{"id":36850,"date":"2022-12-16T21:16:14","date_gmt":"2022-12-16T21:16:14","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/devaluation-does-not-work-in-malawi-european-union"},"modified":"2022-12-16T21:16:14","modified_gmt":"2022-12-16T21:16:14","slug":"devaluation-does-not-work-in-malawi-european-union","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/devaluation-does-not-work-in-malawi-european-union","title":{"rendered":"Devaluation does not work in Malawi \u2013 European Union"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Malawi. <\/strong><\/span>European Union (EU) Ambassador to Malawi Rune Skinnebach has said that devaluation of currency is pointless in a country with low exports like Malawi.<\/p>\n<p>Skinnebach said this in Blantyre during a media interaction with journalists in the southern region. According to Skinnebach, devaluation works for countries that export a lot of commodities since it aims at encouraging exports.<\/p>\n<p>He noted that Malawi has a few commodities to export hence devaluing the currency does not work. In May this year, the Reserve Bank of Malawi devalued the Malawi kwacha by 25 percent as the government tried to resolve the challenge of shortage of forex.<\/p>\n<p>However, the problem appears to have not been resolved with government resorting to external borrowing in order to find forex for procurement of commodities such as fuel and fertilizer. Malawi\u2019s main export is tobacco and the country realized US$182 million in 2022, a drop from the US$197 million raked in 2021.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/malawi\">Malawi<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Malawi. European Union (EU) Ambassador to Malawi Rune Skinnebach has said that devaluation of currency is pointless in a country with low exports like Malawi. Skinnebach said this in Blantyre during a media interaction with journalists in the southern region. According to Skinnebach, devaluation works for countries that export a lot of commodities [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":36849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,410],"tags":[233,371,4791,307,3972,234],"class_list":["post-36850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-to-homepage","tag-africa-press","tag-africa-press-malawi","tag-devaluation","tag-economy","tag-european-union","tag-malawi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Devaluation does not work in Malawi \u2013 European Union - Malawi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/devaluation-does-not-work-in-malawi-european-union\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Devaluation does not work in Malawi \u2013 European Union\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Malawi. European Union (EU) Ambassador to Malawi Rune Skinnebach has said that devaluation of currency is pointless in a country with low exports like Malawi. Skinnebach said this in Blantyre during a media interaction with journalists in the southern region. According to Skinnebach, devaluation works for countries that export a lot of commodities [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/devaluation-does-not-work-in-malawi-european-union\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-16T21:16:14+00:00\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/devaluation-does-not-work-in-malawi-european-union#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/devaluation-does-not-work-in-malawi-european-union\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Devaluation does not work in Malawi \u2013 European Union\",\"datePublished\":\"2022-12-16T21:16:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/devaluation-does-not-work-in-malawi-european-union\"},\"wordCount\":172,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/devaluation-does-not-work-in-malawi-european-union#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2022\/12\/postQueueImg_1671212798.96.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Devaluation\",\"economy\",\"European Union\",\"Malawi\"],\"articleSection\":[\"all news\",\"economy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/devaluation-does-not-work-in-malawi-european-union#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/devaluation-does-not-work-in-malawi-european-union\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/devaluation-does-not-work-in-malawi-european-union\",\"name\":\"Devaluation does not work in Malawi \u2013 European Union - 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