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Malawi is one of the three countries out of 46 economies in Africa with the highest working poverty rate at 70.18 percent, United Nations Economic Commission for Africa (Uneca) data shows. International Labour Organisation (ILO) describes the working poverty rate as the proportion of the employed population living in poverty despite being employed. This implies

Results of the foreign exchange auction held on Monday left the Reserve Bank of Malawi (RBM) and authorised dealer banks (ADBs) with a K1 063.86 dollar exchange rate effective today, up from K1 036. But the nearly 40 percent spread between the official central bank exchange rate and the cash rate, also known as telegraphic

Malawi’s year-on-year headline inflation rate continues to rise and hit a 10-year high of 29.2 percent in May pushed up by continued rise in food prices, figures show. This is the highest recorded inflation rate after it hit 35.8 percent in April 2013 during the reign of former president Joyce Banda when the impact of

There are mixed reactions to the Reserve Bank of Malawi (RBM) plan to re-introduce customs declaration forms for exports to help track forex flows with some stakeholders arguing the move could fuel tax evasion. In a statement, RBM Governor Wilson Banda said the measure, set to come into effect on May 17, will ensure that

Small and medium enterprises (SMEs) already struggling to get back on their feet after being knocked by various shocks have been pushed to the corner following the Reserve Bank of Malawi’s (RBM) decision to raise the policy rate. In a statement of the Second Monetary Policy Committee (MPC) of 2023 on Thursday, RBM Governor Wilson

The World Bank has painted a gloomy outlook for the country’s economy that will be characterised by constrained food availability, low economic growth, rising poverty and unemployment rates. In its Malawi Poverty Outlook published on Friday, the Bretton Woods institution has slashed further Malawi’s growth prospects from 1.6 percent to 1.4 percent in 2023, an

Economists have cautioned Ministry of Finance and Economic Affairs to tread carefully on revising the proposed K3.7 trillion 2023/24 National Budget in the wake of the devastation caused by Tropical Cyclone Freddy. The economists expressed their views in separate interviews with Business News after Minister of Finance and Economic Affairs Sosten Gwengwe, in his budget