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.
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