By Linda Kwanjana
The Reserve Bank of Malawi Governor Dr Wilson Banda has expressed concern over the manner in which the media has been misreporting issues on financial matters.
Addressing a press conference in Lilongwe, Banda gave as an example how the media reported on Friday daily papers on the current foreign currency exchange rate.
“There is a need to be very careful on financial matters,” he said.
The bank has since appealed to the media to be responsible all the time saying the media is a powerful tool and the people believe everything that the media is reporting.
RBM says if the media is not sure on the information on financial matters, there is a need to cross check with the Governor’s office.
He said this misinformation has the capacity to trigger inflation and prices.
Commenting on the recent 44 percent devaluation the Governor said that the move will help to bridge the gap between exports and imports.
“The misalignment of the Kwacha to the Dollar increased the amount of money being borrowed. With the situation now the amount of money borrowed will be small,” he said.
The Governor said the good news is that what the Bank did has helped to deal with black markets.
The Bank has questioned the criteria of adjusting with 44% prices on domestic products.
“The market has taken advantage of the adjustment, this is not allowed,” he said.
