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 […]
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 […]
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 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. […]
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 […]
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 […]
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 […]
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 […]
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, 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 (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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]