Tags: Charles Chuka

Exclusive: RBM’s Mzuzu branch payment mess exposed

The Reserve Bank of Malawi (RBM)—supposedly the epitome of fiscal integrity—is at pains to justify more than K9 billion in extra spending in the construction of its Mzuzu Branch offices up North, especially after the main contractor has abandoned the project citing non-payment. This week, RBM could not explain the triple digit cost overruns, contentious…

Chuka’s speaks on depreciating kwacha

In recent weeks, the local currency, the kwacha, has continued to show signs of ceding to major international currencies, notably the United States dollar. The depreciation of the kwacha or weakening in the value of the local currency is happening soon after the country has just closed its marketing season for tobacco, touted as the…

Weakening Malawi kwacha not strange—Chuka

Reserve Bank of Malawi (RBM) Governor Charles Chuka has downplayed the buzz over the recent weakening of kwacha against other major foreign currencies. The local currency has continued to lose ground in recent weeks, especially against to the dollar, trading around K440 from a rate of K390 mid this year. Some foreign exchange bureaus are…

Chuka, Kamphasa, Mkondiwa back on PAC wanted list

The Public Accounts Committee (PAC) of Parliament will again summon three of the major players in the Public Finance Management (PFM) system that the House body believes knew more about Cashgate than they let on. The Nation has learnt that PAC is not satisfied with the responses given by the Chief Secretary to the Government,…

Food uncertainty, budget may push up prices

Food uncertainty and the implementation of the proposed K742.8 billion budget may threaten an increase in inflation—generally push up prices—according to monetary authorities. According to a Monetary Policy Committee (MPC) meeting held on Tuesday, which was chaired by Reserve Bank of Malawi (RBM) governor Charles Chuka, noted that despite the positive developments to date, some…

Citizen Insurance Company under liquidation

The Supreme Court of Appeal has appointed Reserve Bank of Malawi (RBM) Governor Charles Chuka to be liquidator of Citizen Insurance Company which was placed under statutory management on August 26 2011 based on the Financial Services Act 2010. Citizen Insurance Company was found by the RBM to be in gross breach of the Financial…

Chuka says fiscal indiscipline frustrating economy

Reserve Bank of Malawi (RBM) Governor Charles Chuka has warned that continued over borrowing and general lack of fiscal discipline is hurting the country’s efforts to curb inflation and reduce interest rates. “Government’s continued commitment to restoring fiscal prudence and efficiency in expenditure is key to macroeconomic stability and continuation of the IMF [International Monetary…

Governor Chuka satisfied with kwacha performance

The Reserve Bank of Malawi (RBM) Governor Charles Chuka says he is pleased with the prevailing kwacha exchange rate against other major foreign reference currencies, arguing the local unit has corrected itself to reflect prevailing economic dynamics. Chuka told Business News on Friday at Sunbird Nkopola in Mangochi when asked to wrap-up the outcome of…

Goodall, Chuka to meet over kwacha

Finance of Minister Goodall Gondwe has said on Friday he would be meeting Reserve Bank of Malawi (RBM) Governor Charles Chuka over the exchange rate movement. Gondwe disclosed this in an exclusive interview in Lilongwe last Friday at Capital Hill when asked to provide his opinion on the recent continued appreciation of the kwacha-notably against…