Illegal exports is estimated to drain at least 30 percent of the country’s foreign exchange, prompting the Reserve Bank of Malawi (RBM) to launch a crackdown to track the unscrupulous traders. During yesterday’s meeting, RBM indicated that it is investigating up to 100 exporters for not declaring export proceeds amounting to $50 million. The Foreign Exchange Control Regulation (2024) requires an exporter to declare their export proceeds within 120 days, but the 100 exporters under probe did not comply. Malawi has been struggling with a chronic foreign exchange crisis, characterised by insufficient foreign currency reserves, which has been impacting various sectors of the economy. While the government has implemented measures like the Foreign Exchange Control regulation (2024) to address the crisis, the situation remains a challenge.