Eurozone crisis hit stock markets, oil prices

The Reserve Bank of Malawi (RBM) says the crisis that has affected the Eurozone has struck stock markets and affected oil prices.

RBM director for microfinance and capital markets supervision Eldin Mlelemba said this on Friday in Mzuzu during a day-long training on Capital Markets organised for business journalists in partnership with the Association of Business Journalists (ABJ).

“The Eurozone crisis in recent weeks pushed the stock markets lower and knocked oil prices. This continued uncertainty about the Euro has also hit the world stock markets as seen by falling share prices on major markets in Frankfurt, London and Paris,” he said.

The central bank feels that by training journalists in financial matters, the information would trickle down to consumers and people in the rural areas which will improve financial literacy.

He called on journalists to report, inform and educate the public about financial information and products that exist in promoting the growth of markets.

Mlelemba also pointed out that one of the key strategic objectives of the RBM is to ensure that there is sound and stable financial system in Malawi.

“However, this largely depends on the confidence that people have in the financial industry. One critical ingredients in building the confidence is the quality of information that the public acquires,” he said.