Reserve Bank of Malawi (RBM) has dispelled fears of foreign exchange scarcity in the country saying currently there is an import cover of about 3 months.

Speaking to Nyika Media Club in Mzuzu during a cocktail event organised by the central bank, RBM Director of Public Relations Ralph Tseka said the central bank has official 1.6 months of import cover while the private sector has about 1.4 months import cover.

“This gives us over three months of import cover,” Tseka said.

He said Malawians should not panic as the central bank is working tirelessly to increase availability of foreign exchange.

Tseka has also dismissed fears of higher susceptibility of the newly introduced K5000 banknote to forgery.