Reserve Bank of Malawi extends tourism operators’ foreign exchange licensing deadline and reiterates mandatory foreign currency payment rules

The Reserve Bank of Malawi issued a reminder to Tourism Enterprises that mandatory measures under the Foreign Exchange Act, 2025 for handling foreign currency payments from international tourists and foreign passport holders remain enforceable, and extended the deadline to obtain authorisation to deal in foreign currency to 28 February 2026 from 31 January 2026. Tourism Enterprises must demand payment for services provided to foreign passport holders in recognised, widely accepted and convertible foreign currency, payable via cash, card or electronic funds transfer, with exemptions for holders of Permanent, Temporary, Business Residence and Temporary Employment Permits. Authorised enterprises must prominently display their official banker’s foreign exchange buying rates inclusive of all charges, issue accurate official receipts, submit monthly transaction returns to the central bank by the 10th day of the following month, and maintain complete records for inspection. Once authorised, enterprises must open foreign currency denominated accounts to receive all foreign currency payments, repatriate payments received outside Malawi for services rendered in Malawi into those accounts, and ensure expenses incurred by hosted international visitors are settled in foreign currency by the local host; the Bank also reiterated that these proceeds constitute export proceeds and non-compliance attracts penalties under the Act. Applications for authorisation and related documentation must be submitted electronically by 15 February 2026.