Malawi’s forex shortage is threatening operations in the airline business, creating uncertainty on the future of the industry, Business News has learnt.
Frustrated by events in the foreign exchange market in the country, some sources in the airline business have confided in Business News that some operators are now seeking an audience with key economic agencies in the country such as Reserve Bank of Malawi (RBM), ministries of Finance and Economic Affairs as well as Ministry of Transport and Public Works while gauging the future of their respective businesses.
The sources say as it stands, it is proving difficult for most airline operators to convert local currency and transfer such currency into their foreign currency denominated accounts as stipulated in their respective bilateral agreements.
A senior official from the aviation industry told Business News on condition of anonymity that it is impossible to rule out that some operators may suspend their businesses in Malawi.
Felix is the Head of Channels at MyBucks since April, 2020. He is responsible for the digital channels and agency Read more
Chitera appointed Acting MD for FDH BankChitera appointed Acting MD for FDH BankAfrica-Press – Malawi. The Board of Directors of Read more
Minister of Trade and Industry Mark Katsonga Phiri says the launch of the Pyxus Agriculture Limited Groundnut Processing Plant will Read more
Airtel Africa has sold its 723 towers in Malawi to Helios Towers, an independent telecommunications infrastructure company, for US$55 million Read more
Reserve Bank of Malawi has ordered Auction Holdings Limited to begin a mandatory sale of 30 percent of it's foreign Read more
The sale of Airtel Malawi’s telecommunications tower to London-based Helios Towers plc will help Airtel to improve and strengthen its Read more
A Mchinji based organization, Girls Activist Youth Organization (GAYO) has trained village savings loan groups locally known as Banki Mkhonde Read more
Local tobacco producers are expressing fear that this year’s tobacco market will be affected by the recent fuel price hike. Read more
National Bank of Malawi (NBM) plc has registered a 52 percent after-tax profit of K34.21 billion for the year ending Read more
The Reserve Bank of Malawi (RBM) will next month start processing and selling the gold it has been buying in Read more
