Foreign exchange reserves pick up | The Times Group:
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Malawi's gross foreign exchange reserves—a combination of official and private sector reserves
— increased marginally last week from 3.39 months of import cover two weeks ago to 3.42
months as of Wednesday, latest figures from the Reserve Bank of Malawi (RBM) have shown.
Recent RBM Daily Financial Market Development report for February 16 indicates that as of last
week, total official reserves increased to $715.02 million from $709.17 two weeks ago.
The marginal increase comes as the country is going towards the end of its lean period, usually
between November and February, when demand for forex surges due to demand for fertiliser and
farm inputs.
The increase also comes as the local currency; the Malawi Kwacha, has marginally weakened
against the British Pound and the South African Rand over the past two months despite being
steady against the United States Dollar.
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