The Reserve Bank of Malawi (RBM) has issued a licence to a Blantyre-based Golden Forex Bureau Limited, effectively allowing it to roll-out its operations.
The bureau’s director Charles Nsamala confirmed in an interview on Thursday that the RBM issued the licence on January 22 2013.
The director said the reopening of the bureau will help to ease forex shortage in the country, stressing that management of the Golden Forex Bureau will strive to ensure the availability of forex on the market and offer competitive exchange rates.
“We know there is a big challenge ahead of us, but let me assure Malawians that the bureau’s management knows the market better and we want Golden Forex Bureau to be a solution to all businesses,” he said.
Nsamala said Golden Forex Bureau will also deliberately offer competitive exchange rates to tourists to make their stay in the country comfortable, thereby complementing government’s efforts to boost the tourism sector.
The bureau’s director said plans are underway to open other branches in Limbe, Mangochi, Lilongwe and Mzuzu.
Government through RBM in 2009 during the late president Bingu wa Mutharika regime closed all private forex bureaus on grounds that the law required them to be associated with commercial banks to be licensed.