The Reserve Bank of Malawi has introduced stricter regulations limiting the physical possession and transport of foreign currency, capping the maximum allowable cash amount at $1 000 for individuals traveling abroad.
Under the new directives issued through Government Notice Number 88, travelers and cross-border traders are prohibited from carrying physical foreign currency exceeding $1 000 without prior written approval from the central bank or documented proof of purchase from authorised foreign exchange dealers. Additionally, the monetary authority has instituted caps on carrying local currency across borders, restricting cross-border traders to $5 000 equivalent in Kwacha and ordinary travelers to $100 equivalent.
The policy shift comes as Malawi continues to address ongoing foreign exchange availability pressures in the formal banking sector, aiming to curb informal currency outflows and improve regulatory oversight across foreign exchange channels.
–ChannelAfrica–
