The Monetary Policy Committee (MPC) of the Reserve Bank of Malawi(RBM) says it has decided to keep the Policy Rate at 26 percent.
The policy rate is a short-term reference rate set by a central bank.
In a statement released on Friday, RBM Governor Wilson Banda says the decision was made during MPC meeting on November 4,2024.
Wilson Banda
Banda also reveals that the Committee has chosen to maintain the Lombard rate at 20 basis points above the policy rate and the Liquidity Reserve Requirement (LRR) ratio at 3.75 percent for foreign currency deposits.
He has however, said the Committee has decided to increase the LRR ratio for domestic currency deposits by 125 basis points to 10 percent.
According to Banda, the Committee believes that inflation will slow down in the fourth quarter of 2024 due to favourable base effects.
Says Banda:”Despite this, money supply continues to grow rapidly, posing risks to the inflation outlook.
“To address this, the MPC has decided to tighten the LRR ratio for domestic deposits, which will slow down money supply growth pressures and enhance the inflation deceleration process in the short to medium term.”
The Parliamentary Committees for Education and Media, Information, and Communication have expressed their satisfaction with the progress made in the construction of the state-of-the-art computer laboratory at Ndirande Hills Secondary, courtesy of the Connect A School (CAS) project.
Speaking during an inspection visit to the project in Blantyre on Thursday, Education Committee Vice Chairperson Ephraim Nayeja said the committees are impressed with the quality of work and the progress made against the project completion timeline.
“The quality of the infrastructure is of high standard and as a committee, we will continue to monitor the project to ensure that the quality is maintained up to the finishing,” he said.
Vice Chairperson for Media, Information and Communication in Parliament Ishmael Grant said based on the progress made in the construction, he is optimistic that the laboratory will be ready by next month.
He hailed Malawi Communication Regulatory Authority (MACRA) for implementing the CAS project, saying it aligns perfectly with the government’s vision of providing students with the essential tools and skills needed to thrive in the digital era.
“This initiative does not only bridge the digital divide but also fosters an inclusive and forward-thinking environment, thereby laying a robust foundation for Malawi’s socioeconomic growth and ensuring that no child is left behind in the digital era,” he said.
Ndirande Hills Secondary School Head Teacher Wyson Phiri said the laboratory will ease challenges faced by the students in accessing modern tools, resources, and opportunities for studies and career development.
About 75 schools across the country are expected to benefit from the CAS project through the Universal Service Fund in its first phase of implementation, which will end by December this year.
Each laboratory built in the schools will be provided with 20 computers and each school will be connected to the internet for three years.
Minister of Finance and Economic Affairs, Simplex Chithyola Banda, on Friday officially launched the Power of Data initiative, which aims to enhance decision-making and foster innovation in the country.
The extensive program will utilize data to improve decision-making processes, operational efficiency, and drive innovation across various sectors of the economy.
Simplex Chithyola
Speaking during the launch Lilongwe, Banda described the Power of Data Initiative as a key tool in assessing sectoral needs, forecasting economic trends, and optimizing resources allocation.
He highlighted three key pillars of the initiative: strengthening data infrastructure, building data literacy and capacity, and promoting greater accessibility and transparency of data.
Banda emphasized that collaboration and participation from all parties involved are essential to the initiative’s success.
He noted that building a data ecosystem that benefits everyone requires collaboration across ministries, departments, agencies, the United Nations family, corporate sector partners, and communities.
The Minister also underscored the program’s significance in improving resource allocation in public and private sectors.
Secretary to the President and Cabinet, Colleen Zamba, appealed for effective collaboration and collective efforts, highlighting data’s integral role in policy-making decisions.
Zamba emphasized the transformative potential of the data initiative in providing valuable insights that could shape future trends and accelerate development.
She stressed the importance of policymakers remaining vigilant and ensuring that policies align with the Sustainable Development Goals (SDGs), focusing on achieving meaningful progress by 2030.
Zamba added that the initiative is expected to be a cornerstone in Malawi’s efforts to modernize governance and create an evidence-based framework for sustainable development.
Commissioner of Statistics Dr. Shelton Kanyanda said Malawi has joined fellow African countries in driving national data partnerships to advance progress across several key transitions that require an integrated approach to investment and programming to accelerate actions on the Sustainable Development Goals (SDGs).
Dr. Kanyanda also disclosed that the National Statistical System, through the National Statistic Office (NSO), is at an advanced stage of developing the successor National Strategy for Development of statistics to address imaging priorities, including data sharing, strengthening information management systems, gender statistics, and environment and climate change statistics.
The National Registration Bureau (NRB) has rejected concerns about delays in registering eligible voters after the High Court’s decision on October 25, 2024.
The court ruled that the NRB must establish mechanisms to register eligible voters without national IDs at Malawi Electoral Commission (MEC) voter registration centers.
Mphatso Sambo
Speaking at a press briefing in Lilongwe on Friday, NRB Principal Secretary, Mphatso Sambo, ensured the public that the bureau promptly began preparations to comply with the court order, including planning and resource allocation.
“You must understand that it is a process, and be assured that we acted immediately,” said Sambo.
He also noted that it was not feasible to recruit personnel and prepare all necessary equipment for 2,100 centers instantly.
Sambo however, said despite this challenge, the NRB has recruited and deployed temporary officers who have been working with the bureau since June 2023 as part of the national ID outreach registration exercise.
He said the NRB has also reallocated approximately 1,000 Biometric Registration Kits (BRKs) from the Digital Identity Verification exercise, and the kits have been prepared and configured for the new voter registration initiative.
The NRB is a government department under the Ministry of Home Affairs and Internal Security.
The National Registration Act of 2010 mandates the NRB to implement, coordinate, manage and maintain the National Registration and Identification System (NRIS) in Malawi.
The NRB’s deliverables include birth certificates, national identity cards for bonafide Malawians, identity cards for foreigners, marriage registration certificates and death certificates.
High Court Judge Fiona Mwale has urged people in the country to write wills to avoid family feuds over property after they pass away.
Mwale, who oversees the Family and Probate Division, made this plea during a retirement planning seminar for Malawi Defence Force(MDF) soldiers in Lilongwe on Friday.
She emphasized that most cases her division handles involve property disputes due to lack of wills.
Fiona Mwale
Mwale commended the seminar, which aimed to provide soldiers with knowledge and skills to manage their wealth and prepare for retirement.
National Defence College Commandant, Brigadier General Dan Kuwali, and Nico Life Chief Executive Officer (CEO) Wise Chigudu also stressed the importance of retirement planning and partnership to address poverty in retirement.
A will, also called a last will and testament, is a legally enforceable declaration of how a person wants his or her property and assets distributed after death.
