Category: Business

By Duncan Mlanjira As at the end of 2020, national pension fund investment contributions was at K1.1 trillion up from K59.5 billion when the Pension Act was enacted while  the same time membership has also tremendously grown from 73,800 to 472,347 in 2020. This was disclosed on Monday by the Reserve Bank of Malawi (RBM) during a workshop that NICO Group organised to engage with various pension managers (employers) held at Sunbird Mount Soche Hotel in Blantyre. RBM’s Principal…

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Maravi Express  At its 4th meeting of 2021 held on November 2-3, the Monetary Policy Committee (MPC) of the Reserve Bank of Malawi (RBM) maintained the policy rate at 12.0%. The Liquidity Reserve Requirement (LRR) ratio on domestic and foreign deposits is at 3.75% while the Lombard rate is at 20 basis points above the policy rate. In a statement from MPC chairperson, Dr. Wilson T. Banda says the decision was arrived at after considering the need to continue…

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By Duncan Mlanjira The Roads Fund Administration announces that from Monday, October 8, motorists will now be expected to pay toll fees at Chingeni Toll Plaza in Balaka along the Blantyre-Lilongwe M1 Road. In a public statement, the Road Fund Administration says qualifying motorists shall enjoy Frequent User Discounts and Local User Discounts as prescribed in the Third Schedule of the Roads Fund Adminstration (Tolls) Regulation 2021. Frequent User Discounts is only applicable on the 11th passage at the…

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Chakwera being briefed by Scotland-Malawi Partnership’s chief executive officer, David Hope-Jones By Linda Moyo, MANA in Scotland Having been impressed with David Livingstone Museum, President Lazarus Chakwera says it is high time Malawi started utilizing opportunities that museum — as a tourist attraction sector — can play to improve the economic development of the country. The President visited the impressive museum on Wednesday in the city of Blantyre in Scotland that preserves and dedicates the life and work of…

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Mlusu during his visit to appreciate construction works of the Shire Valley Transformation Project * The government will collect VAT on the earnings banks make on charges *At no point should that be passed on the customers * Customers are assured that their money shall be refunded if they shall be charged VAT By Duncan Mlanjira Finance Minister Felix Mlusu has advised the public to report to the Reserve Bank of Malawi (RBM) if they discover that their banks are…

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EGENCO CEO William Liabunya and CHINT Group’s Dennis Chu Liang exchange contracts * The 10MW is the first phase of project towards a scalable 20MW solar power plant that will be implemented back to back * Contractor CHINT Group expresses its commitment to complete the project in time *The contractor has vast experience in developing solar power systems in Asia, Europe and other African countries By Duncan Mlanjira Electricity Generation Company (Malawi) Limited (EGENCO) is expected to commission a 10 megawatts…

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