Finance and Economic Affairs Minister Simplex Chithyola-Banda emphasized that addressing the rising prices of goods due to foreign exchange rate adjustments demands collective action from all stakeholders.
At a strategic meeting in Lilongwe, he highlighted the need to develop a framework for implementing the measures announced regarding foreign exchange management, especially concerning the black market forex traders.
“We need to ensure the currency rate difference between banks and the authorised dealers is narrowed and control smuggling of foreign exchange into the country. We also need to control the unfair increase in prices of goods and services and discuss the roles of various stakeholders in curbing the malpractices of foreign exchange trading and unfair price increases,” he said.
In his contribution the Attorney General, Thabo Chakaka Nyirenda said creation of networking between the stakeholders that will enhance communication and cooperation is important and so is the need for eliminating political interference in the work of technical people in the concerned ministries.
Reserve Bank Governor Wilson Banda said foreign exchange control remains important and significant in the achievement of the economic recovery and development objectives and the exchange control measures strategic meeting was crucial.
Some of the notable high profile people that attended the meeting include Homeland Security minister Ken Zikhale Ng’oma, Justice and Constitutional Affairs minister Titus Mvalo, Anti-Corruption Bureau Director General, Martha Chizuma, the Director of Public Prosecution Masauko Chamkakala among others.