Government says tourism is Malawi’s next potential big foreign exchange earner now that tobacco may not be popular with the growing anti-smoking lobby. Racheal Zulu – who was Minister of Tourism and Culture before being moved to Local Government in new cabinet line-up – revealed this on Wednesday on the sidelines of the World Postal Day Commemorations […]
Information from NBM Capital says the country’s gross official foreign exchange reserves slightly dropped to $464 million from $478 million. The company said gross official import cover was still below the recommended three months as it decreased to 2.47 from 2.54 months. The country requires $181.1 million per month for import cover or $543.3 million […]
Some players in the Malawi economy have expressed anxiety over how the country’s economic authorities will manage the oncoming lean season from September to March next year without the local currency, kwacha, depreciating further. This follows an announcement from the Tobacco Control Commission (TCC) saying the three of the country’s tobacco auction floors have closed leaving […]
Malawi’s ever fragile forex reserves continue to enjoy buoyancy as they are being boosted by the ongoing tobacco sales proceedings. The Tobacco Control Commission (TCC) says the leaf has so far earned the Malawi economy $315.3 million for the past 19 weeks since the marketing season. According to the TCC week 19 which clocked July […]
Records from the Reserve Bank of Malawi indicate that the country’s import cover has this week increased from 65 days to 72 days. This comes barely days after tobacco registered total earnings of $233.8 million from 113 million kgs sold so far. Malawi needs a monthly import cover of $188.1 million and the central bank […]
The Reserve Bank of Malawi (RBM) says gross official reserves for the country were at $343 million as of last week. Some analysts say the status of foreign currency reserves shows a positive trend that most economic reforms that government is implementing are responding to market dynamics. However, the $343 million only covers 1.8 months […]
Fiscal and Fraud Section of Police in Blantyre on Tuesday arrested two Chinese national, Slibing Gu aged 43 and Jang Peng aged 41 for found in possession of 2, 300 Metcash and US$9, 765 without supporting documents in their bedroom in Limbe. Blantyre Police Assistant Public Relations Officer, Lameck Thembachako said on April 23, Police […]
Squeezed businessperson Leston Mulli, managing director of Mulli Brothers Limited, has slammed President Joyce Banda, saying there is not much to celebrate about during her one year rule as he complained of hostile business environment. Mulli, who is Indigenous Businesses Association of Malawi (Ibam) chairperson cried foul over sky-rocketing interest rates on the financial market, which […]
Official statistics compiled by the Tobacco Control Commission (TCC) have shown that Malawi’s tobacco revenue and volume at the national level have doubled in the second week of trading the leaf, reaching US$ 6.8 million (about K2.7 billion), way above the US$2.1 million earned during the same period last year. TCC Chief Executive Officer Bruce […]
With huge a trade deficit, Malawi’s central bank has adjusted the percentage of foreign exchange exporters can keep in their accounts in a desperate bid to encourage more exports. Previously exporters could only keep 60 percent of their foreign exchange earnings but with the new policy change they would keep 80 percent. According to the […]
The Reserve Bank of Malawi (RBM) has said commercial banks are risking a reduction in foreign exchange business due to the prevailing global liquidity shortages, RBM in its financial stability report covering the period March to end October 2012. Says low foreign exchange reserves for Malawi could deny commercial banks an important source of funding, […]
Two Chinese national haves been arrested at Kamuzu International Airport (KIA) in Lilongwe for attempting to smuggle foreign currency and ivory, Malawi Police said on Wednesday. Police Spokesperson Rhoda Manjolo identified the two Chinese nationals as Bing Tang and MShinxin Wang. The two, who were working as engineers on the recently inaugurated Karonga/Chitipa road, had […]
Minister of Justice and Constitutional Affairs, Ralph Kasambara says he will not take any action on remarks made by Malawi’s Vice-President (VP) Khumbo Kachali to resurrect a case against consumer rights activist John Kapito. Nyasa Times reported during a public rally on Saturday at Chadza ground in Lilongwe addressed by President Joyce Banda, the VP asked Kasambara […]
Former Commerce and Industry Minister Sam Mpasu says the only way Malawi can rid itself of the forex troubles that have crippled the country is to promote a vibrant manufacturing industry. Malawi is bleeding profusely from a lack of forex which has resulted in acute shortages of fuel, which in turn has had a ripple […]
Malawi’s foreign exchange reserves continue to dwindle, a situation continue market analysts have described as worrying, according to the latest market weekly review produced by Alliance Capital Limited. The Malawi Kwacha also depreciated from MK328.60 to MWK 329.10 against the US Dollar representing a 0.2 percent loss. “The erratic rain pattern being experienced in the country may negatively affect […]
Government has conceded that the current fuel shortages experienced in northern and central region and some parts of the country are due problem of foreign exchange availability. Mzuzu and Lilongwe and surrounding areas have been experiencing erratic fuel supply in the past weeks, forcing motorists to form queues at most filling stations in search for […]
Malawi Kwacha is still struggling on the market though tobacco sales which are a major source of the country’s forex have just been closed. According to the National Bank of Malawi’s Economic Newsletter released in September, the country is still struggling to match with other foreign currencies. An Economist working at the National Bank of […]
Illegal foreign currency dealers have sprouted in the commercial city of Blantyre and capital city Lilongwe enticing customers with higher exchange rates of foreign currency, Nyasa Times has discovered. These `black market `brokers, who ply their trade opposite MSB Bank in Blantyre and near Nico Building in Lilongwe, have stepped up gear to get the much needed […]