KWACHA IS GOOD DESPITE TOBACCO MARKET CLOSURE -RBM – Malawi News Online
According to the Reserve Bank of Malawi (RBM), the closure of the tobacco selling season will not disrupt the Malawi Kwacha exchange rate stability, as the green gold market season will close in 2 weeks.
The above, however, follows reports that have attributed the stabilisation of the local currency to the tobacco sales themselves. By 31st August, the Malawi Kwacha picked up gaining by 3% against the dollar from K798 to the green buck to K774, before it registered the massive improvement to K758. It was Mbane himself, that attributed the improvement to adequate supplies of foreign exchange reserves, also adding that the tobacco market has picked up.
Speaking to The Nation newspapers, Ngwira banked his confidence on monetary authorities who are looking forward to good results from the Extended Credit Facility program review with the International Monetary Fund which starts in a week’s time.