Malawi Rules Out Currency Devaluation on Foreign-Exchange Inflow

Malawi’s central bank ruled out the need to devalue the currency because foreign-exchange inflows increased after voters elected a new president, easing a dollar shortage.

Peter Mutharika swept to power in last month’s elections by tapping into voter anger over soaring prices, fuel shortages and unemployment during Lazarus Chakwera’s five-year rule. Mutharika has pledged to accelerate economic growth in the country, one of the world’s poorest, and crack down on government corruption.