Rallying kwacha | The Times Group

Rallying kwacha | The Times Group:





Rallying kwacha

Posted By: William Kumwembe on: December 20, 2017 In: Business No Comments

In February 2012, then Malawi President Bingu wa Mutharika adamantly shot down demands by

the International Monetary Fund (IMF), donors and some economists to devaluate the kwacha.

His reasoning was interesting; "Doing that will only worsen poor people's lives."

Mutharika, an economist himself, was against the stand the IMF took, indicating that devaluing the

local currency would boost exports while taming demand for imports.



'via Blog this'