Gross foreign exchange reserves have hit 3.83 months of import in March, according to Reserve Bank of Malawi’s (RBM) second Monetary Policy Report, which has shown that reserves risen to K592 billion.

In February, the reserves had dropped to $754 million (about K558 billion) of imports from $673 million (about K498 billion) which is equivalent to 3.2 months of imports reported during the same period in 2018.

The report by RBM says that the strength of the local unit, Kwacha, which stabilised to the dollar at K738.79, has enabled the central bank to maintain sound foreign exchange reserves position, averaging above three months.