* As well as limit on physical possession of forex at any given time without the permission of the Reserve Bank of Malawi (RBM)
By Duncan Mlanjira
The Government, through the Reserve Bank of Malawi (RBM) Governor, George Partridge, has gazetted some amendments to the Foreign Exchange Act that limits exportation of foreign currency.
RBM Governor George Partridge
In a notice published on September 7, the Act bars any person from taking or sending out of Malawi an amount exceeding a total sum of US$1,000) — or the equivalent thereof, in any other foreign currency.
That is unless they have evidence that the foreign currency was purchased from an authorised dealer; or is in possession of a permission from the RBM.
For a cross-border trader, they shall not, without the permission of the RBM, take or send out of the country the Malawi currency in any amount exceeding US$5,000).
A traveller is also prohibited to be in possession of US$100) when traveling out of the country.
The third is on the limit on physical possession of forex at any given time without the permission of the RBM in excess US$1,000) or the equivalent thereof, in any other foreign currency.
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