Africa-Press – Malawi. The World Bank records show that the Reserve Bank of Malawi (RBM) has net sales of forex to the market since 2019, undermining efforts to build official reserves over the period.
The assessment of forex situation in the Malawi Economic Monitor (MEM) estimates that $2.9 billion was sold to Authorized Dealer Banks (ADBs) while purchases fell short at $2.4 billion, making the central bank a net seller and not accumulating the reserves.
With the current official gross foreign reserves position at just about two weeks, the forex pressure appears to be intensifying at the time tobacco has generated record sales of over $500 million at the domestic market.
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