Malawi continues to lose its reputation on international scale after development partners withheld $150 million towards budget support following a financial scam known as cashgate that has led to arrest of many suspects among them, top politicians in the ruling People’s Party. Governor of the Reserve Bank of Malawi, Charles Chuka says the International Banking […]
Fiscal Police, a wing in Malawi Police Service says it has stepped up checks to impound and arrest illegal sellers of foreign exchange on the black market that often times take advantage and sell forex at exorbitant rates compared to regular banks. In an interview With Malawi News Agency (Mana) head of Fiscal Police Yacks […]
The Reserve Bank of Malawi (RBM) says it recognizes the capital markets sector with a strong legal framework as an infrastructural pillar of a vibrant economic growth and development of a country. Since the RBM started the implementation process of the new Securities Act which became effective in 2010, the Central Bank as a regulator […]
Reserve Bank of Malawi (RBM) Governor Charles Chuka has said his bank, whose role is to balance economic factors, had put measures that would see the iling economy stabilise half-way next year. Chuka told reporters in Lilongwe that the Malawi economy which has been destabilized by among other factors, the recent economic scandal, commonly referred […]
Reserve Bank of Malawi (RBM) governor Charles Chuka has stood his ground that there is no reason for him to resign despite calls from the Public Accounts Committee (PAC) of Parliament. RBM spokesperson Mbane Ngwira said there is no reason for Chuka to resign and that he is not considering such a move at all. […]
Malawi’s Central Bank has said those people who interfered with government abandoned payment system the infamous Integrated Financial Management Information System (IFMIS) did not enter the bank’s operating systems to plunder public resources. The report by the Public Accounts Committee (Pac) of Parliament on the Cash-gate scam called for the firing of Reserve Bank of Malawi (RBM) […]
Parliamentary Accounts Committee (PAC) wants the Reserve Bank of Malawi governor Charles Chuka to be interdicted or be deployed elsewhere to pave way for smooth investigation on the looting of government resources at Capital Hill- the centre of government business in Malawi. This follows reports that the looting of public resources at Capital Hill as the […]
Reports emanating from Lilongwe indicate that officials from the State House and the Reserve Bank of Malawi are involved in the looting of public resources at Capital Hill as the plundered funds were filtered from the government’s Account Number One, also known as consolidated account. On-going investigations into how billions of kwachas were looted from […]
The opposition Democratic Progressive Party (DPP) has called on the probe into the Reserve Bank of Malawi (RBM) for its role to the plunder of public funds at Capital Hill through payments without delivering services. Leader of DPP in the House George Chaponda was responding to a report presented in Parliament on Monday by Vice […]
The chief executive officer of state-owned commercial bank, the Malawi Savings Bank (MSB, Ian Bonongwe has come under workers fire that he makes a number of key decisions without regard to Reserve Bank of Malawi (RBM) directives. This follows a major shakeup he has made which has seen some departments of the bank abolished. The […]
The Malawi kwacha has depreciated over the last four weeks against some major international currencies at the official markets, Reserve Bank of Malawi (RBM) official exchange rates indicate. A currency trader, who preferred anonymity, said the Kwacha’s s depreciation was due to the market forces of demand and supply against major trading foreign currencies—the dollar, the pound sterling and the euro. […]
The ongoing tight monetary policy stance taken by Malawi’s financial sector regulator, Reserve Bank of Malawi (RBM) is partially contributing to the one-sided profiteering the country is experiencing. Market analysis firm, Alliance Capital Limited described monetary policy as the strategies employed by the central bank with regard to the amount of money circulating in the […]
Malawi’s economy has moved from “rescue to recovery” based on a number of economic indicators, according to the central bank. The Reserve Bank of Malawi (RBM) deputy governor (economics) Naomi Ngwira said in a Capital Radio programme, Economic Perspective on Sunday, the gross domestic product (GDP) is expected to jump, foreign exchange reserves have picked […]
Two companies involved in the capital and secondary markets have given out some reasons why the money market continues to be flooded with cash leading to sustained over-subscription of Treasury Bills (TBs). Both NBM Capital Markets Limited and Alliance Capital Limited said they are aware of the trend on the money markets and commented on […]
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 country’s largest bank by assets, National Bank of Malawi (NBM) has warned that the combined effect of the tight monetary policy and weak fiscal performance is likely to maintain the high interest rate and inflationary environment for some time. This follows market data from the Reserve Bank of Malawi (RBM) that it mopped up […]
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 […]
Monetary policies are instruments used by the central bank to manage and control the economy. These instruments are in form of interest rates and credit creation facilities that can either be tight i.e. high interest rates or loose i.e. low interest rates. Monetary policies work collaborative partnership with another form of government intervention into the economy […]