By Hastings Yobe
Reserve Bank of Malawi (RBM) is optimistic that its new arrangement to facilitate importers’ access to foreign exchange (forex) through commercial banks will help stabilize prices of essential commodities. According to RBM spokesperson Boston Maliketi Banda, the process is already underway, although the total amount of support provided so far is yet to be determined.
The move comes after the government announced that suppliers of second-hand clothes can access US dollars at a recommended rate of K1,732. This decision was prompted by protests from Lilongwe vendors, who stormed Parliament over skyrocketing prices of their merchandise.
Chairperson Steve Magombo reported that wholesalers have begun accessing forex and revising their order prices downward, returning to levels seen last December. However, some Chinese wholesalers have yet to follow suit.
“Vendors at Tsoka market in Lilongwe have already started benefiting from the new arrangement,” Said Magombo.
The RBM’s efforts aim to promote price and financial stability, as outlined in its mission statement. By supporting businesses with forex, the bank hopes to mitigate the impact of exchange rate fluctuations on commodity prices, ultimately benefiting consumers.
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