Reserve Bank of Malawi paper finds central bank ‘leans against the wind'
The Reserve Bank of Malawi (RBM) has published a working paper by two researchers looking into the efficacy of foreign exchange market interventions by the RBM, finding the interventions were associated with increased exchange rate volatility and only had a temporary influence on the exchange rate.
The paper, The Efficacy of Official Intervention in the Foreign Exchange Market in Malawi, by Kisu Simwaka and Leslie Mkandawire, uses a generalised autoregressive conditional heteroskedasticity
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