RBM says the country has two months forex cover
he country’s central is assuring the nation that the country has forex cover of two months and this will soon be boosted with the opening of tobacco markets.
The assurance comes as the country continues to see a decline in foreign exchange supply which has in turn put pressure on the country’s foreign exchange reserves.
Spokesperson for the Reserve Bank of Malawi, Ralph Tseka said currently the nation has two months import cover but things are expected to pick up with the opening of the tobacco market at the end of the month.
According to Tseka, Malawi has a seasonal economy hence during lean period the nation faces shortages on forex.
Tseka also disclosed that as part of boasting forex reserves-the central bank has been purchasing gold from locals for export and so far, the authority has purchased about 70 kilograms of gold.
