Hope for businesses as rand stabilise – The Nation Online

Hope for businesses as rand stabilise – The Nation Online: The stability of the South African rand recorded in the past three months presents an opportunity for the country’s businesses to thrive, analysts have said.

South African rand, which has been fluctuating since end last year, has seemingly stabilised from July to date.

Reserve Bank of Malawi (RBM) figures show between August last year to July, the rand has been trading between K50 and K58 to the kwacha before it stabilised to trade at K48 from July to date.

Malawi kwacha sinks to new low | The Times Group

Malawi kwacha sinks to new low | The Times Group: By Taonga Sabola:

Pressure is mounting on the country’s trading currency, the kwacha, with Malawians needing over K800 to buy the dollar from around K740 in March.

This is the first time the Malawi kwacha has sunk to a low against the dollar since it was adopted as Malawi’s trading unit.

This is despite the country being in the middle of sales of major foreign exchange earner, tobacco.

According to Reserve Bank of Malawi (RBM) daily foreign exchange rates, the dollar was selling at an average of K805 to the dollar in forex bureau

Pressure on kwacha | The Times Group

Pressure on kwacha | The Times Group: By Taonga Sabola:

Pressure has started mounting on the local trading unit, the kwacha, as the country passes through the lean foreign exchange period, investment management and advisory firm Alliance Capital has said.

In its October 2018 Economic Report released Wednesday, Alliance Capital says the kwacha has steadily depreciated against the dollar since September 2018.

As at October 5 2018, the foreign exchange reserves stood at $690.48 million (3.3 months) down from $745.49 million (3.56 months of cover) recorded on September 5 2018.

Malawi's latest tobacco yields at $204.3m - business - News - StarAfrica.com

Malawi's latest tobacco yields at $204.3m - business - News - StarAfrica.com: "Malawi’s Tobacco Control Commission (TCC) latest statistics suggest that the country’s auction floors have sold $204.3million from tobacco compared to $183.4million during the same period last year.The report on Saturday said the cumulative traded volume during the period was at 116.8kilograms up from 105.5 million kilograms in the same time in 2014."



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Foreign reserves surge

Foreign reserves surge: "Foreign reserves surge
MONDAY, 20 MAY 2013 09:47 KINGSLEY JASSI
The foreign currency situation in the country continues to improve, with the import cover climbing to 1.63 months as of May 10, official figures have indicated.

Last Friday's daily money market report by Reserve Bank of Malawi (RBM) shows that official foreign reserves jumped to US$306 million by May 10 from US$240 million at the beginning of the month."

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Malawi Kwacha gains ground against US dollar: Economy resuscitating | Malawi Nyasa Times - Malawi breaking news in Malawi

Malawi Kwacha gains ground against US dollar: Economy resuscitating | Malawi Nyasa Times - Malawi breaking news in Malawi: "

The Malawi Kwacha has appreciated against the US dollar from K420  to trade at K380 from Monday this week in what economic analyst say is due to the inflows from the tobacco trade - Malawi’s main foreign exchange earner accounting for more than half of all foreign exchange earnings.

Exchange rates monitored by Nyasa Times from Monday at  National Bank of Malawi, Malawi Savings Bank and Indebank indicate that the Kwacha is this week trading at no more than K380 due to steady flows from tobacco sales."

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Economic recovery doubted

The Farmers Union of Malawi (Fum) says the Economic Recovery Plan (ERP) implemented by government will not yield any significant results this year as nothing new has been done to boost exports.

Jumbe's comments come barely a few weeks after Finance Minister Ken Lipenga said that the ERP is bearing fruits.

Fum President Felix Jumbe told The Daily Times yesterday that the whole reason Malawi has found itself in an economic mess is because the country has been struggling to raise enough forex through increased exports."
Economic recovery doubted:
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