Tuesday, April 23, 2024

Former RBM Governor Dr Dalitso Kabambe describes Wednesday’s 44 percent devaluation of the kwacha as reckless

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Former Reserve Bank of Malawi Governor Dr Dalitso Kabambe has described Wednesday’s 44 percent devaluation of the kwacha as reckless.

According to Kabambe, there will be no recovery from the macroeconomic meltdown in the aftermath of the devaluation.

He said the devaluation will only make the suffering experienced by Malawians worse, as prices of basic goods and services such as fuel, fertilizer and food items will soar.

Kabambe, who is also DPP presidential candidate said looking at the timing of the devaluation, it must be a prior conditionality for International Monetary Fund (IMF) Extended Credit Facility (ECF).

“Since K1,700 per dollar is still below the market equilibrium, we should anticipate further depreciations,” Kabambe said.

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