Renowned economist Betchani Tchereni has commended the Reserve Bank of Malawi’s (RBM) decision to repatriate proceeds from exports within 120 days of exportation.

He made the remarks following RBM’s declaration that effective 31 July this year, all exporters will be required to bring home gains from their exports 120 days from the day of export or face a penalty.

Tchereni said that this is a good move which will allow the country to regain access to foreign exchange in good time and allow the country to use the money as it is needed.

He also pointed out that the directive will allow the country to crack down on illicit transfer of resources.

Tchereni said: “You will find that people will take the money and invest it in other bank accounts elsewhere which is principally illicit transfer of resources.

What the Reserve Bank has done is to move in to make sure that such transfer has been controlled.”

He has since appealed to law enforcement authorities to ensure that they are up to the task and make sure that they diligently follow up on defaulters of the directive.