The Reserve Bank of Malawi has observed that the Malawi Kwacha has continued to weaken against the dollar and pound sterling, as the elections period saw traders paying their dues before the May 21 Tripartite Elections.

RBM spokesperson Mbane Ngwira, confirmed the fall of the local currency, stating that the Kwacha fell to K740 from K751. Speaking to The Nation newspaper, Mbane said demand will be lower and with tobacco sales in progress, everything will be back to stability.

Meanwhile the pound has also slid by 3.2% to K961.20 from K931.14. Speaking on the Kwacha fall against the pound, Malawi Confederation of Chambers of Commerce and Industry (MCCCI) chief executive officer Chancellor Kaferapanjira  said the fall is a sign of Malawi’s dismal performance in terms of exports to the United Kingdom (UK)as well as dwindling pound reserves in the country.

Meanwhile, businesses are back to norm after being shutdown amidst political tension during the election week.