The Reserve Bank of Malawi (RBM) governor Dr. Wilson Banda has refuted reports that the devaluation of kwacha was influenced by the International Monetary Fund (IMF).

Dr. Banda said the discussions that are currently under way with IMF team in the country have nothing to do with the devaluation.

He said some of the reasons for the devaluation include the huge debt of about USD 1 billion which the previous government accumulated which has also put the burden on the current regime as it is struggling to settle.

Dr Banda further attributed the insufficient foreign currency, effects of Covid-19 pandemic, cyclone Ana and Gombe and Ukraine Russia war as some of the factors.

However, he said the central bank and government will tighten monitory and physical policies respectively so that prices of commodities on local market remain stable.