|Mixed Mineral or Chemical Fertilizers|
Malawi, officially the Republic of Malawi, is a landlocked country in southeast Africa that was formerly known as Nyasaland. It is bordered by Zambia to the northwest, Tanzania to the northeast, and Mozambique on the east, south, and west. The country is separated from Tanzania and Mozambique by Lake Malawi. Malawi is over 118,000 km2 (45,560 sq. mi) with an estimated population of 16,777,547 (July 2013 est.). Its capital is Lilongwe, which is also Malawi's largest city; the second largest is Blantyre, the third is Mzuzu and the fourth largest in its old capital Zomba. The name Malawi comes from the Maravi, an old name of the Nyanja people that inhabit the area. The country is also nicknamed "The Warm Heart of Africa". Malawi is among the smallest countries in Africa. Lake Malawi takes about a third of Malawi's area.
The financial sector, relatively shallow, has remained largely stable, helped by the fact that it is largely not integrated into the global financial system. The country’s banking sector, which includes 13 commercial banks with over 70 branches across the country, remains well capitalized and profitable. Prudential regulations have limited net foreign exchange exposure and non-performing loans remain low, though spreads continue to be high. The sector is however highly concentrated. Only 19% of the adult population uses banking services and the government has provided incentives to encourage mobile banking services. While the passage of legislation to create a private credit bureau should help improve information on credit history, access to credit remains one of the biggest challenges for businesses and particularly the SMEs. There is a huge potential for using Mobile-banking technology to increase access in Malawi where mobile cellular subscription is still low, at 20%.
|Agriculture||Tobacco, tea, sugarcane, cotton, sorghum, cassava, maize, potatoes|
|Manufacture||Cement, consumer goods, tobacco, sugar, tea, sawmill products|
|Services (Including financial)||51.7% (2013 estimate)|
|Telekom Networks Malaw||Telecom|
|Illovo Sugar Malawi||Industrial|
|National Bank of Malawi||Financial|
|Kentam Products Limited||Pharmaceutical|
|Malawi Broadcasting Corporation||Media|
|Electricity Supply Commission of Malawi||Electricity|
|Malawi Posts Corporation (MPC)||Delivery Services|
|Mixed Mineral or Chemical Fertilizers|
The Malawi Stock Exchange (the MSE) is a stock market, with a single licensed broker based in Blantyre, Malawi. The Malawi Stock Exchange was inaugurated in March 1995 and opened for business for the first time on 11 November 1996, under the aegis of the Reserve Bank of Malawi, with 2300 Malawian citizens buying shares in the first company to be listed – Malawi's largest insurance firm, the National Insurance Company. International Finance Corporation, a World Bank affiliate, and the Financierings Maatschappij Ontwikkelingslanden, a Dutch development bank with close ties to the Dutch Ministry for Development Co-operation, provided 40% of the $500,000 required for establishing the stock market in Blantyre, and the European Union-sponsored seminars and publicity campaigns. The exchange operates in terms of the Capital Markets Development Act of 1990 and the Capital Market Development Regulations of 1992. It has a supervisory committee which comprises representatives of the central bank, the government, and the private sector. It is a member of the African Stock Exchanges Association. The MSE has a modest market listing. More stringent listing rules are currently being prepared. Membership of the Exchange is corporate and individual.
The impact of the financial crisis on Malawi has so far been limited. The financial sector is small and less sophisticated, with two (out of nine) commercial banks dominating the banking sector. Foreign direct and portfolio investment levels are very low. However, most commercial banks have reported difficulties accessing foreign credit lines. Furthermore, exchange rate movements in the west are having a negative impact on foreign aid inflows to Malawi. For example, DFID’s inflows (in Malawi Kwacha equivalent) have been reduced by about 25 percent due to a depreciation of the British Pound against the US Dollar.
