Standard Bank says Visa Removal will boost forex

Standard Bank, one of the country’s leading financial institutions, has hailed the government’s decision to relax visa restrictions into Malawi arguing that this will improve inflows of hard-to-get foreign currency.

Authorities believe that the government’s move, is appropriate given that the nation is still struggling with a scarcity of foreign cash.

Madinga: We are impressed.

One of the impediments found during the bank-led Business Leadership Round-Table on December 12 was the removal of visa restrictions.

The government, regulatory bodies, donors, and the business sector get together at this high-level gathering to debate many aspects of economic policy.

Speaking to MIJ Online Phillip Madinga, chief executive of Standard Bank Plc, stated that the development will help make Malawi an attractive tourism destination and boost foreign currency flows in the long-term.

Ken Zikhale Ng’oma Minister of Homeland Security, in a Wednesday Gazette Article announced the lifting of the entrance restrictions.

According to the statement, 48 nations—including the United States, the United Kingdom, Germany, France, Australia, China, and Russia—have had their restrictions lifted.

These nations are important sources of foreign visitors and business travelers to Malawi.

All Comesa and SADC members, as well as several international organizations that have business with the Malawian government, are also exempt from the visa requirement.

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