05:35 am - Wednesday 21 November 2018

Automatic fuel pricing to be permanent

By Amalawi - Thu Apr 11, 9:57 am

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Mzuzu, Malawi: Reserve Bank of Malawi (RBM) has disclosed that floatation of the kwacha and the automatic pricing of fuel which government adopted last year will remain as permanent policies and will not be discarded during this government.

The statement was made at a pre-budget consultation function held in Mzuzu on Wednesday, the RBM deputy governor responsible for economic affairs, Dr Naomi Ngwira said the two economic measures will be permanent, asked if this depends on the government of the day he simply said “we are not politicians, but for now we say these are permanent”

Malawi Government last year (2012) floated the Kwacha and introduced an automatic pricing mechanism on fuel in a bid to revive the country’s ailing economy.

These measures resulted into criticism, analysts observed that  the measures had only helped to raise commodity prices and caused the exchange rate regime to be unstable.

Reserve bank of Malawi

Reserve bank of Malawi

On his part, Deputy Minister of Finance, Dr Cornelius Mwalwanda asked the private sector to seriously start thinking of penetrating foreign markets as a way of reducing forex shortage in the country.He said the private sector is an integral part of the economy saying that was why government wanted the sector to continue being the engine of economic growth of the country.

“We want the private sector to come forward if they see any potential in the foreign markets so that government helps them in facilitating such deals,” he said.

The pre-budget consultation meeting attracted various organizations and individuals from different sectors of the society including economists, business captains, the civil society, the academia and religious institutions among others.

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