Dollar Shortage Spurs 44% Devaluation in Malawi’s Currency
- Central bank announces step to correct supply-demand imbalance
- Malawi facing dollar shortage that has curbed fuel imports
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Malawi devalued its currency by 44% amid a shortage of dollars that has curbed imports of fuel and other commodities in the debt-stricken southern African nation.
The kwacha will be offered at 1,700 per dollar at a currency auction on Thursday, compared with 1,180.29 previously, the Reserve Bank of Malawi said in a statement. The adjustment leaves the kwacha worth two-thirds less than it was at the start of the year, according to data compiled by Bloomberg.