2018, Malawi has seen an increase in remittances, through money transfer operations and foreign currency denominated accounts.
Malawi has been on the vigorous drive to increase remittance payments to Malawi in order to bolster reserves.
According to the Reserve Bank of Malawi (RBM), Malawi has earned $186 million (about K136 billion) in 2018 alone, a move that has been influenced by the Diaspora Engagement Program that the Government of Malawi pursued in 2018 through the Ministry of Foreign Affairs and International Cooperation.
The 12 - month figure is nearly four times the $38 million (K27.7 billion) the country received in 2017 through remittances, a development RBM said strengthens the country’s foreign exchange position.
The RBM indicated that these remittances are profits from services and mostly, it is the money that is earned by Malawians living abroad. Therefore, as it comes to Malawi, it increases the country’s foreign exchange reserves and can be invested in infrastructures or other projects in order to add value to the socio-economic development of the country.