Wednesday, June 7, 2023
  • Login
Upgrade
The Southern African Times
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • Events
  • SAT Jobs
  • About Us
    • Advertise with Us
    • Contact Us
No Result
View All Result
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • Events
  • SAT Jobs
  • About Us
    • Advertise with Us
    • Contact Us
No Result
View All Result
The Southern African Times
No Result
View All Result
Home Business

Malawi: Kwacha gets 25% weaker

by SAT Reporter
May 30, 2022
in Business
0
Malawi: Kwacha gets 25% weaker

Malawi President Lazarus Chakwera delivers the opening speech for the Southern African Development Community (SADC) Heads of State Extraordinary summit, on the state of security in Mozambique, at Bingu International Convention Centre in Lilongwe, on January 12, 2022. (Photo by Amos Gumulira / AFP) (Photo by AMOS GUMULIRA/AFP via Getty Images)

0
VIEWS

Malawi on Thursday announced a 25% devaluation of its national currency, the kwacha, in a bid to shore up dwindling foreign exchange reserves and curb inflation.

The declaration was made as the government launched recovery package talks with the International Monetary Fund.

The devaluation, the biggest in a decade, will take effect from Friday, the Central Bank of Malawi said.

The last devaluation of the kwacha (-33%) took place in 2012.

For six months, Malawi has seen its foreign currency reserves shrink sharply due, according to the Central Bank, to a drop in export revenues due to the Covid epidemic and a rise in the cost of imports, particularly raw materials, due to the war in Ukraine.

The country was also hit by two devastating cyclones in 2022.

“The supply-demand imbalance has manifested in the domestic foreign exchange market in a number of ways, including low foreign exchange supply (and) declining official foreign reserves,” the bank said.

Finance Minister Sosten Gwengwe told AFP the government had planned the devaluation move “some time back”.

“We had to do this,” he said. “The central bank was struggling… because of the overvalued Kwacha”.

Malawi’s inflation for April hit 15.7%, triggered by a rise in food and non-food prices.

Tags: African business newsBusiness
Previous Post

Analysis: The ‘satchetisation’ of Africa’s largest economy High poverty and inflation rates in Ni

Next Post

WHO urges for proactive measures to eliminate neglected tropical diseases in Africa

SAT Reporter

Related Posts

Gold Fields announces $1.2bn sustainability-linked loan
Business

Gold Fields announces $1.2bn sustainability-linked loan

by SAT Reporter
June 5, 2023
Nigeria Unveils World’s Largest Refinery, Fueling Economic Growth
Business

Nigeria Unveils World’s Largest Refinery, Fueling Economic Growth

by SAT Reporter
May 23, 2023
The Southern African Times Joins Sky  Channel 7 TV to Bring News from the Region to UK Viewers
Business

The Southern African Times Joins Sky Channel 7 TV to Bring News from the Region to UK Viewers

by SAT Reporter
May 22, 2023
Botswana Implements National Quality Policy to Boost Economic Growth
Business

Botswana Implements National Quality Policy to Boost Economic Growth

by SAT Reporter
May 22, 2023
Lagos-based B2B E-commerce Startup Sabi Raises $38M at $300M Valuation
Business

Lagos-based B2B E-commerce Startup Sabi Raises $38M at $300M Valuation

by SAT Reporter
May 19, 2023
Next Post
WHO urges for proactive measures to eliminate neglected tropical diseases in Africa

WHO urges for proactive measures to eliminate neglected tropical diseases in Africa

Browse by Category

  • African Continental Free Trade Area
  • African Debt
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • Botswana
  • BOTSWANA
  • BRICS
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • CRYPTOCURRENCY
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Education
  • Egypt
  • Energy
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Feature
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • North-Eastern Africa
  • Opinion
  • Politics
  • Racism
  • Rwanda
  • SAT Jobs
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Sustainablity
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

africa African business news Africa News african footballer African investments African news African start-up Agriculture banking Business China Classic Climate change Content currency economy Explore Bali Finance football Health Investment Kenya Life Style Markets Market Stories Nigeria oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home technology Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe

WHO WE ARE

The Southern African Times is a regional bloc digital newspaper that covers Southern African and the world news. The paper also gives a nuanced analysis on news and covers a wide range of reporting which include sports, entertainment, foreign affairs, arts and culture.

Facebook Twitter Youtube Instagram Rss

Copyright © 2022 The Southern African Times | Powered by The Southern African Times

Privacy Policy

Terms and Conditions

  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • Events
  • SAT Jobs
  • About Us
    • Advertise with Us
    • Contact Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

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

Log In

Add New Playlist

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?