Malawi: Kwacha devalued by 33 per cent, leading to panic-buying

Shoppers in Malawi have been scrambling to buy basic goods, fearing huge price rises after the currency was devalued by 33 per cent. The BBC's Raphael Tenthani in Blantyre says that many shops had run out of staple foods such as sugar, cooking oil and bread by the end of Monday. The kwacha was devalued as part of moves by the new government to restore donor funding. The central bank announced that one dollar would now be worth 250 kwacha, up from 168, while the peg to the US currency would be scrapped.