By Workman Lungu
According to official information, three main devaluations of Malawi’s Kwacha have been effected underneath the second MCP-led regime:
1. 25% devaluation – May 20222;
2. 44% devaluation – 9 November, 20233;
3. 25% devaluation – May 2024
In the press launch that introduced the November 2023 devaluation, RBM indicated that they won’t cease on the 44% devaluation however will periodically public sale the Kwacha in opposition to different currencies such that a minimum of each week or month that adopted from then, the Kwacha was being recalibrated – largely downward.
The 44% devaluation alone took Kwacha from K1180/$ to K1700/$. Because of the May 2024 devaluation and the month-to-month auctions, by January 2025, the Kwacha has nosedived to round K3500/$.
Prices of all important commodities can now not be steady even for every week – as a result of inflation is cruising at insane Kasiya speeds! All indicators and indicators are pointing to the secretly guarded indisputable fact that President Chakwera certainly stepped down from energy in 2022 after two years elapsed in keeping with his pledge that he would resign if he failed to show round Malawi’s fortunes. Malawi is formally on autopilot mode!