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Malawi inflation, foreign exchange crisis [Business Africa]

Ruth Lago, Business Africa

Business Africa

Malawi is grappling with shrinking foreign currency reserves in addition to the devaluation of its national currency the Kwacha. Moreover, inflation went beyond 13% in May. The Southern African nation is among the world’s top exporters of Burley tobacco but fails to shore up enough foreign currency reserve with the sole revenue generated by the leaf exports. If the country has invested in tea, sugar, and soybean in a bid to diversify its exports, it still needs 1 billion $ each year in order to secure vital imports.

Sir Betchani Tchereni, Professor at the Malawi University of Business and Applied Sciences, gives his insight on the forex crisis.

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