RBM says second hand clothes, cars imports, debt repayment draining forex in Malawi

September 24, 2022 Alfred Chauwa – Nyasa Times 10 Comments
Governor of the Reserve Bank of Malawi Dr Wilson  Banda has disclosed that Malawians’ appetite for imported second hand clothes and cars from is contributing to the depletion of foreign exchange in the country.
Addressing a joint Parliamentary Committee on Natural resources and climate change, Banda said it is sad to note that the country is under pressure on forex because up to now, the country is paying huge amount of money for repayment.

Governor Dr Wilson Banda
He said currently Malawi exports $3 billion products and imports $1 billion leaving out $2 billion which has to be financed through borrowing.
Banda said the problem is that the debt which Malawi is repaying is of high interest rate.
“Our country is currently consuming more than what the country is producing. May be its time we as a country do much on Agriculture, Mining, Trade, and other important sector,” he said.
Banda said the good news is that Malawi is still having talks with the International Monetary Fund (IMF) saying if that facility is unlocked  , Malawi can no longer experience forex shortage which affect flow and availability of fuel in the country.
Addressing the same committees, National Oil Company of Malawi (NOCMA) Deputy Chief Executive Officer Hellen Buluma said currently 224 tankers have arrived in the country.
Buluma said additional 22 tracks of fuel have loaded in Beira and that some out of these are already being cleared at the boarders.
“The situation is normalizing and currently NOCMA is operating its depots 24 hours just to ensure that filling stations are having fuel 24 hours.”
Chairperson of the Parliamentary c
Committee on Natural Rsources and Climate Change, Werani Chilenga, commended RBM for the effort being done in ensuring that Malawi remains afloat in time like this.
Chilenga further commended stakeholders for showing interest to resolve fuel issues which has been affecting the country.
Malawi Energy Regulatory Authority Chief Executive Officer, Henry Kachaje, Secretary for the  Treasury Mafuta Mwale, were some of the high ranking officials who faced Parliament, including officials from Petroleum Importers Limited, Petroda Malawi and Mount Meru.

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10 replies on “RBM says second hand clothes, cars imports, debt repayment draining forex in Malawi”

  2. If the first sentence on the second para is true then we should be ok. (it should read the other way round) If we have more exports than imports then it is a gain to us. Please correct to reflect facts of the matter.

  4. In malawi people dress well because of second hand clothes abwana kuno kulibe ma factory opanga dzovala

  5. Kodi ife mutithandiza bwanji enafe ma fees awana amachokera konko ku kaunjika and inuyo a tonse alliance mwatopetsa already one million jobs yakukanikani kodi mukaletsa kaunjika ife mutithandiza bwanji

  6. Since when have you discovered this fact penapake anthu akakhuta ndi ma udindo amayankhula zosamveka kodi kaunjika wayamba liti kuti akathe forex lero inu a tonse alliance mwalephera kulamula dziko basi

  8. Who is here not knowing the difference between Export and Import? Unfortunately it is not like it is written or does this high paid governor not know..: “He said currently Malawi exports $3 billion products and imports $1 billion…”??? He is also a hypocrite, sending members of his staff in August for draining to Dubai!

  9. Pingback: RBM says second hand clothes, cars imports, debt repayment draining forex in Malawi – Malawi Nyasa Times – Fx-Scoop
  10. Pingback: RBM says second hand clothes, cars imports, debt repayment draining forex in Malawi – Malawi Nyasa Times – Finance Column Hub

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