The local currency, the Kwacha, is expected to stabilise in the near future on the back of fiscal and monetary policy actions currently being implemented by the Reserve Bank of Malawi (RBM), the Governor of the central bank has said. RBM Governor Charles Chuka gave a dose of confidence after the fourth Monetary Policy Committee (MPC) meeting […]
Secretary to the Treasury Ronald Mangani has put a positive spin to the country’s economic turmoil by dsecriding the Reserve Bank of Malawi (RBM) decision to cut the bank rate or policy rate by 3 percentage points from 27 percent to 24 percent as a sign that economy is on turnaround for better times. RBM’s […]
Reserve Bank of Malawi (RBM) Governor Charles Chuka in now ready to be a loose cannon and expose the Peter Mutharika administration on wrongful enrighment that members of his administration are doing impacting negatively in the fluctuation of the kwacha against major international currencies. Chuka is reportedly unhappy with some of the underhand dealings within the […]
Some Malawians are paying tribute to US president-elect Donald Trump by christening the new K2,000 bank note to him following his victory. Governor of the Reserve Bank of Malawi, Charles Chuka said the current highest note of K1000 has lost value hence the decision to introduce introduce the new kwacha note, K2000 on 19 December, […]
The Reserve Bank of Malawi (RBM) has introduced a 2,000 Malawi kwacha banknote to try to ease desperate cash shortages. Central bank governor Charles Chuka told a news conference that the development follows the devaluation of Malawi Kwacha on the market as well as economic turmoil. He the new bank note will be put intocirculation […]
Silver Strikers players will now have insurance cover, the Reserve Bank of Malawi sponsored club has disclosed. Other benefits the club is set to introduce will be receiving compensation after suffering career-ending injuries. Silver acting general secretary Thabo Chakaka-Nyirenda pledged that n players will be insured soon. ”The medical one will assist the players to […]
There is panic within a network of money launderers and corrupt government officials in Malawi stretching from the Financial Intelligence Unit (FIU) and the Reserve of Malawi following the appointment of Kenam Kalilani – a digital money and ICT expert – as the Deputy Director of the financial crimes busting agency FIU, Nyasa Times can […]
The Reserve Bank of Malawi (RBM) has said it will formalise traders selling foreign currency outside the official exchange rate, following pronouncements made by Financial Intelligence Unit (FIU) director Atuweni Juwayeyi Agbermodji that parallel foreign exchange traders need to be regulated. RBM spokesperson Mbane Ngwira is quoted in the local press saying bringing black market […]
Consumers, mainly small businesses’ hopes to have reduced charges on loans have bern shattered as the Reserve Bank of Malawi (RBM) has withdrawn the warning it issued to commercial banks to stop exploiting borrowers. Following the withdrawal of the warning letter dated July 28 2016 and addressed to Chief Executive Officers (CEOs) of the commercials, […]
Reserve Bank of Malawi (RBM) has left the benchmark lending rate unchanged at 27 percent, the central bank has said. RBM said in a statement the banking rate is unchanged owing to weak growth and lower agricultural production due to a severe drought. “The MPC (Monetary Policy Committee) observed that global recovery was fragile and the […]
The High Court in Blantyre has blocked the Reserve Bank of Malawi (RBM) from taking over management of a local insurance company, Prime Insurance Limited. At a news conference on Friday in Lilongwe, RBM announced it was putting the insurance company under its administration to recapitalise it or risk being declared insolvent. Chuka said central […]
President Peter Mutharika has told the Reserve Bank of Malawi to ensure that the Exchange Contol Act is in place to avert the externalization of the forex which he said is harming the economy. Mutharika said this in Mzuzu when he opened the Reserve Bank of Malawi branch in Mzuzu. “We need to deal with […]
In an effort to completely eradicate financial illiteracy in the country, the Reserve Bank of Malawi (RBM) is developing a national financial literacy strategy which will be brought into effect soon. This was revealed Thursday, 19 May, during a media workshop on financial literacy at Reserve Bank headquarters in Lilongwe. Speaking during his presentation, director […]
The Reserve Bank of Malawi (RBM) has disclosed that it duly approved Press Trust Overseas Limited, a subsidiary of Press Trust Corporation, to register in the tax havens of British Virgin Islands, Jersey and Channel Island. Press Trust Corporation is an organization established through an act of parliament and run by political elites and well […]
Supreme Court of Appeal has saved Reserve Bank of Malawi (RBM) Governor Charles Chuka from imprisonment on contempt of court charges after it have an order staying the High Court ruling that orderd the central bank to refund Blantyre-based Pakistani national Muhammed Jawad K185 million ($269 970). On April 28 2016 High Court judge Kenyatta […]
Consumers Association of Malawi executive director John Kapito has laughed off reports that inflation rate has dropped by one per cent. The central bank, the Reserve Bank of Malawi has announced the drop in inflation from 24 per cent to 23 per cent. “That is funny. That is childish,” said the CAMA boss. “ Is […]
The Malawi Confederation of Chambers of Commerce and Industry (MCCCI) has lambasted the Reserve Bank of Malawi (RBM) over RBM’s claims that the Malawi Kwacha will stabilize in the near term, describing them as “misleading to the business community and even the nation as a whole” MCCCI argues this is unlikely to happen “without a […]
The Reserve Bank of Malawi (RBM) governor Charles ChukA remains confident the Kwacha currency will soon stabilize according to market fundamentals saying the country’s economy will not collapse. “RBM believes the kwacha exchange rate has over depreciated given the current level of foreign exchange reserves. The government fiscal operations have been significantly curtailed and domestic borrowing is […]