JOHANNESBURG, Nov 13 (Reuters) - Malawi has raised its end-2013 inflation target to 23.1 percent from 14 percent due to higher food prices and a delay in disbursement of foreign donor aid, central bank Governor Charles Chuka said on Wednesday.

Donors are holding back release of crucial budget support until President Joyce Banda's government investigates allegations of embezzlement involving millions of dollars. Norway suspended budget aid last month. ID:nL4N0I12Y9

"Given the delay in donor flows, monetary policy will focus on protecting the country's official foreign exchange reserves at about two months of imports, and building them to about three months of imports by December, 2014," Chuka said.

(Reporting by Stella Mapenzauswa; Editing by Pascal Fletcher)

((stella.mapenzauswa@thomsonreuters.com)(+27117753161)(Reuters Messaging: stella.mapenzauswa.thomsonreuters.com@reuters.net))

Keywords: MALAWI CBANK/