Malawi Kwacha is still struggling on the market though tobacco sales which are a major source of the country’s forex have just been closed. According to the National Bank of Malawi’s Economic Newsletter released in September, the country is still struggling to match with other foreign currencies. An Economist working at the National Bank of Malawi, Shadreck Malenga, has revealed that the Malawi Kwacha will continue to suffer on the world market for some time before it becomes stable.
He said this is so because of other external factors which are affecting the country. Malawi Kwacha “Malawians should wait a bit longer before the economy bounces back to the right truck because there are a number of factors which have tightened up the country due to late resumption of the International Monetary Fund (IMF) programme, which essentially resulted in most bi-lateral donors not participating in aid disbursement in the first fiscal quarter (July – September),” said Shadreck.
The economist said, donors stayed away from this country claiming that Malawi has poor governance and bad policies in economics, which disappointed them, forcing them stop in assisting Malawi. Malenga further said another factor was the shunning away of many farmers from growing the golden leaf in the year, 2012 due to poor prices and high rejection rates experienced in the 2010/11 auction season.
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