The Reserve Bank of Malawi (RBM) has adjusted the exchange rate of the Malawi Kwacha effective Thursday, 9 November 2023.
In a statement, the Central Bank indicates it has adjusted its selling rate from about K1200 per $1 to K1700 per $1.
Among other things, the Bank says the adjustment follows an assessment that showed suppsupply–demandalances in the market, despite adjustments of the exchange rate through the auction system.
The RBM has since pointed out it will closely monitor developments in the market, to avoid disorderly behaviours among market players, a development it says may cause excessive volatility.
Meanwhile, one of the country’s renowned social–economic commentators, Professor Betchani Tcheleni has described the decision as long overdue.