If you enjoyed the notion of arbitrarily manipulating the Malawi economy by operating illicit black market hubs for foreign exchange, that era has conclusively ended. The Minister of Finance in Malawi Simplex Chithyola Banda has unequivocally declared his determination to implement stringent measures to safeguard the economy in the wake of the 44% devaluation, and his commitment appears resolute. Addressing the public during a press conference on Monday, Chithyola Banda declared that the government would establish legal and regulatory frameworks to fortify the economic integrity.
“We want water tight legislations that would deter those that would like to play around with our economy. Some of the measures to protect our economy includes the following: With immediate effect, the Fiscal Police, with support from the Financial Intelligence Agency (FIA) and National Intelligence Service including MDF, will intensify crackdown on all illegal foreign exchange trade in all markets across the country and in boarder areas. The public is, therefore, warned to resist and report all suspicious incidents of buying or selling of foreign exchange from unregistered vendors.
“Any individual or entity caught engaging in this business without proper registration and authorization will be arrested, prosecuted, and have their foreign exchange impounded according to law. Government wishes to remind the general public that dealing in foreign exchange without authorization or licence from the Reserve Bank of Malawi is illegal under the Exchange Control Act, 1984. All Authorised and licensed Foreign Exchange Dealers are reminded to always display evidence of authorization or license at a conspicuous place within their business premises.” Said Chithyola.
So yes be warned, it appears it will not be business as usual from the government, which wants Malawians economy to pick up.
