{"id":56874,"date":"2024-01-17T20:12:20","date_gmt":"2024-01-17T20:12:20","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-finance-minister-says-kwacha-was-overvalued"},"modified":"2024-01-18T22:19:23","modified_gmt":"2024-01-18T22:19:23","slug":"malawi-finance-minister-says-kwacha-was-overvalued","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-finance-minister-says-kwacha-was-overvalued","title":{"rendered":"Malawi Finance Minister says Kwacha was overvalued"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>Minister of Finance Simplex Chithyola-Banda has backed the decision to devalue the Malawi Kwacha saying the Malawian currency was overvalued and this was affecting the country\u2019s economy.<\/p>\n

Minister responsible, Simplex Chithyola-Banda said this at Bingu International Convention Center (BICC) in Lilongwe following the recent 44% devaluation of the Malawian Kwacha.<\/p>\n

He said Malawi Kwacha was not trading on its real market value and it was negatively affecting the economy of the country. \u201cThe recent 44% devaluation of the Malawi Kwacha is a necessary step to take if Malawi economy is to be put back on the right track.<\/p>\n

\u201cThe overvalued Kwacha was affecting local production of goods and services as people found it cheaper to import goods than buy locally produced ones hence killing local production,\u201d said Chithyola-Banda.<\/p>\n

The Minister also indicated that many investors were not interested to invest in the country because of the overvalued Kwacha. The minister highlighted that without the devaluation, criminal and illegal black forex markets would have continued to flourish as there was collusion between the black market and some corrupt bankers.<\/p>\n

Chithyola Banda said with the recent realignment, Malawi Government will fight illegal forex trading and the country is expected to enhance its productivity, trade and investment.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. Minister of Finance Simplex Chithyola-Banda has backed the decision to devalue the Malawi Kwacha saying the Malawian currency was overvalued and this was affecting the country\u2019s economy. Minister responsible, Simplex Chithyola-Banda said this at Bingu International Convention Center (BICC) in Lilongwe following the recent 44% devaluation of the Malawian Kwacha. He said […]<\/p>\n","protected":false},"author":84,"featured_media":56872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[233,371,234],"class_list":["post-56874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-malawi","tag-malawi"],"yoast_head":"\nMalawi Finance Minister says Kwacha was overvalued - Malawi<\/title>\n<meta name=\"description\" content=\"Minister of Finance Simplex Chithyola-Banda has backed the decision to devalue the Malawi Kwacha saying the Malawian cur ...\" \/>\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\/malawi-finance-minister-says-kwacha-was-overvalued\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Malawi Finance Minister says Kwacha was overvalued\" \/>\n<meta property=\"og:description\" content=\"Minister of Finance Simplex Chithyola-Banda has backed the decision to devalue the Malawi Kwacha saying the Malawian cur ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-finance-minister-says-kwacha-was-overvalued\" \/>\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=\"2024-01-17T20:12:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-18T22:19:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2024\/01\/sm_1705511440.760283.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1496\" \/>\n\t<meta property=\"og:image:height\" content=\"727\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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\/malawi-finance-minister-says-kwacha-was-overvalued#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-finance-minister-says-kwacha-was-overvalued\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Malawi Finance Minister says Kwacha was overvalued\",\"datePublished\":\"2024-01-17T20:12:20+00:00\",\"dateModified\":\"2024-01-18T22:19:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-finance-minister-says-kwacha-was-overvalued\"},\"wordCount\":222,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-finance-minister-says-kwacha-was-overvalued#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2024\/01\/sm_1705511440.760283.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Malawi\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-finance-minister-says-kwacha-was-overvalued#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-finance-minister-says-kwacha-was-overvalued\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-finance-minister-says-kwacha-was-overvalued\",\"name\":\"Malawi Finance Minister says Kwacha was overvalued - 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