Malawi Currency Drops 44% In Value Against US Dollar
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Malawi Currency Drops 44% In Value Against US Dollar
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Description
Malawi's currency has lost nearly half its value against the US dollar, sparking concerns from some consumers in the southern African country that basic goods will soar in price. The...
show moreThe bank's 44% decrease was brought in to better reflect the kwacha price in different markets.
It is the second time in 18 months that Malawi, one of the poorest countries in the world, has significantly decreased the value of the kwacha in relation to the US currency.
Central Bank chief Wilson Banda says the most recent exchange rate adjustment was needed because there were still supply-demand imbalances in the currency market.
Information
Author | Africa Business Radio |
Organization | Africa Business Radio |
Website | - |
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