Malawi: There Is No 30% Devaluation Coming This Month-End, RBM Refutes Circulating Reports

22 May 2024
Nyasa Times (Leeds)

In Malawi, things often begin as rumors, and so scary this is--so much that after a word circulated that there is a pending 30 percent devaluation, the Reserve Bank of Malawi (RBM) has come in handy to refute such as mere rumors.

Its spokesperson Dr. Mark Lungu, has told us that the devaluation rumors are originating from those he called 'unpatriotic citizens'.

"RBM has noted with concern the rumor circulating on social media that the bank is expecting to devalue Kwacha by 30 percent," he refuted.

Economist Christopher Mbukwa, has since 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.

Read the original article on Nyasa Times.

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