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.
