The Reserve Bank of Malawi (RBM) has refuted reports circulating on social media that the International Monetary Fund (IMF) has written the Minister of Finance and Economic Affairs to devalue the Malawi Kwacha by 60 percent.
In a statement signed by RBM Governor, Wilson Banda, the Bank says it has no plans to devalue the Malawi Kwacha.
Banda has since appealed to the general public to desist from creating and circulating false reports which bring about unwarranted speculation, panic, and uncertainty in the economy.
The rumour follows an article carried by Nation Publications Limited, saying that Standard Bank foresees a weak Malawi kwacha in October this year.
The bank said this will affect the four-year $175 million (about K306 billion) International Monetary Fund Extended Credit Facility (ECF) programme clinched last November.
