Reserve Bank of Malawi Governor, Dr Dalitso Kabambe has disclosed that the central bank has formulated a comprehensive action plan to decisively deal with “Cashgate’’-a financial scandal involving looting, theft and corruption at Capital Hill, the seat of Government of Malawi. Kabambe disclosed this on Friday in Lilongwe when he officially launched the High Value Alert […]
The Reserve Bank of Malawi (RBM) has reduced the base rate —the rate at which commercial banks borrow from the central bank—from 18 percent to 16 percent after considering the country’s inflation outlook. Malawi’s headline inflation continues to drop and it is now at 7.7 percent as the National Statistical Office (NSO) indicated. The reduction […]
Malawi government has approved to embrace the Islamic banking system which doesn’t demand any interest from the borrowers as is the case with non-Islamic banking systems. Registrar of Financial Institutions Dalitso Kabambe , who is also Reserve Bank Governor, says in the approval document seen by Nyasa Times that this will only be through “Window […]
The Reserve Bank of Malawi (RBM) has maintained policy rate at 18 percent, a decision made at the Monetary Policy Committee (MPC) and the Liquidity Reserve Requirement at 7.5 per cent in trying to keep with the latest developments in the economy and the need to keep the inflation firmly on the downward path. The announcement has come through a statement made by […]
The Reserve Bank of Malawi says over 65 percent (about K300 billion) of cash in the country remain unbanked, a development it describes as worrying and unhealthy for the country’s economy. Reserve Bank governor Dr. Dalitso Kabambe disclosed this in an interview on the sidelines of an annual meeting for Bankers Association of Malawi held […]
Generally, the quality of service offered by banks has deteriorated over the past few years. Some of the contributing factors are lack of service expansion in light of growing clientele and the narrow products offered. The services are so appalling that one has to wait for long hours to be served. Sometimes queues are so […]
The Governor of the Reserve Bank of Malawi, Dr Dalitso Kabambe, will present a keynote address at the Insurance Conference slated for 17th to 19th August in Mangochi, Chairperson of the organizing committee of the insurance conference, Chimwemwe Kanyenda, disclosed this in an interview. Kanyenda said consistent with the provisions of Section 8 (2) of the […]
The Reserve Bank of Malawi (RBM) has disclosed that the economy now is recovering from the shocks that it has had over the past five years such as that of major devaluation in 2012, Cashgate in 2013 and weather vulnerability in 2015 and 2016. Malawi has just successfully weathered off from the shocks of the […]
Reserve Bank of Malawi (RBM) said on Wednesday July 5 2017 it has cut the benchmark lending rate by 400 basis points to 18 percent as consumer price inflation slows. Malawi’s consumer inflation slowed to 12.3 percent year-on-year in May from 14.6 percent in April, the statistics agency said last month. RBM has projected inflation […]
Malawi President Peter Mutharika has appointed Foreign Affairs Principal Secretary Dalitso Kabambe as new Governor of the Reserve Bank of Malawi (RBM). Kabambe replaces Charles Chuka whose contract has expired. A statement dated April 21, 2017 signed by Chief Secretary to the Government Lloyd Muhara says the appointment “is with immediate effect .” Says the statement: “ […]
Government has earmarked Henry Mathanga to replace Charles Chuka as Governor of the Reserve Bank of Malawi (RBM) who is leaving the Central Bank at the expiry of his contract at the end of this month. Mathanga who is RBM’s Director of Financial Markets is said to be the favourite because of his family connections […]
A faulty alarm, attached to one of security gadges at Reserve Bank of Malawi, forced members of staff out of their offices, fleeing for their lives on Tuesday morning in the capital Lilongwe. The workers temporarily abandoned there jobs as they experienced chaotic scenes and pandemonium as every one wanted to get out of the […]
First, the good news is that, Malawi has been steadily moving away from a predominantly cash-intensive society to a cashless economy in the last decade—even though the proportion of individuals with an access to banking services is only 15 percent, one of the lowest in the Sub-Saharan region. The latest data from the Reserve Bank […]
Reserve Bank of Malawi has instituted an in house investigation to find out the person behind a video clip in social media showing Anti-Corruption Bureau (ACB) officials handing over K166 million seized from former Agriculture minister George Chaponda to bank officials. ACB officials cried foul that the video clip exposed its investigators who usually do […]
Reserve Bank of Malawi (RBM) Socials on Saturday, February 4, 2017 unveiled a K2 million worth brand new kit, which the Lilongwe based club recently bought from South Africa. The Puma branded uniform, which has personalised jerseys for all the 70 members of the club has been purchased through individual contributions from the membership, comprising […]
A father and his son have been arrested in Ntcheu district for being found in possession of fake US dollars amounting to 40,000. Police arrested John Mtupila aged 70 and his 38-year-old son Aubrey on Tuesday 17th, 2017. “On January 17th, 2017 the suspects went to Ntcheu NBS Bank where they wanted to exchange the fake dollars […]
Heads of six state agencies are yet to append their signatures to a Memorandum of Understanding (MOU) to kick start an operation code named, Operation Kuluma, aimed at investigating and prosecuting financial crimes in Malawi. The agencies are, Reserve Bank of Malawi (RBM), the Malawi Revenue Authority (MRA), the Anti-Corruption Bureau (ACB), the Financial Intelligence […]
The Reserve Bank of Malawi (RBM) Friday officially presented the newly printed K2000 bank note to President Professor Peter Mutharika before it is put to use on Monday December 19, 2016. Speaking during the presentation of the note at Kamuzu Palace in Lilongwe, RBM governor Charles Tchuka said since 2012 the country has gone through […]