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Malawi
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Malawi's financial services are unsophisticated and basic. The Reserve Bank of Malawi is the central bank of Malawi, having Dr. Perks M. Ligoya acting as its current governor since 2009. It was established under an Act of Parliament in July 1964 (caption 44:02) and started its operations in June, 1965 in Blantyre.

The Malawi Stock Exchange (MSE) was established in December 1994 along with Stockbrokers Malawi to deal with listed company shares and to act as a broker in government and other securities approved by the Reserve Bank of Malawi (RBM). The stock exchange had no listings until November 1996, when shares in NICO were put up for sale.

Malawi Banks

Aside from the central bank, there are five licensed commercial banks, which are dominated by the two government-owned banks, the National Bank of Malawi and the Commercial Bank of Malawi. The other three commercial banks are the First Merchant Bank Limited, the Finance Bank of Malawi, and Indefinance.

Currency

The Kwacha (currency symbol: MK, currency code: MWK) is the currency of Malawi. It is divided into 100 tambala. The kwacha replaced the pound on 1971 at a rate of 2 kwacha = 1 pound. The banknotes in circulation are in denominations of 5, 10, 20, 50, 100, 200, 500 kwacha.

The Malawian Kwacha per US$ rate is 149.8 (2010) and the inflation rate in 2009 was 8.4%.


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