By Burnett Munthali
Statistics from the Foreign Exchange Auction held on Wednesday last week show that the Malawi Kwacha has maintained stability against the United States dollar.
Bertha Chikadza, president of the Economics Association of Malawi (ECAMA), highlights that this stability reflects positively on the local economy.
When conducting transactions in your local currency, you have more control over your finances. You are shielded from currency exchange volatility and can better predict the financial impact of international transactions, making budgeting and financial planning more accurate and reliable.
The economy of Malawi is $7.522 billion by gross domestic product as of 2019, and is predominantly agricultural, with about 80% of the population living in rural areas. The landlocked country in south central Africa ranks among the world’s least developed countries.
