The money market experienced an unusual occurrence this week as the Reserve Bank of Malawi (RBM) cancelled auction on treasury bills. This happened at the auction held on June 4 in what the central bank described as a result of overpricing of most bids submitted during the auction. The development is in sharp contrast with […]
Reserve Bank of Malawi (RBM) has called upon banking institutions in the country to take their services to rural areas so that even the rural masses could benefit from their services. Director of Bank Supervision for RBM, Eldin Mlelemba made the call in Mzuzu on Friday when he presided over the official opening of Nedbank […]
Malawi Government has scraped all bank notes that were in circulation prior to the introduction of new Malawi Kwacha series last year on May 23, the Reserve Bank of Malawi (RBM) has declared. The bank, in line with Section 20 of the Reserve Bank of Malawi Act, has been notifying the business community and the […]
Increased and continued flows of donor aid and foreign exchange earnings from tobacco sales continue to stabilise the Kwacha which on Friday, May 17 closed trading at K354 against the US dollar. This is an appreciation from the previous week’s K380 per dollar which was trending from the all time low of K420 per dollar, […]
In Weekend Nation newspaper, popular columnist Ephraim Munthali of the ‘Cut the chaff‘continues to critique President Joyce Banda on economic issues. Here if the full articled as it appeared: I was not surprised to read on Thursday that the Monetary Policy Committee (MPC) of the Reserve Bank of Malawi (RBM) has for the third time since December 2012 maintained the […]
Blantyre-based firm, Credit Data Reference Bureau Limited, has sued the Reserve Bank of Malawi (RBM) over what it calls failure to compel commercial banks to start releasing customer credit information for its operational usage. The firm, owned by former banker Patricia Mwase, is demanding K218 million from the central bank for, among other things, loss […]
Demonstrating her commitment towards empowering women through appointments into higher positions, President Joyce Banda has appointed Meg Kajiyanike as the new Reserve Bank of Malawi (RBM) Deputy Governor. Kajiyanike will be responsible for operations and replaces Mary Nkosi, whose contract expired last week after a 10-year distinguished service with the central bank. The appointment of the […]
The Reserve Bank of Malawi (RBM) has disclosed that some measures government adopted to bring back the economy on track are permanent policy measures that will not be removed even when the economy improves. Making reference to floatation of the Malawi Kwacha and fuel automatic pricing mechanism (APM) at a pre-budget consultation function held in […]
I hate to say it, but I told you so Two weeks ago, I made the following prediction and explained why that would be the case: Even maintaining the bank rate at 25 percent (by Reserve Bank of Malawi)—despite all fundamentals dictating an upward adjustment—will not stabilise the kwacha, let alone leave interest rates intact. […]
Reserve Bank of Malawi (RBM) spokesperson Ralph Tseka has said much as it is a floating exchange rate regime determined by the market forces, the central bank is managing the currency by intervening at times. “It is a managed float because we manage it by tight monetary policy. That is to say, how we control […]
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, […]
Malawi’s central bank maintained its benchmark interest rate at 25 percent, a six-year high, as it maintains its fight against inflation, the monetary policy committee said. The decision was based on “the need to allow more time for the recent monetary tightening to work through the system,” the Reserve Bank of Malawi said in a statement published […]
Proponents for continued floatation of the Kwacha are her Excellency President Joyce Banda, advised by the Reserve Bank of Malawi (RBM) and supported – in no small way – by the Malawi Confederation of Chambers of Commerce and Industry (MCCCI). Please note that her Excellency President Joyce Banda has never claimed – at any fora – to […]
The Reserve Bank of Malawi (RBM) authorities are strongly speaking against the call to fix the Malawi kwacha saying doing so would exacerbate the pain which Malawians are currently experiencing due to the floatation of the Malawi currency. The need to fix the kwacha is among the demand by the Consumers Association of Malawi which […]
The country’s financial institutions are plying their trade under extreme economic conditions that have adverse effects on their service delivery, Reserve Bank of Malawi (RBM) has observed. RBM Deputy Governor for Supervision, Dr Grant Kabango made the observation at the official opening of Inde Bank’s New Henderson Street Branch in Blantyre on Wednesday. He noted […]
Let’s get real, economy growth to nose dive -Reserve Bank governor Malawi will cut its forecast for economic growth- Finance Minister Malawi President Joyce Banda has assured that the country’s battered economy will be revived, pointing out that she is resuscitating the sick economy which was choked by the previous DPP regime. Banda said the […]
Malawians should brace up for more hard times up to next year as the country’s economy continues to plummet to the dissatisfaction of the general population, Reserve Bank of Malawi Governor has warned. RBM Governor, Charles Chuka, speaking during a meeting with Business Journalists Association of Malawi in Blantyre, said the current economic woes are […]