RBM supports strategic imports
As the lean season of foreign exchange availability is fast approaching, monetary authorities are supporting the importation of strategic commodities in the market, a report from Reserve Bank of Malawi (RBM) has said.
Some of the strategic imports include fuel and fertiliser.
“Monetary authorities continued to sell foreign exchange in support of importation of strategic commodities in the market,” reads in part RBM’s financial market development report of Monday.
RBM figures show that as of September 3, gross official reserves dropped to $683.32 million from the previous week’s $682.72 million, an equivalent of 3.27 months of import cover.
On the other hand, private sector reserves rose to $308.41 million, about 1.48 months of import cover, from the previous week’s $295.51 million or 1.41 months of import cover.
