Central Banking

Malawi devalues kwacha to boost economy

reserve-bank-malawi

The Reserve Bank of Malawi on May 7 altered the exchange rate of the country's currency, the kwacha, against the dollar. The kwacha was previously pegged to the dollar at a value of K168, it is now K250.

"At K250 per dollar, the kwacha exchange rate is fully adjusted," the central bank said in a statement.

Malawi is attempting to boost its economy and restart crucial aid payments by levelling the value of the kwacha to the dollar on the official market versus the rate at which it is traded on

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