Malawi: Malawi's Forex Bureau Overhaul Exposes Deeper Supply-Side Fault Lines

Malawi's new licensing regime for foreign-exchange bureaus has been presented by the Reserve Bank as a step towards a cleaner, more transparent market. But the reforms have reopened a familiar question: whether supervision can meaningfully stabilise a system defined by chronic scarcity. The framework -- shorter licence cycles, higher capital thresholds, spot-only trading and mandatory integration with RBM monitoring -- is the most sweeping rewrite in years. The bank argues it aligns the sector with the Foreign Exchange Act 2025 and strengthens accountability in a market long criticised for weak oversight. On paper, the logic holds. A regulated bureau sector reduces manipulation and improves data visibility.

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