Malawi c.bank scraps kwacha-dollar peg: directive
Economy, Malawi, South Africa — By AfricaTimes on May 7, 2012 10:29 amMalawi’s central bank has scrapped the kwacha’s peg to the dollar, allowing the market to determine the currency’s exchange rate, according to a directive sent to commercial banks and seen by Reuters on Monday.
The kwacha, officially 165 to the dollar, trades at nearly double that rate on the black market. The International Monetary Fund and others have called on the southern African nation to devalue the kwacha to reflect its true value and make the economy more competitive.
Reuters.
Tags: Joyce Banda, Malawi
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