Month: January 2020 Posts

Malawians question Reserve Bank’s K1.1b water chiller tender

Jan 09, 2020 Russell Kondowe 2 &

Malawians have asked the Anti-Corruption Bureau to investigate Reserve Bank of Malawi’s K1.1 billion contract for the supply of water chiller plants, saying they are suspecting foul play. The bank has engaged Anderson Engineering for… ...

RBM ramps up fight against use of foreign currency in local transactions

Jan 04, 2020 Russell Kondowe 0 &

Shoprite was recently fined K5 million as the Reserve Bank of Malawi (RBM) ramped up its fight against the practice of quoting in foreign currency. According to RBM Governor Dalitso Kabambe, in 2019 the Bank… ...

We can now easily detect cashgate – Reserve Bank

Jan 04, 2020 Lindiwe Sambalikagwa 0 &

The Reserve Bank of Malawi (RBM) says it has sealed off all the loopholes for siphoning public funds hence cashgate can now be easily detected and dealt with immediately. According to the bank’s governor Dalitso… ...

Malawi economy showed resilience in 2019 – RBM

Jan 04, 2020 Richard Jimu 0 &

The Reserve Bank of Malawi (RBM) says Malawi’s economy demonstrated remarkable resilience throughout 2019 despite political uncertainty during the year. The central bank’s governor Dalitso Kabambe said this when commenting on the effects of last… ...

Former Malawi central bank boss appointed FDH MD

Jan 03, 2020 Malawi24 Reporter 0 &

FDH Bank has appointed former Reserve Bank of Malawi Governor, Dr. Ellias Ngalande, as Managing Director. Ngalande’s appointment is effective 2 January, 2020. He replaces Ivorian Eric Ouattara who left FDH last year. In a… ...

MAIIC begins operations

Dec 11, 2019 Martha Chikoti 0 &

Malawi Agricultural and Industrial Investment Corporation (MAIIC) which was established last year to drive private sector led economic development has started operating in the country. This was revealed during a press briefing that MAIIC in… ...

Government asked to be cautious on loans

Nov 25, 2019 Malawi24 Reporter 0 &

Government has been asked to seek loans from financial institutions which provide proper expenditure guidelines for their loans to avoid misuse of the funds by government departments or ministries. Veteran journalist Ephraim Munthali made the… ...

Demos will affect govt revenue – Reserve Bank     

Jul 27, 2019 Mike Lyson Zgambo 1 &

The Reserve Bank of Malawi (RBM) says it expects government revenue to take a hit due to the post-election demonstrations. RBM Governor Kabambe said this on Friday in Mzuzu where he held a press briefing… ...

Reserve Bank of Malawi manager, businessperson arrested for stealing K354m

Jun 18, 2019 Malawi24 Reporter 0 &

A Reserve Bank of Malawi (RBM) manager, a businessperson and two other RBM employees have been arrested for stealing K354 million at the Central Bank. Police have arrested the bank’s manager for operations Charles Mchakulu,… ...

Gwaladi pleads not guilty

May 03, 2019 Chikondi Magalasi 1 &

‘Zangondipasa minyama’ hit maker, Joe Gwaladi, has pleaded not guilty to the charge related to damaging Malawian currency levelled against him. Gwaladi was arrested on 24th April this year by Malawi Police Service in Phalombe… ...

Cash from the bra: Malawian women not left out

Mar 21, 2019 Joseph Dumbula 1 &

As I board one public commuter in the commercial city of Malawi, Blantyre an argument starts. The conductor is on the neck of a female passenger asking for another bank note for the fare from… ...

RBM warns over illegal foreign exchange trading

Feb 14, 2019 Martha Chikoti 0 &

Reserve Bank of Malawi says it will not tolerate illegal foreign currency trading, forex externalisation, transfer pricing manipulation and money laundering in the country. Reserve Bank of Malawi Governor Dalitso Kabambe made the remarks at… ...

NBS Bank freezes accounts

Nov 06, 2018 Malawi24 Reporter 0 &

NBS Bank has freezed accounts of all customers who failed to update their information with the bank. According to the bank, customers whose accounts are not in compliance with Reserve Bank of Malawi’s Know Your… ...

FMB slashes interest rates

Aug 24, 2017 Luke Bisani 0 &

First Merchant Bank (FMB) in Malawi has disclosed that it has slashed interest rates effective today. This follows the announcement of a cut in interest rate to 18 percent by Reserve Bank of Malawi (RBM)… ...

Counterfeit money worries RBM

Aug 23, 2017 Luke Bisani 0 &

The Reserve Bank of Malawi (RBM) has expressed concern over counterfeiting of money arguing the malpractice affects the country's economy. Speaking at the launch of National Counterfeit Policy in Lilongwe on Tuesday, RBM Governor Dalitso… ...