The Reserve Bank of Malawi (RBM) says the ongoing tobacco sales have done little to supply forex which is currently scarce in the country.
RBM Governor Victor Mbewe said the development has prompted the central bank to maintain its directive that all tobacco sales proceeds be routed through the bank.
“As of this week, the tobacco sales have not reached US$10 million, which is not healthy to our forex reserves and that doesn’t look promising looking at the fact that our economy relies on tobacco sales for forex,” said Mbewe.
Mbewe added that the bank will uphold the directive while it monitors the forex inflows into the country.
