The Lilongwe Chief Resident Magistrate court on Monday jailed a Tanzanian man to imprisonment for being found in possession of fake currency. The man identified as Richard Chikuni 29, was found in possession of fake K1000 notes amounting to K7000 which is contrary to section 23 of the Reserve Bank Act. The court heard that […]
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 […]
Quote:“Anyway, no drug, not even alcohol, causes the fundamental ills of society. If we’re looking for the source of our troubles, we shouldn’t test people for drugs, we should test them for stupidity, ignorance, greed and love of power.” – P. J. O’Rourke Over the past two months, from early June, 2012, the financial market in Malawi has witnessed […]
Reserve Bank of Malawi (RBM) last week increased the bank rate from 16 percent to 21 percent to curb galloping inflation on the back of the recent devaluation of the kwacha, a move that has created winners and losers in the economy, the biggest loser being government. RBM Governor Charles Chuka said the central bank […]
Malawi’s recent policy changes by President Joyce Banda’s administration may in the interim appear pricey to ordinary citizens but the long term gains will compensate the losses, an economic expert has said. Citing the 49 percent devaluation of the official Malawi kwacha exchange rate against the US dollar and the subsequent floatation of the exchange rate […]
The new bank notes which were recently released by the Reserve Bank of Malawi (RBM) and are in circulation in the country, have on features favourable to people with visual impairment to help them identify the money. The chairperson of Ntchisi Union of the blind, Giviel Kanyemba, said most of the people with visual impairment […]
Association of Business Journalists (ABJ) a professional body for Business, economic and financial journalists has hailed the practitioners in Malawi for developing the sector to greater heights and also thanked owners of media houses for heavily investing in business news departments. ABJ’s National Coordinator Thomas Chafunya was speaking in Lilongwe during the opening of one […]
The Reserve Bank of Malawi has on Wednesday released into circulation its long promised new-design banknotes. On the new 1,000 Kwacha (about $4) banknotes – largest one in value- has the face of Malawi’s first president late Kamuzu Banda on the front of the note and the back of it carries Mzuzu maize silos. The […]
Malawi Revenue Authority (MRA), which has denied borrowing from commercial banks to spruce up revenues, has said the country’s central bank-Reserve Bank of Malawi (RBM)-also has to answer how huge sums of money from commercial banks’ liquidity reserves found their way into a government account. Reports surrounding the tax collection institution so far indicate that […]
Malawi will have its founding president Ngwazi Dr Hastings Kamuzu Banda’s face on its new 1,000 Kwacha (about $4) banknotes . According to the Reserve Bank of Malawi (RBM) the new bank notes will be in circulation from May 23. Initially the new bank notes were to bear late president Bingu wa Mutharika’s image . […]
Economic experts have indicated that the 48 percent kwacha plummet has straight-away put the tobacco farmers on the smiling queue to the bank. The tobacco growers in the country will have a best gain in kwacha terms by carting home K250 to a dollar rate from their tobacco sold. “If a farmer has sold for […]
Malawi has devalued its Kwacha currency as part of its battle to tackle its troubled economy. The official exchange rate announced by Reserve Bank of Malawi on Monday showed that one US dollar now buys 247.50 Malawi Kwacha on the official market, having previously earned 168 Malawi Kwacha. “At K250 per dollar the exchange rate […]
Malawians are expected to feel the pinch as final decision to devalue the Kwacha is expected to be implemented Monday, May 7 2012. According to a highly placed source from one of the leading commercial banks, the government has given a go-ahead to devalue the currency, which both local and international community believe it is […]
President Joyce Banda has appointed two more deputy Reserve Bank of Malawi governors with effect from Wednesday. The two new deputies are Dr. Grant Kabango and another economic expert Dr. Naomi Ngwira. This puts to three the number of deputy bank governors with Mary Nkosi already there. The announcement was made on state controlled MBC […]
The writing was on the wall but the former Reserve Bank of Malawi Governor Dr Perks Ligoya is still trying to come to terms with the reality that he has painfully parted ways with his extravagance life at the country’s central bank. President Joyce Banda on Tuesday replaced Ligoya with an international public servant and […]
President Joyce Banda has appointed chief executive officer (CEO) of Malawi Telecommunications Limited (MTL), Charles Chuka, as new Reserve Bank of Malawi (RBM governor. Chuka, one of Malawi’s top monetary economists and international public servants, replaces Dr Perks Ligoya. Ligoya pursued a rigid exchange rate policy that the International Monetary Fund (IMF) has blamed for much of […]
While the general public and some business have been through hell in the past year, banks in Malawi have raked in huge profits in the year 2011 based on the annual financial results released last week by banks. Among these are Standard Bank, which has achieved an after tax profit of K3.5 billion from K2.4 […]
Malawi President Joyce Banda dispelled rumours that Reserve Bank of Malawi (RBM) Governor Dr Perks Ligoya has been sacked. Reports indicated that Ligoya was given the boot and replaced with Mary Nkosi. But the President said Ligoya remains in his position as central bank chief. Ligoya: Still in charge “I spoke to the governor last […]