The Reserve Bank of Malawi just stepped up against black market currency trading. Malawi faces tough times with high foreign exchange prices and not enough cash. The central bank says things would be better if all foreign money came into the country through proper channels. They believe this move can fix many current problems.
Starting July 1, anyone trading foreign currency must renew their license every year. RBM Governor McDonald Mwale told reporters this ensures traders follow the rules. The bank wants everyone handling foreign money to maintain high standards, so it has added strict rules to stop the illegal trading of dollars and other currencies.
Banks must send digital copies of all transfer records used for imports to the central bank and tax authorities. Mwale mentioned that the RBM already knows exactly which banks, accounts, and chat groups sell foreign money illegally. He promised they would take action against these operations very soon.
The governor also pointed out that Malawians living abroad participate in underground currency markets. These people ask locals to pay someone in Malawian kwacha but keep the foreign cash outside the country. To help catch these illegal traders, the central bank created a free phone line where citizens can report suspicious activity.
Starting July 1, anyone trading foreign currency must renew their license every year. RBM Governor McDonald Mwale told reporters this ensures traders follow the rules. The bank wants everyone handling foreign money to maintain high standards, so it has added strict rules to stop the illegal trading of dollars and other currencies.
Banks must send digital copies of all transfer records used for imports to the central bank and tax authorities. Mwale mentioned that the RBM already knows exactly which banks, accounts, and chat groups sell foreign money illegally. He promised they would take action against these operations very soon.
The governor also pointed out that Malawians living abroad participate in underground currency markets. These people ask locals to pay someone in Malawian kwacha but keep the foreign cash outside the country. To help catch these illegal traders, the central bank created a free phone line where citizens can report suspicious activity.
