|
|
|
Dealers say central bank silent on euro
By
Thom Khanje - 31-01-2002 |
|
|
Forex market dealers have said banks and bureaux in the country have not yet started trading in cash on the euro currency, one month after its launch in the Europe’s euro zone, because the central has not yet come in the open with trading guidelines.
But Reserve Bank of Malawi (RBM) governor Elias Ngalande said on Tuesday the central bank has written commercial banks, giving them a go ahead to receive euro in cash, especially for the convenience of tourists.
“One tourist had difficulties when a bank refused to change his euro notes. We intervened and enabled the tourist to change. That’s when we wrote the banks, giving them a go ahead to handle euro cash transactions,” said Ngalande in an interview.
But he admitted there was no official policy on the euro, saying being an international currency, Malawi would go along the euro zone and other countries in developments related to the new currency.
Dealers Association of Malawi president Wilson Mulauzi said yesterday the central bank has not yet clearly indicated whether it will be able to buy euro cash from commercial bank, making it difficult for dealers to buy the currency in cash.
“The central bank is our last outlet when there are no buyers for any foreign currency. We have to be given an assurance by the central bank that they will accept the euro,” said Mulauzi, who is also senior dealer at National Bank of Malawi.
He said forex traders also needs clear information on security features on the euro to be able to detect fake notes to avoid being duped by “sophisticated criminals”.
“We need to have machines in place to detect fake currency. Otherwise, it is difficult to trade in cash on the currency,” said Mulauzi.
Mulauzi said most banks in Malawi were handling euro transactions electronically, saying normal transfers between bank to bank were going on without a problem.
|
|
|
|
|
|
