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Malawi Economy:
Agriculture,
mainly subsistence farming dominates the Malawian economy. Over
the years, the country had accumulated a huge foreign debt and
qualified for debt relief as one of the Heavily Indebted Poor
Countries.
Major export commodities from the country are;
textiles, peanuts,
coffee, cotton, sugar, tea and tobacco. Important industries
include; tourism, tobacco, tea, sugar and timber processing,
cement and
food processing. Corruption is widespread and is one of the
key problems affecting the country’s economy.
Currency:
The currency of Malawi is known as the Malawian Kwacha abbreviated
as MWK. The Kwacha was introduced in 1971 to replace the Pound
which had been in use since the country’s independence.
One Kwacha is equivalent to 100 Tambala. The issuance of this
currency and exchange rates is overseen by the Reserve Bank
of Malawi.
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