Kwacha Depreciates Again

The Malawi kwacha has depreciated by three percent and will now be trading at K1 751 to dollar following foreign exchange auction conducted by the Reserve Bank of Malawi on Monday.

The depreciation of the kwacha comes before Malawians recovered from the effects of the late last years devaluation of the currency by 44 percent.

In a communication to authorised dealer banks dated March 19 2024, the RBM says the forex auction in which four banks participated, was successful.

The RBM said the minimum selling price of the kwacha against the dollar will now be at K1 751, while before the auction, the kwacha was trading at K1 700 against the United States Dollar.

Meanwhile, the RBM spokesperson Mark Lungu confirmed the auction took place.