Warren Heaps – Birches Group LLC
One of the most challenging situations that compensation professionals face is how to respond to unexpected or unusual external events such as maxi-devaluation, civil unrest, or natural disasters.
On Monday May 7, the new government of Malawi agreed to the demands of the IMF and other donors, and floated the Kwacha, resulting in a 47% devaluation versus the US dollar. The new exchange rate, 246.26 Kwacha per US Dollar as of May 13, is fairly close to the parallel rate that has been in effect for the last several months, so in many ways, this move just makes official a rate that has been operational already in many parts of the economy. Continue reading
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