Malawi devalues currency amid FX crisis

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The Reserve Bank of Malawi has devalued the country’s currency by 25%, as the country suffers a crippling shortage of foreign exchange.

In a May 26 statement, the central bank said that it “will allow the exchange rate to adjust to a market clearing position” as part of a “managed float”.

The central bank’s statement does not specify a new exchange rate. Both Malawian news outlets and international agencies said the kwacha had been devalued by 25%.

The central bank website is showing the

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