Malawi FX crisis due to structural weakness, says deputy governor
Central bank has taken measures to boost reserves, but says real issue is economic management
The Reserve Bank of Malawi’s deputy governor has blamed the country’s worsening foreign exchange crisis on structural economic weaknesses.
Appearing before parliament’s government assurances committee on May 19, Henry Mathanga said the government was spending more than $700 million annually on fuel imports, according to local media outlet Malawi 24. He said this was at a time when Malawi was making less than $400 million a year from tobacco exports, the country’s main source of FX income.
Matha
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