The country’s central bank Reserve Bank of Malawi has disclosed that Malawi has forex cover of two months.
The sentiments come the country continues to see this, 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 has told MIJ Online that currently the nation has 2 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.