By Frank Jomo LILONGWE (Bloomberg) -Malawi’s central bank raised its benchmark interest rate 3 percentage points to 16 percent, days after devaluing its currency by a third to meet conditions set by the International Monetary Fundand unblock aid flows. “After the devaluation of the kwacha, we needed to strengthen the monetary policy and this revision is meant [...]
LILONGWE (Times) -Despite earlier being touted as a success and a springboard for economic independence by its proponents, the zero-deficit budget created numerous woes for the nation and will be abandoned, Finance Minister Ken Lipenga has said. Lipenga, who was previously defending the implementation of zero deficit budget during the administration of Bingu wa Mutharika, [...]
By Gregory Gondwe BLANTYRE (Bizcommunity)- Malawi Telecommunications Limited (MTL), a telecommunications services provider has repackaged and rebranded its consumer internet access services soon after unveiling a new wireless access technology that provides customers with broadband services an IP based Worldwide Interoperability for Microwave Access (WiMAX). MTL’s acting chief executive officer, Elias Imaan made the announcement last [...]
BLANTYRE (Reuters ) – Reserve Bank of Malawi has scrapped the kwacha’s peg to the dollar, allowing the market to determine the currency’s exchange rate, according to a directive sent to commercial banks on Monday. The kwacha, officially 165 to the dollar, trades at nearly double that rate on the black market. The International Monetary Fund [...]
LILONGWE (Malawi Democrat)- Malawi has new Reserve Bank of Malawi (RBM) governor. He is Charles Chuka. President Mrs Joyce Banda appointed Chuka to take over from Dr Perks Ligoya as she continues to purge loyalists of late president Bingu wa Mutharika. Chuka, a former RBM general manager and World Bank Group (WBG) senior adviser, was [...]
BLANTYRE (Nation/Times) -The Malawi Confederation of Chambers of Commerce and Industry (MCCCI) said businesses in 2011 faced one of the toughest times in living memory characterised by continued and worsening shortages of foreign exchange, fuel and structural problems in utility companies. “There is a lot of anxiety among all sections of the society, including the [...]
BLANTYRE (Nation) -Tobacco growers selling their leaf at Limbe Auction Floors on Tuesday expressed worry at the prices the buyers offered, saying they are not enough to recoup their cost of production. Prices at the floors ranged from 85 cents (K140.25, at the exchange rate of K165) per kilogramme to $2.20 (K363) per kilogramme, which [...]
By Gregory Gondwe BLANTYRE (Biz Community)-Telekom Networks Malawi Limited (TNM), reportedly the first mobile phone service provider in Malawi, has announced in its ‘results for the year ended 31 December 2011′ report over the weekend that it has registered a 35% growth in subscriber base. The report, signed by TNM’s chairperson Professor Mathews Chikaonda and [...]
LILONGWE (Malawi Democrat)-Malawi tobacco farmers on Monday March 26 embarrassed President Bingu wa Mutharika when they shut down sales during the opening of the tobacco market in Lilongwe as they protested of low prices. The farmers, who had clashes with security forces before President Wa Mutharika opened the tobacco auction floors in the country, also [...]
LILONGWE (Times)-The Tobacco Control Commission (TCC) has said this year’s tobacco market selling season will open on March 26 in Lilongwe. TCC Chief Executive Bruce Munthali said the commission is currently intensifying meetings with all stakeholders for the smooth running of the season. Munthali said Kanengo Auction Floors will open for sales on March 26 [...]
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