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End of fast depreciation, Kwacha to be fixed

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Government has expressed dismay at the fast depreciation of the ‎kwacha and has since vowed to reverse the situation by fixing it.

Already commodity prices like that of maize flour, soap, fuel among other products are going up in response to the losing of value of the Kwacha.

About three months ago the kwacha was trading at about K300 to K320 to the dollar however currently is has shot up to about K535 to the dollar.

Speaking in an interview on what government was doing to avoid further plunging of the Kwacha against foreign currencies Finance Minister Goodall Gondwe revealed that government is devising policies that would fix the kwacha.

“This Kwacha depreciation is seasonal, we should be ok very quickly once the season passes but may be we will not wait for that, we will do some other things to ensure that the exchange rate does not go too far‎.

“I can’t reveal now on what we will do but we will get something done, I have had instructions from the president that we must do something to hold the depreciation of the kwacha” said Gondwe.

‎With the fast depreciation of the ‎kwacha, Fixing it and tangible investment in agriculture and industrialiazation could be the only best ways for Malawi to deal with such a perennial problem.

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