When was malawi kwacha devalued

Malawi country profile. Joyce Banda: Malawi's first female president. Africa Today podcast. Government of Malawi. Image source, AFP. New President Joyce Banda has reversed several of her predecessor's policies. Team or Enterprise Premium FT. Pay based on use. Does my organisation subscribe?

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Learn more and compare subscriptions content expands above. Already a user? Summary Forecast Stats Download Alerts. Historically, the Malawian Kwacha reached an all time high of Malawian Kwacha - data, forecasts, historical chart - was last updated on November of The Malawian Kwacha is expected to trade at Looking forward, we estimate it to trade at Trading Economics members can view, download and compare data from nearly countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

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All told, the value of Malawi's currency fell from kwacha per dollar in May to kwacha per dollar by early For the most part, international financial institutions such as the International Monetary Fund hailed this decision as a solution to Malawi's fuel and foreign exchange crises, but the effect on Malawi's millions of rural semi-subsistence farmers has received less attention in the international press. Mavuto Bamusi, a prominent civil society activist in Malawi's capital of Lilongwe, believes the devaluation was, on balance, detrimental to Malawi's poor.

He notes that once Malawi began to pay higher prices for fuel, the prices of all goods increased in tandem. The increase in the price of maize was especially troublesome.

Maize is always more expensive during what Malawians call the hungry season, as farmers exhaust their stores from the maize harvest each May and await the next. But, according to a report compiled by a Christian advocacy organization called the Centre for Social Concern, the price of maize in urban markets rose percent in the year following the devaluation, and remained elevated even after the maize harvest.

In the aftermath of this price increase, Malawians have turned increasingly to other ways of finding cash, such as burning trees to make charcoal.