The High Court has ordered the Reserve Bank of Malawi (RBM) to amend its submission so it sues the right party in a case it brought to court challenging the decision of the tender Review Committee of the Public Procurement and Disposal of Assets (PPDA). PPDA ordered RBM to retender the supply of ICT equipment […]
The Reserve Bank of Malawi (RBM) has finally taken cognizance that gold is being mined on a large scale in the country and has now announced that from May, 2021, it is introducing a structured market for gold. Gold market is currently carried out on a black market leading to loss of revenue by government […]
Malawians are outraged by the level of waste by our public officers who have the audacity of organizing a trip to plush lakeshore resort in Mangochi to attend a virtual conference via Zoom. Huge allowances have been drawn by officials from at least 10 government ministries, departments and agencies are meeting in Mangochi where they […]
The High Court in Lilongwe has granted the Reserve Bank of Malawi (RBM) an injunction stopping a contractor from taking over the bank’s Mzuzu offices. A High Court ruling indicates that David Chidyaonga of DDC Designs was chasing the central bank from its Mzuzu branch and threatening to sell it. But the central bank legal […]
Reserve Bank of Malawi (RBM) deputy governor Henry Mathanga has resigned, citing “constructive dismissal” after the central bank forced him to go on special leave and is yet to enforce the Industrial Relations Court (IRC) order to provide all his benefits. Mathanga, who joined the central bank in 1984, said in his resignation letter dated […]
A cleaner for the Reserve Bank of Malawi is in police custody for allegedly stealing assorted property worth K1.5 million from Reserve Bank of Malawi offices in Blantyre. According to Kelvin Nyirenda, assistant public relations officer for Blantyre police, the items include one exchange rubber stamp and eight rams, one hard drive and a pair […]
The Public Procurement and Disposal of Assets Authority (PPDA) has ordered the Reserve Bank of Malawi (RBM) to re-tender the supply of ICT equipment to the central bank which was awarded to Mitra Systems Limited after finding irregularities in the bidding process. The decision was arrived at when Sparc Systems Limited lodged an appeal to […]
The Reserve Bank of Malawi (RBM) has sued Mulli Brothers Limited, JF Investment Limited of Justin Fredson Likhunya and three other local companies for failure to repay about K3.2 billion in loans connected to subsidised fertiliser deals they signed with the government. According to court document, the central bank lawyer Thabo Chakaka Nyirenda filed in […]
The Director of Public Prosecutions (DPP) Dr Steven Kayuni has told the Malawi Police Service to start criminal investigations against officials at the Department of Disaster Management Affairs (Dodma) and Reserve Bank of Malawi over abuse of Covid-19 response funds. Kayuni has verified the authenticity of the letter he wrote to Inspector General of Police […]
The Kasungu senior resident magistrate court on Wednesday convicted and sentenced David Shumba to 14 years imprisonment and seven others to 4 years imprisonment over counterfeit currency. The investigation conducted by Reserve Bank of Malawi (RBM) and police found the eight convicts with counterfeit K2 000 notes mounting to fake value of K392 000 and […]
Reserve Bank of Malawi (RBM) head of Internal Audit Department clement Chinkono has been sent on forced leave while the forensic audit is underway at the financial institution including the probe on K340 million feared to have been stolen by one of the central bank’s managers. Chimkono confirmed he has been sent on forced leave. “I […]
Malawi’s influential newspaper published on Saturday, Weekend Nation, has used its editorial comment to add credence to experts suggested best practices to ring fence the Reserve Bank of Malawi (RBM) from abuse owing to its legal framework which provides that the central bank’s head, the governor, should also double as its board chairperson. The paper made the […]
The Centre for Democracy and Economic Development Initiatives (CDEDI) has questioned the decision by the Governor of the Reserve Bank of Malawi, Dr. Wilson Banda, to keep quiet while officials at the central bank are leaking results of the forensic audit at the central bank. Nyasa Times understands that the central bank has been conducing […]
Deemed as “secure”, Reserve Bank of Malawi (RBM) says it will release its upgraded K1000 banknote on February 1 2021. RBM Governor Wilson Banda told a news conference in Blantyre on Friday that the upgrade is in terms of enhancement of security features making it very difficult to counterfeit. He said the current K1000 banknote […]
A senior Reserve Bank of Malawi official is predicting a slow recovery of the tourism industry the hardest hit by Covid-19. Central bank governor Wilson Banda says although the country is registering less cases of covid-19, the world wide impact is still crashing the Malawi tourism industry. Tourism has been listed as Malawi’s Covid-19 hardest hit […]
Businessman-cum-politician Daud Suleman has expressed delight with the approval by the Reserve Bank of Malawi (RBM) on MobiPay to operate as a payment aggregator—a service provider through which e-commerce merchants can process their payment transactions. Suleman, who is Malawi Congress Party (MCP) IT specialist and is behind Kokoliliko Holdings, is MobiPay chief technology officer and […]
The Reserve Bank of Malawi (RBM) stands by its ground that it turned down Mpatsa Holdings Limited’s bid to buy 49 percent stake in MyBucks Banking Corporation (Malawi), formerly New Finance Bank, due to lack of liquid assets, saying the application did not satisfy the requirements of financial services laws. The response from RBM comes after […]
Reserve Bank of Malawi (RBM) has reduced the policy rate to 12 percent from 13.5 percent effective immediately central bank governor Dr. Wilson Banda has announced. Making the announcement Friday in Mzuzu, Banda said decision follows a meeting convened by the central bank’s Monetary Policy Committee (MPC) on Thursday in Mzuzu. “The Monitory Policy Committee […]