Malawi Kwacha falls to MK1,180 against US$

LILONGWE-(MaraviPost)-The Reserve Bank of Malawi (RBM) says the Malawi Kwacha will depreciate from MK1,126 to MK1,180.29 to US dollar from October 2, 2023.

This follows a Foreign Exchange Auction that was held on Wednesday, September 27, 2023.

RBM has been conducting forex auctions since the start of the year as a mechanism for realigning the local currency.

Malawians must brace for further high cost of living as prices of goods and services will be expected to go up.

This comes amid a high inflation rate pegged at 28% from 13% two years ago.

Lloyd M’bwana

I’m a Lilongwe University of Agriculture and Natural Resource (LUANAR)’s Environmental Science graduate (Malawi) and UK’s ICM Journalism and Media studies scholar. Also University of Malawi (UNIMA) Library Science Scholar. I have been The Malawi Country Manager and duty editor for the Maravi Post since 2019. My duty editor’s job is to ensure that the news is covered properly, that it is delivered on time, and that it is created to the standards set out in the editorial guidelines of the Maravi Post.