By Staff Reporter
Malawi Confederation of Chambers of Commerce and Industry (MCCCI) is demanding for the immediate devaluation of the Malawi kwacha so as to sustain the availability of foreign exchange in the country.
Through a statement,the private sector mouthpiece says the current misalignment between the official exchange rate and the parallel market rate is doing more damage to the private sector than before.
Meanwhile,commenting on the matter, former finance Minister Joseph Mwanamvekha Said he agrees with the chamber that devaluation without available instruments is not a solution adding it will only send the poor into more poverty.
He was of the view that the Reserve Bank of Malawi’s foreign exchange auctions are only creating more speculation on the market.
RBM Governor Wilson Banda said in an earlier interview that they cannot devalue the kwacha without instruments that will ensure the sustained availability of the foreign exchange.
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