We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies. Cookie Policy

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

ADVERTISEMENT
Africanian
  • News
  • News 24/7
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
  • Events
No Result
View All Result
Africanian
No Result
View All Result
Home Business

Malawi: Forex shortage begins to bite

The forex shortage comes barely two weeks after the country closed the tobacco selling season which only produced $173.5 million which is enough to keep the wheels of the economy running for 25 days.

in Business
Reading Time: 2 mins read
1 0
0
Malawi: Forex shortage begins to bite
1
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

A shortage of foreign exchange has started biting the country’s private sector players and threatens to disrupt business operations in the lean season if left unchecked, The Daily Times has established.

The pressure on foreign exchange was visible on the forex market Wednesday where foreign exchange bureaus were buying the US dollar at an average price of K820 and selling the green buck at an average price of K860.

Malawi Confederation of Chambers of Commerce and Industry (MCCCI) confirmed the development Wednesday, saying through various stakeholder consultations the unavailability of forex in the country is already having a huge impact on the countries private sector.

MCCCI says the outcry on the lack of forex is coming from various industries that depend on imported goods and services.

A majority of these are now not able to pay their foreign suppliers or creditors and therefore failing to meet their manufacturing needs in the country.

More

Nigeria accelerates economic transformation with key reforms and signs of recovery

Rwanda combines youth innovation and circular economy to build a resilient nation

7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

The private sector mouthpiece said with demand for local exports continuing to be subdued in the wake of Covid-19, demand for the local currency is expected to remain weak.

It adds that this will continue to cause shortage of foreign currency in the country as the demand for imports still remains constant.

“The shortage of forex also poses a risk to the countries forecasted agricultural output for the year 2021 as the country needs to import a lot of input material such us fertilizer and chemicals required by the farming community.

“It is, therefore, MCCCI recommendation that urgent action be taken by relevant authorities to address this situation. The country needs to urgently find ways to reduce demand for foreign currency by increasing domestic production to substitute foreign goods,” MCCCI said.

According to RBM statistics for month of August, the Kwacha has weakened against the US dollar with figures as at August 31, 2020 showing that the local currency was trading at K756 to the green buck compared to the figure of K749 per dollar on July 31.

Similarly, the Kwacha depreciated against the British Pound closing in at K1,008 per pound in August compared to K1,006 per Pound at the close of July 2020.

Treasury Spokesperson, Williams Banda, referred the matter to RBM when asked what Capital Hill is doing to improve the situation.

RBM Spokesperson, Onille Nkuna, was not available for comment.

Source: times.mw
africanian

africanian

  • Trending
  • Comments
  • Latest
Rwanda combines youth innovation and circular economy to build a resilient nation

Rwanda combines youth innovation and circular economy to build a resilient nation

July 3, 2025
Weather in South Africa: Climate and Seasons

Weather in South Africa: Climate and Seasons

August 25, 2020
Weather in Kenya: Climate, Seasons, and Average Temperature

Weather in Kenya: Climate, Seasons and Average Temperature

August 26, 2020
In Tanzania, the Kibuka community has improved their household economy by more than 50%.

In Tanzania, the Kibuka community has improved their household economy by more than 50%.

July 11, 2025
Lesotho increases blood collection by 70% between 2017 and 2024

Lesotho increases blood collection by 70% between 2017 and 2024

July 8, 2025
Nigeria accelerates economic transformation with key reforms and signs of recovery

Nigeria accelerates economic transformation with key reforms and signs of recovery

July 7, 2025
Twitter Instagram Youtube Facebook
No Result
View All Result

Africanian News

Is a dedicated project aimed at amplifying the voices of the African Ecosystem and Diaspora. We actively collaborate with initiatives to improve access to education and digital inclusion, both in traditional schools and through digital platforms, for African children.

It’s crucial to emphasize that none of the articles or images featured on our platform are intended for copyright infringement, neither now nor in the future. If you believe that any information, text, image, etc., may be subject to copyright and should be removed, please notify us by sending an email to info@africanian.com

Your dreams matter; your stories matter.

Feel free to explore collaboration opportunities with us. Share your articles, thoughts, interviews, experiments, or no-comment videos by reaching out to info@africanian.com. You can also subscribe to our mailing list to receive the latest updates from Africanian News.

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.