May 21, 2018 Last Updated 8:03 AM, May 21, 2018
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CFTC To Engage The Reserve Bank Of Malawi

 traders are offering candy in luie for change traders are offering candy in luie for change Image sourced at gettyimages.com
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The Competitions and Fair Trading Commission (CFTC) is disclosing that it will start engaging the Central Bank on how best to deal with cases of traders giving customers’ candies instead of coins on the market.

It follows consumer concerns that some traders are offering candy and other small edible items instead of change of smaller values ranging from 5 to 15 Kwacha.

The act is said to be a violation of financial regulations on money transactions, according to the Reserve Bank of Malawi.

Speaking to Capital FM Executive Director of the CFTC Wezie Charlotte Malonda reveals they have since instituted an investigation on the concerns.

So far, most of the traders are attributing the trend to what they are calling a shortage of coins in circulation.

Malonda says that they are to present the findings to their RBM counterparts to map the way forward.

The Director however believes that the trend would be reversed if customers would purchase items using coins so to ensure that shops get stocked.

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