The Reserve Bank of Malawi (RBM) has trashed social media speculation that the local currency will be devalued by 25 percent in the short term.

In an interview, RBM Spokesperson Mark Lungu described the speculation as baseless.

According to Lungu, the Central Bank does not expect another devaluation following last year’s 44 percent devaluation in November.

Lungu has since warned against making baseless allegations regarding the local unit, saying they have a potential to cause panic on the market.

Source:Times