Threats to the Malawi Kwacha loom due to seasonal surge in demand for imports. A financial analyst says the growing demand is a normal seasonal occurrence. This week the local unit showed it was slowly but surely losing its two-year long grip, losing ground against major trading currencies. The gradual fall in the currency, while seen as […]
A lack of foreign currency is causing the recent shortage of cement in import-heavy Malawi, according to Minister of Trade Sosten Gwengwe. Gwendwe said on Wednesday that cement companies lack the necessary foreign reserves to maintain production. Addressing the media in Lilongwe, Gwengwe warned cement traders against increasing prices beyond K7 500 which is recommended […]
Forex has been around for decades, and it is widely popular across the world. However, currencies are not the only money-making instrument. Through international brokers, clients in South Africa may also trade stocks of the largest brands. Discover the main challenges in this realm. Transitioning to Stocks Many currency traders develop diversified investment portfolios. By […]
Plus500 has been in operation since 2008, giving it around 12 years in operating experience. This broker is based in the United Kingdom, Australia, Cyprus, and in Singapore, with headquarters in Haifa, Israel. IG IG has been offering different trading services since 1974, providing it with around 44 years in experience, substantially more than Plus500. […]
Malawi’s economy is excessively bleeding potential profits and revenue losses due to capital flight and illegal externalisation of foreign exchange in the tourism and trade sectors. Nyasa Times can reveal that a special committee that was set-up by the Ministry of Finance in February last year has discovered the illicit conducts that have led to […]
Former agriculture minister and Mulanje South West parliamentarian, George Chaponda, is expected back to court in Zomba within 90 days but his defense lawyer has said his return is not related to corruption-related case regarding the Zambia maize purchase in 2016. Chaponda was arrested in July 2017, five months after President Peter Mutharika fired him […]
The investigation focusing on illegal forex externalisation in Malawi is still ongoing. It is some eight months after the Reserve Bank of Malawi (RBM) first discovered the ongoing crime. It appears that unscrupulous companies have been illegally moving millions of dollars out of Malawi for years now, all at the expense of the Malawian economy. Last […]
It has been observed that those who are stepping into the amazing world of forex trading do not always have the right information to start with. If you have decided to commit to this interesting yet challenging industry, then you should know that this industry is not everyone’s cup of tea. Plus before start trading, […]
The Reserve Bank of Malawi (RBM) has warned business operators, including tourist operators who are unauthorized , to stop conducting foreign currency transactions, saying failure to do so, will attract serious sanctions from the central bank. RBM has also advised licensed operators to always comply with all requirements and laid down guidelines and that failure […]
At a Financial Services Lawyers conference at Nkopola Lodge in Mangochi on Monday, Deputy Governor of the Reserve Bank of Malawi, Dr. Grant Kabango disclosed that several multinational companies are under investigation under the suspicion of externalizing agricultural produce and products by under-declaring the sale of prices. He said the companies are concealing a goal […]
Tobacco sales is down compared to same period last year, bringing fears that the country might face forex shortages. Statistics show that on the 14th week of trading on auction floors, tobacco has fetched K138 billion. The money has been realized from 1.2 million tonnes of tobacco sold so far. Same period last year, 1.5 […]
Political parties have been accused of forex externalization during campaign in the run up to the May 21 elections when they bought party materials from outside the country. Economists Association of Malawi (Ecama) president Chikumbutso Kalilombe said sourcing party campaign materials from outside the country has a bearing on the country’s economy. “The political parties […]
Reserve Bank of Malawi (RBM) governor, Dalitso Kabambe, says it is appalling that millions of dollars in forex continue to be moved out of the country by unscrupulous persons and companies at the expense of Malawi’s economy. Kabambe announced that in the last year alone the country has lost a whooping USD394.60m–what he pegged to […]
State is pursuing 10 cases of money externalization on the courts after the government lost $394. 60 (about K240 billion) in criminal externalisation in the past three years. Reserve Bank of Malawi governor Dalitso Kabambe said this has prompted the bank to partner with seven other government agencies to fight the criminals who externalize the […]
In many countries, externalising forex illegally is a very serious crime which carries lengthy jail term. It is only in Malawi where the government and monetary authorities have treated the issue with levity. Late Bingu Wa Mutharika took the issue seriously to the extent that a bank was closed down because of this malpractice. Business […]
Cases of money laundering and illegal externalisation of foreign exchange are common and it seems the monetary authorities do not have a clue how to stop this. Huge sums of money are illegally leaving our banking industry to Asian countries and elsewhere. One is bound to ask: why is this happening on a regular basis […]
Four Mzuzu based businesspersons of Asian origin are facing the prospects of life imprisonment sentences, MK500m fines and the revocation of their business licences if the High Court in Mzuzu convicts them for the alleged cases of money laundering, forgery and breach of the exchange control regulations. The Reserve Bank of Malawi through its legal […]
A Blantyre magistrates court has sentenced a Malawian of Indian extraction to 10 years imprisonment with hard labour or pay a fine of K10 million for being found with foreign currency and ivory in his house without permission. Magistrate Peter Kandulu has since ordered that the US$14, 000 which was found in the house of […]