The advisory firm, Nico Assets Managers has said in its report that Malawi Kwacha has depreciated by 28.5 percent compared to a 14.5 annual depreciation rate recorded during the same period last year. And the local unit will continue to depreciate as the lean season advances, the report said and in view of excess demand […]
Malawi’s central bank, the Reserve Bank of Malawi on Monday chalked 50 years of its existence amid economic turmoil and high inflation rates the bank is battling to put under control. The bank’s governor Charles Chuka conceded in an interview it would be awkward to have full blown champaign celebrations amid harsh economic atmosphere. He […]
A Lilongwe select side team comprising of players playing in TNM Super League clubs will this Saturday face Silver Strikers to spice up Reserve Bank of Malawi’s (RBM’s) 50th anniversary – Golden Jubilee -to take place at Silver Stadium. According to a statement released by the Football Association of Malawi (Fam), the players have been selected from […]
Malawi Kwacha, which is trading at its lowest levels, has slightly firmed against three major foreign currencies, Reserve Bank of Malawi (RBM) report indicates. The central bank indicated in its latest financial market development report, that the Kwacha currency has appreciated against the United States dollar, British pound and South Africa rand, but has marginally […]
The Reserve Bank of Malawi (RBM) has come up with punitive administrative penalties targeting financial institutions which, among others, will see commercial banks paying up to fifty million Kwacha for contravening the Financial Services Act. RBM through Registrar of Financial Institutions is expected to start enforcing the charges and penalties by 1st October, 2015 with main focus […]
Malawi currency, the Kwacha has continued on its weaker path onslide against major foreign currencies, and is now being sold in cash at K595 to a dollar according to foreign exchange bureau rates report from Reserve Bank of Malawi (RBM) while on the parallel market or black market it is hitting around K700. Central bank […]
Reserve Bank of Malawi (RBM) Governor, Charles Chuka, risks arrest among other “big fishes” in the continued crackdown of the country’s worst corruption scandal known as Cashgate, Nyasa Times understands. Director of Public Prosecutions (DPP) Mary Kachale told High Court in Lilongwe that the Office of the President and Cabinet (OPC), Accountant General, Financial Intelligence […]
Thomas Jefferson, 3rd President of the United States (USA) giving an advance warning some 200 years ago said: “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks […]
Sometime in January 2013—eight months after then president Joyce Banda, Finance Minister at the time Ken Lipenga and Reserve Bank of Malawi (RBM) Governor Charles Chuka had thrown all caution to the wind and liberalised everything—time came for the trio to justify their decisions as it always happens when you implement radical change that turns […]
Malawi’s year-on-year headline inflation rate for June 2015 has risen by 1.8 percentage points to 21.3 percent from 19.5 percent in May 2015, signalling that the poor southern African country is struggling to keep its economy functioning normally without aid. Inflation is the rate of increase in prices over a given period of time. It […]
Some commercial banks in Malawi are struggling to meet their minimum liquidity regulatory requirements with an analyst blaming it on the uncertainty in the sale of Malawi Savings Bank (MSB) which has since been suspended. In a bid to meet the regulatory requirements, the struggling commercial banks have since resorted to borrow from other financial […]
In a drive to increase awareness of best market issuance practices and equity markets, Standard Bank in partnership with Nico Asset Managers, Savjani and Malawi Stock Exchange is today hosting a symposium on bond Capital Markets in Malawi. Standard Bank Head of Investment Banking Shakil Sattar said the objective of the Bond Symposium is to […]
In the last six to eight months, most emerging and frontier currencies have weakened against the US dollar. One explanation is the likelihood of the US Federal Reserve raising rates at its September policy meeting, making US assets comparatively attractive. Meanwhile, the possibility of a ‘Grexit’ is exacerbating the need for investors to buy safe […]
The Reserve Bank of Malawi (RBM) has revised downwards Malawi’s national output as measured by real Gross Domestic Product (GDP) for 2015 by 0.4 percentage points from 5.8 percent to 5.4 percent. According to latest Monetary Policy Committee (MPC) minutes released Wednesday, the four percentage points revision in the growth rate has been necessitated by […]
Malawi government is writing off the loans obtained at state-owned Malawi Savings Bank (MSB), most of which were borrowed by private businesses and individuals who are financiers of the ruling Democratic Progressive Party (DPP). Treasury has asked the Reserve Bank of Malawi (RBM) to issue K6 billion promissory notes to take the toxic loans off […]
Tension, fear and anxiety gripped Kamuzu Central Hospital (KCH) in the capital Lilongwe on Friday afternoon, when news spread that hospital was about to receive mass casualties from a fire accident at Reserve Bank of Malawi (RBM). Doctors, nurses and other hospital staff were seen panicking as hospital security personnel ordered vehicles and people hanging […]
This write up outlines important issues on the impending sale of Malawi Savings Bank limited. In the sale there are a lot of selfish motives sugar coated as if they are beneficial to the Bank but in the process the country will lose yet another important asset. This artivcle covers the objectives of MSB, coverage, […]
Reserve Bank of Malawi (RBM) statistics show that Malawi Kwacha currency continues further gains against the dollar and other major international currencies in the month of February 2015.1, Against the United States dollar the Kwacha is at K425 in some authorised dealer banks in Lilongwe from a peak of K520 it 2was sold in December […]