Malawi imposes capital controls after devaluation

Central bank devalued kwacha by 30% against US dollar last week

Lilongwe_Malawi_Getty

Malawi’s finance ministry has forbidden residents from obtaining more than US$2,000 in foreign currency in cash, five days after the central bank devalued the currency.

Anyone seeking more than $2,000 in FX must do so via electronic media, the finance ministry said. The regulation, announced on November 13, follows the Reserve Bank of Malawi’s devaluation of the kwacha against the US dollar.

On November 8, the central bank directed financial institutions to sell kwacha at 1,700 to $1, down

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