Malawi Regulatory Authority to Reduce Forex Shortage With New Law

Malawi Regulatory Authority (MRA) is set to reduce forex shortage in the country with a new amended law called “Customs Controlled Warehouse for Export” which will enable people to export farm produce to other countries which does not have structured markets.

Manager Taxpayer Education for Malawi Regulatory Authority Hizzal Pwangu Kawanga said the government recently made amendment which requires business people to export farm produce through Customs Controlled Warehouse for Export in the process; there will be enough forex in reserve.

“What we are doing as MRA is that Malawi as a country should realise foreign exchange from those sells ,that is why we are educating the general public and business people to make sure that they export in line with the law as the government will be generating a lot of forex, “said Kawanga.

Kawanga added that MRA has planned to put majors of smuggling goods by introducing various road blocks in order to trace and arrest these smugglers in accordance with a law.

One of the participants Trader for Formula 1 Investments Keneth Gondwe applauded MRA with the amendment law which will help government to build up forex reserve which as a nation is struggling.

“This will cut down the mild men in between since there will be direct contact between the buyers and investors, and also it is high time that smugglers should wake up in their slumbers and help government to generate foreign currency since they have been irresponsible citizens”, said Gondwe.

MRA is implementing and sensitizing various stakeholders in the country on the newly amended law” Customs Controlled Warehouse for Export” which will help to export farm produce that does not have structured market like soya beans, beans just to mention a few.

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