RBM’s intensify war on illegal forex market, minerals
a number, 402 toll free number
The Reserve Bank of Malawi (RBM) has emphasized the need for Malawians to join hands in the fight against illegal business of forex, minerals, and exploitation of the country’s produce.
RBM governor Dr Macdonald Mafuta Mwale appealed to Malawians that it is their responsibility to report the vice so that what belongs to the country is protected.
“If somebody comes to buy Malawi produce, there are legitimate ways because that buying of that good from Malawi will leave us with forex, will leave us a little bit with tax. Therefore, it is the responsibility of all Malawians to report,” explained Dr Mwale.
“Therefore, we have applied for a number, 402. When you see this number, it is for you to call free and report whatever you are seeing so that authorities should be able to assist the nation in querying down that malpractice,” Added Dr Mwale.
The central bank says all institutions handling forex in the country will have their licenses every year, being revoked or suspended if they do not comply with the exchange country regulations.
“We need all institutions that do handle forex in Malawi to have very good teams with integrity so that the resources that are coming to our shoes are taken care of, for the good of everybody, to be used for the importation of the necessities of this country. So the measure is really to say that the banks, the tourist operators, and the bureaus, their licenses will expire on the 30th of June this year, and come 1 July 2025, we will issue new licenses,” the governor explained.
The RBM governor also announced the new system which is aimed at verifying the legitimate payment of imports using an electronic system.
“A Telegraphic Transfer copy is going to be passed from the bank, to reserve bank or to MRA, which can be verified by the importer at the time the product that has been imported is on the show and then they have to make proof that it was indeed imported legitimately,”
Malawi has been hit by the scarcity of forex, among others, due to the growing demand which is on the black market, and the central bank believes with the measures being put in place, the demand will be reduced.
The post RBM’s intensify war on illegal forex market, minerals appeared first on Malawi Voice.