Petroleum Importers Limited (PIL) general manager, Martin Msimuko says the shortage of forex in the country has affected importers as they cannot access enough forex to import fuel.
Msimuko says banks have reduced the amounts that they were allocating to importers for fuel. He says Standard bank has reduced the amount from $25million to $ 5 million, and FDH has reduced the allocation from $ 10 million to $ 5 million. However, he says Ecobank managed to increase from $ 30 million to $40 million but it has been exhausted.
He says banks have other competing priorities such as fertilizer, drugs and others that need forex.
However, he says importers engaged the Reserve Bank of Malawi on the issue of forex. Msimuko says PIL has been linked to a bank outside the country for a facility of $ 50 million.
(Report by George Singini)
