The Reserve Bank of Malawi (RBM) has denied reports circulating on social media claiming that the Kwacha will be devalued by 30 percent.
In an interview with The Atlas, RBM spokesperson Dr. Mark Lungu stated that the rumors originated from unpatriotic citizens.
“RBM has noted with concern the rumour circulating on social media that the Bank is expecting to devalue to Kwacha by 30 percent.
“We would like to assure the general public that this is baseless and should be ignored. We warn the general public to refrain from this unpatriotic behaviour.
“In addition, we urge the general public to always look up for such information from the Authorities who have mandate on such matters,” he said
On 9 November 2023, the Malawi Government devalued the national currency, the kwacha, by 44% against the dollar.
The purpose was to increase the purchasing power of Malawi’s foreign exchange, which is held in dollars.
