The reserve Bank of Malawi (RBM) has dismissed rumors making rounds on social media that it intends to devaluate the Kwacha further.

Social media platforms are awash with reports that the monetary institution, is planning on devaluing the Malawian currency.

Other reports, indicated that the devaluation has already been done in secret, claiming that the Malawian currency is down with 25 percent.

But spokesperson for the Central Bank, Ralph Tseka has described the reports as untrue.

He further questioned the intention of people spreading the rumor adding that at the moment RBM has no intentions of devaluing the Kwacha.

In May this year, the Kwacha was devalued by 25 percent which saw prices of commodities rising uncontrollably.