Malawi’s foreign exchange reserves rose to $595.2 million in April 2024, up from $545.7 million in March, and compared to $594.4 million in April 2023, according to the Reserve Bank of Malawi (RBM). The increase was driven by both gross official reserves and private sector reserves. RBM spokesperson Mark Lungu highlighted that the improvement is crucial for stabilizing the local currency and controlling inflation. The boost is partly attributed to strong tobacco sales, which generated $218.7 million by the eighth week. The Malawi Kwacha also appreciated against several major currencies, gaining 0.3% against the US dollar, although it depreciated by 0.8% against the South African rand.
