The dollor falls on black market
Trading tales: dollar,maize tumble after elections By Kondwani Nyondo Just days after Peter Mutharika was announced Malawi’s new president, black-market rates for the U.S. dollar and South African rand, as well as maize prices, have plummeted, leaving traders and consumers adjusting quickly. Our team visited most of Lilongwe’s major dollar trading centers, including Gamestore and Devil Street. Traders there confirmed that the U.S. dollar, which had been trading at K5,000 per dollar a week before the elections, is now selling at around K3,000. South African rand has also fallen from K275 to K230. We also visited maize markets at Mitundu and Zankutu in Lilongwe. In Mitundu, a 50kg bag of maize has reduced from K76,000 to K70,000, while some traders sell it at K69,000. At Zankutu, traders told us the drop reflects expectations of government intervention. “We have heard that the new administration plans to distribute maize for free,” said one Zankutu trader, requesting anonymity. ...