DEVALUED DREAMS; LIFE AFTER DEVALUATION IN MALAWI
Fourty four percent gone, prices soaring, jobs in the line, hope fading, and Malawian’s currency collapse didn’t just move markets – its crushed lives. Now millions face a brutal question: survive or starve? On November 19, 2023. The 44% devaluation of the Malawian kwacha has sent shockwaves through the nation's economy, leaving millions of people grappling with the harsh realities of a rapidly changing financial landscape. According to the statement released by the Reserve Bank of Malawi (RBM), the development occurred after assessment of the kwacha which exposed that despite adjustments of the rate through the auction system, still supply-demand imbalances remained in the markets. This 44% downturn pushed Malawi’s currency selling rate of the dollar towards K1, 700 after K1, 180.29 in a net importing country like Malawi where forex drives economic developments. As prices soar and jobs hang in the balance, the very fabric of Malawian society is being tested. The devaluation, aime...