The Reserve Bank of Malawi has issued immediate foreign exchange measures for enterprises providing services to international tourists and visitors, under the Foreign Exchange Act, 2025 and in collaboration with the Ministry of Industrialization, Trade, Business and Tourism. The measures require tourism businesses to be authorised to deal in foreign currency and to demand payment in recognised and widely acceptable convertible foreign currency for services provided to foreign passport holders. The scope covers accommodation, restaurants and eateries, tour operations, travel agencies, domestic air taxis, vehicle hire, entry fees and services in national parks, wildlife and forest reserves, and other entities licensed by the Tourism and Hotels Board. Payments must be accepted in cash, by card, or via electronic funds transfer, with an exemption for holders of Permanent, Temporary and Business Residence permits and Temporary Employment Permits issued by the Department of Immigration and Citizenship Services. Firms must quote and prominently display their official bankers’ foreign exchange buying rates (inclusive of all charges) and issue accurate official receipts, submit monthly returns to the Bank by the 10th day of the following month, and maintain transaction records for inspection. Authorised entities must open foreign currency denominated bank accounts for receiving such payments, repatriate and deposit in Malawi any payments received outside the country, and ensure expenses incurred by hosted international tourists are paid in foreign currency by the local host. Tourism enterprises must apply for authorisation to deal in foreign currency by 31 January 2026, while the broader measures take effect immediately. Non-compliance may attract penalties under the Foreign Exchange Act, 2025.
Reserve Bank of Malawi 2025-12-02
Reserve Bank of Malawi orders tourism enterprises to take foreign currency payments and seek FX dealing authorisation by 31 January 2026
The Reserve Bank of Malawi and the Ministry of Industrialization, Trade, Business and Tourism have implemented immediate foreign exchange measures for tourism enterprises under the Foreign Exchange Act, 2025. Businesses dealing with international tourists must be authorised to handle foreign currency and require payments in widely accepted convertible currencies. Firms must display foreign exchange rates, issue receipts, maintain transaction records, and submit monthly returns, with non-compliance subject to penalties.