For the first time ever, the Malawi Kwacha has registered trading at K800 against the dollar, from around K740 in March, as figures from Reserve Bank of Malawi (RBM) daily foreign exchange rates, the dollar was selling at an average of K805 to the dollar in forex bureau as commercial banks were selling the dollar at around K778.

The above follows after RBM 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, about a week ago. Mbane said demand will be lower and with tobacco sales in progress, everything will be back to stability.