stock on the pretext of ‘such uncorroborated rumours’.

By Evelece Ching’ambe

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