The Reserve Bank of Malawi (RBM) has announced that forex trading licenses for banks and bureaux will expire at the end of June 2025, requiring all institutions to reapply for annual renewals.
The move is part of RBM’s efforts to regulate forex trading and improve availability in the country.
Announcing the measures in Lilongwe, RBM Governor Macdonald Mafuta Mwale also revealed the removal of the 30% forex surrender requirement for exporters. Additionally, non-exporting recipients will now be required to surrender only 25% of their total forex receipts.
“For non-governmental organizations (NGOs), which previously had to surrender 70% of their forex upon receipt, the surrender will now be required at the time of use rather than at the point of receipt,” Dr. Mwale stated.
To curb forex-related crimes, RBM has introduced a whistleblower reward system. Informants who provide credible information through an anonymous tip-off platform leading to convictions will receive incentives.
Malawi has been struggling with forex shortages, affecting the prices of imported goods and services. The central bank believes these measures will help stabilize foreign currency availability in the country.
