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Kenyan Bourse Announces six Banks as Derivatives Clearing Members

Nairobi, Kenya, Capital Markets in Africa — Nairobi Securities Exchange (NSE) appointed six banks as derivative clearing member. They are: Barclays Bank of Kenya, Co-operative Bank of Kenya, CFC Stanbic Bank, NIC Bank, Chase Bank and Commercial Bank of Africa, according to email statement by NSE. The email also stated that more lenders to be named in “near future” and Initial derivatives products will be single-stock, index futures, before currency-based contracts are offered.

Malawi Central Bank Policy Interest Rate at 25% in February

Posted on by The Editorial Team

LILONGWE, Malawi, Capital Markets in Africa — Reserve Bank of Malawi Monetary Policy Committee (MPC) met on 4th February 2015 and decided to maintain the Policy Rate at 25 percent and Liquidity Reserve Requirement (LRR) at 15.5 percent, according to statement on the central bank website. The Bank estimated the country real GDP growth at 6.3 percent for 2014, largely driven by the agricultural sector. For 2015, economic growth was earlier projected at 5.8 percent,…

Reserve Bank of Malawi Raises Policy Rate by 2% as Inflation Surge in November

Posted on by The Editorial Team

LILONGWE, Malawi, Capital Markets in Africa — Reserve Bank of Malawi Monetary Policy Committee (MPC) met on 4th November 2015 and examined the external and domestic economic developments and decided to raise the Policy rate to 27 percent from 25 percent in order to contain second round effects of rising inflation, according to statement signed by the Reserve Bank of Malawi governor Mr Charles S.R. Chuka. The Liquidity Reserve Requirement (LRR) at 7.5 percent having adjusted…

Reserve Bank of Malawi Keeps Policy Rate at 25% as Inflation Ease in April

Posted on by The Editorial Team

LILONGWE, Malawi, Capital Markets in Africa — Reserve Bank of Malawi Monetary Policy Committee (MPC) met on 29 April 2015 to review recent global and domestic economic developments, and decided to maintain the Policy Rate at 25 percent and Liquidity Reserve Requirement (LRR) at 15.5 percent. The Malawi real GDP growth is estimated at 5.4 percent in 2015 from the previous projection of 5.8 percent. The downward revision has been necessitated by a contraction in…

Malawi takes key step to advance digital payments and drive inclusive growth

Posted on by The Editorial Team

LILONGWE, Malawi, April 30, 2015/ — Today, Malawi took a significant step towards creating a digital payment ecosystem in order to address poverty and drive inclusive growth. An event organized by the Government of Malawi with the United Nations Capital Development Fund’s (UNCDF) Better Than Cash Alliance (http://www.betterthancash.org) and Mobile Money for the Poor initiatives brought together digital payments players to accelerate the progress of digital finance in Malawi. The convening also marks the release…

IMF approves $18 mln aid to Malawi after commitment to fight corruption

Posted on by The Editorial Team

LILONGWE (Reuters) – The International Monetary Fund will provide $18.1 million to Malawi after its government promised to tackle the corruption that led to a suspension of aid by donors following large-scale graft involving public funds. Donors led by former colonial ruler Britain have withheld direct aid to the southern African nation for more than a year over a corruption scandal in which top government officials and ministers siphoned millions of dollars from the public…