Malawi loses over K12bn annually to replace damaged currency

Reserve Bank of Malawi (RBM) has said a tendency of folding and placing banknotes in wet places by different users in the country has contributed to the loss of the currency worth over K12 billion annually. Spokesperson for Central West Region Police, Inspector Alfred Chimthere revealed the development in an interview, saying the police together […]

PAC confirm Wilson Banda as governor of Reserve Bank of Malawi

Public Appointments Committee (PAC) has approved appointment of Dr Wilson Banda as Governor of Reserve Bank of Malawi (RBM). President Lazarus Chakwera appointed Banda as RBM Governor replacing Dr Dalitso Kabambe. In a letter addressed to the Chief Secretary to government Zangazanga Chikhosi from the Clerk of Parliament which Nyasa Times has seen, Banda has […]

Govt appoints board members for MRA, Reserve Bank of Malawi

Government has on Tuesday appointed new board members for Reserve Bank of Malawi (RBM) and Malawi Revenue Authority (MRA). This is barely three weeks after  President Lazarus Chakwera dissolved boards for over 60 parastatals. The appointed members are all professionals. In a statement signed by Chief Secretary to Government Zanga-Zanga Chikhosi, the appointments are with […]

Malawi benefits from Comesa digital financial inclusion plan

Malawi is among the top five countries in Africa to benefit from the Common Market for Eastern and Southern Africa (Comesa) digital financial inclusion plan. The regional bloc, Comesa is implementing a digital financial inclusion plan aimed at promoting trade within the region and includes marginalised communities, which are excluded in terms of financial inclusion. […]

State drops charges against 4 suspected Reserve Bank of Malawi fraud

The State has dropped criminal charges against four central bankers  suspected to have connived with former Reserve Bank of Malawi (RBM) manager, Charles Ezra July Mchakulu and three others, to steal K340 million from the central bank. Mchakulu, together with Lucy Rachel Sukali, Rebecca Martha Chisenga, Olivia Misozi Phiri, Neddie Khonje, Kondwani Cuthbert Banda, Elluby […]

Dizzying capital flight entrenched in Malawi’s tourism, trade sectors

Malawi’s economy is excessively bleeding potential profits and revenue losses due to capital flight and illegal externalisation of foreign exchange in the tourism and trade sectors.  Nyasa Times can reveal that a special committee that was set-up by the Ministry of Finance in February last year has discovered the illicit conducts that have led to […]

Airtel, TNM remove user fees as Reserve Bank of Malawi announce Covid-19 cushions

Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe has announced that  the country’s two mobile phone network operators, Airtel Malawi plc and  TNM plc, have completely removed user fees and  charges on personal transfers on the same network for a period of three months, in the face of coronavirus (Covid-19). Kabambe made the announcement in […]

RBM releases K12 billion, maintains policy rate at 13.5 % to bolster Malawi economy

The Reserve Bank of Malawi (RBM) has released K12 billion into the country’s commercial banks to enable the financial institutions support sectors hit by  the coronavirus outbreak  and announced a raft of other measures to bolster Malawi’s economy. RBM Governor, Dalitso Kabambe, announced this  in a statement dated April 1 2020 after a two-day meeting […]

Reserve Bank of Malawi maintains policy rate at 13.5%, ‘no risk to medium-term inflation outlook’ 

The Reserve Bank of Malawi (RBM) has  resolved to maintain the policy rate—also known as the bank rate—at 13.5  percent in view of medium-term inflation outlook. RBM Governor, Dalitso Kabambe, announced this on Thursday after a two-day meeting of the Monetary Policy Committee (MPC). The adopted policy stance is deemed adequately tight to deal with […]

Access to credit hampering growth of business in Malawi – World Bank

Access to credit, which can be a true lifeline for micro, small, or medium sized businesses, remains one of the key challenges that individuals and small companies face in Malawi. This was said by World Bank Group’s International Finance Corporation’s Resident Representative for Malawi and Zambia,  Madalo Minofu at the launch of the 2019 Credit […]

Reserve Bank of Malawi pondering liquidating pensionable gratuity scheme: ‘Cost cutting measure’

Reserve Bank of Malawi (RBM) is considering to liquidating pensionable gratuity scheme as cost cutting measure, it has been learnt, Nyasa Times understands. The move comes amid general public outcry over the scheme shortfalls as retirement packages are currently disadvantaging employees since Pension Act was introduced in 2010. The central bank  introduced the Pensionable Gratuity […]

Reserve Bank of Malawi warns against over dependence on agriculture

A top central bank official says the country’s over dependence on agriculture has negatively affected the economic growth. Reserve Bank of Malawi governor Dalitso Kabambe says the country’s per capita has remained stagnant because of over reliance on agriculture. “If the agriculture sector is hit, all sectors will shrink which is not a very good […]

Reserve Bank of Malawi develops ‘modernised’ monetary policy framework

The Reserve Bank of Malawi (RBM) has over time, developed an improved and modernised monetary policy frameworks, tools and instruments consistent with the prevailing structure and operations of the financial system, the central bank Governor Daliso Kabambe has said. Kabambe said this on Monday during the Monetary Policy Conference at Nkopola Lodge in Mangochi, saying, […]

Mwanamvekha says Malawi alert on Crypto-currencies: ‘Financial technology replacing cash-based system’

Minister of Finance, Economic Planning and Development Joseph Mwanamveka  has said the digital means of financial means of payments are slowly replacing traditional cash-based system through various innovative solutions in the financial technology (Fintech). Mwanamvekha made the remarks  at the Monetary Policy Conference organisers by the Reserve Bank of Malawi (RBM) on Monday, November 18 […]

Stop conducting foreign currency transactions, Reserve Bank of Malawi warns unauthorized operators

The Reserve Bank of Malawi (RBM) has warned business operators, including tourist operators who are unauthorized , to stop conducting foreign currency transactions, saying failure to do so, will attract serious sanctions from the central bank. RBM has also advised licensed operators to always comply with all requirements and laid down guidelines and that failure […]

Reserve Bank of Malawi maintains bank rate at 13.5 %

The Reserve Bank of Malawi (RBM) has  resolved to maintain the policy rate—also known as the bank rate—at 13.5  percent and and the Lombard Rate at 0.4 percent above the Policy Rate. Addressing a news conference held at the RBM headquarters in Lilongwe,  RBM Governor Dalitso Kabambe said  central bank’s Monetary Policy Committee (MPC) made the […]

Reserve Bank of Malawi stirs Mangochi in ‘cashless society’ awareness campaign

After holding a conference at Sun ‘n’ Sand on the drive to impress on financial services stakeholders to accelerate the shift from paper-based payments instruments, such as cash and cheques to electronic based services, the Reserve Bank of Malawi (RBM) took the cashless awareness campaign through the streets of Mangochi on Saturday. The awareness campaign […]

Reserve Bank implements automated trading system for Malawi Stock Exchange

The Reserve Bank of Malawi (RBM) has implemented Automated Trading System (ATS) for Malawi Stock Exchange which is linked to its Central Securities Deposits (CSD), which keeps details of the securities unlike in the past when trading and recording of securities was all manual. This was disclosed by RBM Governor Madalitso Kabambe on Wednesday during […]