Officials from the Reserve Bank of Malawi (RBM) are this morning expected to address the media in Blantyre.
Last evening, RBM announced a 25% devaluation of the local currency, effective today, Friday 27th May 2022.
In a statement the bank said the rising commodity prices and the Russia Ukraine War coupled with Cyclone Ana and Gombe has worsened the situation in the country.
The development comes as International Monetary Fund (IMF) officials are in the country as government is pushing for a new Extended Credit Facility inorder to address the current economic woes.
More details to come..