By Cedric Nkungula
President Dr. Lazarus McCarthy Chakwera’s led administration is set to announce measures outlined to cushion Malawians against the effects of the recent devaluation of the Kwacha.
On Tuesday, 8th November 2023, the Reserve Bank of Malawi (RBM) adjusted the buying and selling price of the local currency Kwacha against the United States (US) Dollar by a 44 percent margin.
The Kwacha will now be selling at K1,700 against 1 US Dollar from K1,180.
In a statement signed by Secretary to the Treasury Macdonald Mafuta Mwale, government will announce the measures which are aimed at countering devaluation effects at a press briefing on Monday 13th November 2023.
“Following the exchange rate alignment undertaken by the Reserve Bank of Malawi, the Ministry of Finance and Economic Affairs would like to inform the general public that the Minister of Finance and Economic Affairs Hon Simplex Chithyola MP will hold a press conference to outline the measures government has put in place to cushion vulnerable Malawians and stimulate economic growth,” reads the statement in part.
“The press conference will start from 09:00 hours on Monday 13th November, 2023.”
