Malawi’s Reserve Bank Scolds Rumor Mongers Over Kwacha Devaluation
The Reserve Bank of Malawi (RBM) has sternly dismissed rumors of an impending 30% devaluation of the kwacha, labeling them as “malicious” and “unpatriotic”.
In an interview with Zodiak Online, RBM spokesperson Dr. Mark Lungu expressed frustration over the spread of false information, which has caused unnecessary anxiety among Malawians.
“RBM has noted with concern the rumor circulating on social media that the bank is expecting to devalue Kwacha by 30 percent,” refuted Lungu as qouted by Zodiak Online
The Reserve Bank of Malawi (RBM) is the central bank of Malawi, responsible for maintaining price stability, promoting economic growth, and ensuring financial stability.
The RBM also manages the country’s foreign exchange reserves, regulates commercial banks, and oversees the payment systems.
As the primary regulator of the financial sector, the RBM plays a critical role in maintaining economic stability and promoting sustainable development in Malawi.
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