Could reduction of violations in forex market be a key to mitigate risks of the depreciation and devaluation of Malawi Kwacha?

The acute depreciation and devaluation of the Malawi Kwacha in the past ten years seems to stem out in part due to massive illegal externalisation of forex by unscrupulous business people aided by banks despite the existence of various Acts of Parliament and Reserve Bank of Malawi’s Directives, Press Releases and Forex Trading Guidelines. There appears to be little willingness to severely punish the perpetrators as penalties meted out on wayward banks are not publicly disclosed and this is unsustainable as the rewards for mischievous behaviour seems to outweigh any penalties thereof. It is the local ordinary citizen who suffers from high prices of inorganic fertiliser and hence possibility of food insecurity, rising fuel prices and shortage of drugs in the hospitals. Now is time to act.