In the medium to long term, the second round effects of the financial crisis could have a significant negative impact on Malawi through its impact on commodity exports and remittances. Malawi’s productive sector could be severely affected by reduced demand for the country's exports, mainly tobacco, sugar, and tea. These exports are particularly vulnerable because the EU and the US are the principal destinations. Further, Malawi receives significant amounts of remittances from abroad (around 4 percent of GDP). Therefore, a slowdown in the world’s economy is likely to have a significant negative impact on Malawi’s current account.
The area of Africa now known as Malawi was settled by migrating Bantu groups around the 10th century. Centuries later in 1891 the area was colonized by the British. In 1953 Malawi, then known as Nyasaland, a protectorate of the United Kingdom, became a protectorate within the semi-independent Federation of Rhodesia and Nyasaland. The Federation was dissolved in 1963. In 1964 the protectorate over Nyasaland was ended and Nyasaland became an independent country under Queen Elizabeth II with the new name Malawi. Two years later it became a republic. Upon gaining independence it became a one-party state under the presidency of Hastings Banda, who remained president until 1994 when he lost an election. Arthur Peter Mutharika is the current president. Malawi has a democratic, multi-party government. The country has a Malawian Defense Force that includes an army, a navy, and an air wing. Malawi's foreign policy is pro-Western and includes positive diplomatic relations with most countries and participation in several international organizations, including the United Nations, the Commonwealth of Nations, the Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa COMESA and the African Union AU.
Malawi is among the world's least-developed countries. The economy is heavily based in agriculture, with a largely rural population. The Malawian government depends heavily on outside aid to meet development needs, although this need (and the aid offered) has decreased since 2000. The Malawian government faces challenges in building and expanding the economy, improving education, healthcare, environmental protection, and becoming financially independent. Since 2005, Malawi has developed several programs that focus on these issues, and the country's outlook appears to be improving, with a rise in the economy, education, and healthcare seen in 2007 and 2008.
Malawi has a low life expectancy and high infant mortality. There is a high prevalence of HIV/AIDS, which is a drain on the labor force and government expenditures. There is a diverse population of native people, Asians, and Europeans, with several languages spoken and an array of religious beliefs. Although there was periodic regional conflict fueled in part by ethnic divisions in the past, by 2008 it had diminished considerably and the concept of a Malawian nationality had re-emerged.
|Peter Mutharika (President)||Saulos Chilima (Vice-President)||JRichard Msowoya (Speaker of National Assembly)||Goodall Gondwe (Minister of Finance and Economy)|
The kwacha (ISO 4217: MWK, official name Malawi Kwacha) is the currency of Malawi as of 1971, replacing the Malawian pound. It is divided into 100 tambalas. The kwacha replaced other types of currency, namely the UK pound sterling, the South African rand, and the Rhodesian dollar, that had previously circulated through the Malawian economy. The exchange rate of the kwacha undergoes fixed periodical adjustments, but since 1994 the exchange rate has floated. In 2005, administrative measures were put in place by Bingu wa Mutharika to peg the exchange rate with other currencies. Banknotes are issued by the Reserve Bank of Malawi. In May 2012, the Reserve Bank of Malawi devalued the kwacha by 34% and unpegged it from the United States dollar.
The name kwacha was first used in Zambia where the Zambian kwacha was introduced in 1968. It derives from the Chinyanja or Chichewa word meaning "it has dawned", while tambala translates as "rooster" in Chichewa. The tambala was so named because a hundred roosters announce the dawn.
The kwacha replaced the Malawian pound in 1971 at a rate of two kwachas to one pound. As of 25 October, 2016 one British pound sterling was equal to approximately 881 kwachas, one US dollar was equal to 721 kwachas and one South African rand was equal to 52 kwachas.
|National Song||"Mulungu dalitsa Malaŵi"|
|Currency||Malawian kwacha (MWK)|
|GDP / GDP Rank||21.138 Billion USD|
|GDP Growth Rate||3 Percent|
|GDP Per Captial||$1134.496 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
President – Peter Mutharika
|Website||Go to the web|
|Public Debt||62.075 Percent|
|Unemployment Rate||6.735 Percent|
|Labor Force (Occupation)||-|