Monday, June 24, 2024

Standard Bank Chief says Visa Removal to boost forex

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Chief Executive of Standard Bank Plc Phillip Madinga

Government’s decision to heed calls for removal of Visa restrictions into Malawi will help the country increase inflows of scarce foreign currency, Chief Executive of Standard Bank Plc Phillip Madinga has said.

Madinga, whose bank has been advocating for the relaxation of the Visa requirement described the government’s decision as timely as the country continues to battle foreign currency shortage.

“The development will help make Malawi an attractive tourism destination and boost foreign currency flows in the long-term,” he said.

Removal of Visa restrictions is one of bottlenecks identified during the bank’s-led Business Leadership Round-Table on December 12.

The high-level forum brings together government, regulatory agencies, donors and private sector to discuss areas of economic policy reform.

Home Affairs Minister Ken Zikhale N’goma announced the removal of the entry restrictions in a Gazette published on Wednesday.

It said the government has lifted the restrictions for 48 countries including USA, United Kingdom, Germany, France, Australia, China and Russia which are considered key source markets for international tourism and business arrivals into Malawi. The Visa exemptions also apply to all SADC and Comesa member states, including some multilateral institutions that do business with the Malawi government.

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