Malawi raises rates as inflation continues climbing
Russia-Ukraine war and adverse weather events exacerbating food inflation
Malawi’s central bank raised its policy rate by 200 basis points on July 26, to 24%. This is the fourth rate increase since April 2022, and the Reserve Bank of Malawi has doubled its rate.
The country has faced significant problems with inflation, diminished reserves and a struggle to sell sufficient exports. In June, a central bank spokesperson said the country’s reserves were nearly exhausted.
In its policy statement, the nine-member monetary policy committee said inflation had continued its
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