Malawi Kwacha falls against dollar by 3%

By Chisomo Phiri

The Reserve Bank of Malawi (RBM) has announced the depreciation of Malawi kwacha  by three percent and that the local currency will now be trading at K 1,751 to dollar from K1,700.

This  follows  a foreign exchange auction conducted by the Central Bank on Monday March 18, 2024.

According to a communication from the central bank to authorised dealer banks dated March 19, 2024 which has been signed by RBM Governor Dr. Wilson T Banda, four banks participated in the foreign exchange auction.

The new maximum selling price of  K1,751 to a dollar is effective today Thursday 21st March, 2024.