The Reserve Bank of Malawi (RBM) has given a nod to Malcom Limited, a local ICT company, to roll out its charge card services in the country. Malcom is expected to roll out its MobiMax charge card service, following a clearance by the central bank and the installation of point of sale (PoS) devices at […]
It is incredible that the Reserve Bank of Malawi (RBM) has granted a banking license to Finance Bank (FB) to resume its operations in Malawi after its license was revoked in 2005 after being involved in serious malpractices and flouting banking procedures. In its 2005 report, RBM unequivocally documents its reasons why it revoked Finance […]
Reserve Bank of Malawi has left its benchmark lending rate unchanged at 25 percent. The central bank said s it expected inflation to trend down to around 15 percent by June partly as a result of lower fuel prices after energy regulator slashed by a 10% margin the price of pump petrol in the wake […]
The controversial Chairman of Finance Bank Rajan Mahtani has said his bank is not a “money laundering” institution as it was claimed when Reserve Bank of Malawi (RBM) revorked its licence, 10 years ago, saying Finance Minister Goodall Gondwe granted new last licence last year because “the injustice that happened years back has been clarified.” Mahtani, […]
As the Malawi’s currency – the Kwacha – continues to register steady appreciation, Malawi’s Minister of Information Kondwani Nankhumwa is appealing to the business community to respond accordingly. In an interview with Nyasa Times on Friday, Nankhumwa said it would be commendable and reasonable if the business community also slashed prices of their commodities and […]
Recovering from a free-fall since September 2014 when tobacco sales closed, the Malawi kwacha has extended its gains of against the US dollar buoyed by minor export proceeds from some of the country’s commodities. Kwacha is now trading at around K470 against the dollar, according to the central banl, but is trading between K480 and […]
As anxiety over depreciation of the Malawi Kwacha persists, so does the blame game. Some blame the previous Joyce Banda and PP government for floating the exchange rate regime, while others believe that Peter Mutharika and DPP government of five months have failed to stabilize the Kwacha. And there are those that blame the tobacco […]
The Malawi Kwacha currency hashit the record low against the dollar as commercial banks quoted the local currency K520 per dollar, a loss of about 20 percent within two month. According to official figures provided by the Reserve Bank of Malawi (RBM, two months ago the kwacha was selling at K412 to the dollar, just […]
Reserve Bank of Malawi (RBM) has raised its policy rate back up to 25.0 percent as inflation is expected to accelerate to 25.4 percent in December due to rising food price and the depreciating kwacha currency. Malawi’s headline inflation rate eased to 23.7 percent in September from August’s 24.5 percent, but the central bank said […]
MalCOM Limited –Malawi, a newly established owned ICT driven company wholly owned by Malawians, will be introducing an employee charge card which company executives and salaried employees will be using to pay for goods and services with no interest charges. The Reserve Bank of Malawi (RBM) has authorized the company to translate the concept into […]
Malawi currency the Kwacha continue to face a slide against the major world currencies with opposition parties saying its worrying development but the Reserve Bank of Malawi (RBM) Governor, Charles Chuka, said there is no need for panic. Spokesman for finance in opposition Malawi Congress Party (MCP), Joseph Njobvuyalema said depreciation of the kwacha or […]
Malawi central bank left its benchmark lending rate unchanged at 22.5 percent on Tuesday, citing mainly the uncertain outlook for inflation. “Some risks still remain to the inflation outlook,” the Reserve Bank of Malawi said in a statement posted on its website, singling out uncertainty in the food sector and the country’s budget. “The committee […]
The Supreme Court of Appeal has approved the closure of Citizen Insurance Company which was placed under statutory management on August 26 2011 under the Financial Services Act 2010 and has appointed Reserve Bank of Malawi (RBM) to be liquidator. RBM spokesperson Mbane Ngwira confirmed that the Supreme Court made its determination on Tuesday in […]
Cumo Microfinance Limited, a new microfinance institution, will soon start its operations in Chikhwawa to improve over 4 000 poor households with access to soft loans. Briefing the district executive committee (DEC) members on Thursday at the District’s Council Hall, the operations manager for Cumo Microfinance Limited, Gilbert Jangasiya, said it was the expectation of his […]
Reserve Bank of Malawi has announced that it has cut its benchmark lending rate by 250 basis points to 22.5 percent on Tuesday. The central bank said it rate cut has come about because the outlook for inflation was favourable due to a relatively stable exchange rate for the kwacha currency. “The Committee noted that fiscal […]
The Reserve Bank of Malawi (RBM) has announced that it will from August this year release new Malawi Kwacha banknotes with new blind recognition features. RBM has changed the blind recognition features following requests mainly from the Malawi Union of the Blind (MUB) and the Federation of Disability Organisations in Malawi (Fedoma) on the need […]
The Reserve Bank of Malawi says it is still pursuing a court case against Z.Allan Ntata, who served as late president Bingu wa Mutharika’s legal advisor, for failure to pay up rentals of a flat from the bank between 2010 and 2012. The central bank dragged Ntata to court for defaulting payment amounting to MK630, […]
The Reserve Bank of Malawi (RBM) in conjunction with other stakeholders in the financial service management will hold first ever financial literacy week between December 9 and 10 at Comesa hall in Blantyre.. Its first of its kind in the country for the central back to hold the financial literacy week to provide awareness to […]