Currency Devaluation

November 2023

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Early in November Malawi’s currency—the kwacha— was suddenly devalued by 44% - a huge loss of banked resources for us, but a real disaster for villagers struggling to afford food and other essentials.  

Many in the rural areas are still reeling from the effects of the destructive cyclone earlier in the year, with annual crops lost, and fields - often their only source of income - now uncultivatable.  The value of any money they managed to gather diminished overnight, immediately fuel prices rose, pegged across the country, and prices of every commodity soared, sometimes doubled.

We’ll have to wait to see the effects of this financial shock, and the consequences in the communities.  Hunger is already widespread, so this will cause even more hardship…..