Financial and Economic Review Vol 57 Issue 4

RESERVE BANK OF MALAWI
Financial and Economic Review
VOLUME 57 – NUMBER 4
2023
0
TABLE OF CONTENTS
TABLE OF CONTENTS……………………………………………………………………... 1
LIST OF TABLES……………………………………………………………………………. 2
LIST OF CHARTS……………………………………………………………………………. 2
GENERAL NOTES…………………………………………………………………………… 3
EXECUTIVE SUMMARY…………………………………………………………………… 4
SECTION 1: REAL SECTOR………………………………………………………………... 6
I. Real Economic Activity……………………………………………………………….... 6
II. Domestic Prices ............................................................................................................... 10
SECTION 2: EXTERNAL SECTOR…………………………………………………………11
(a) Gross Official Reserves ................................................................................................... 11
(b) Merchandise Trade .......................................................................................................... 11
(c) Malawi Kwacha Exchange Rate ..................................................................................... 11
(d) World Economic Outlook ............................................................................................... 12
(e) Commodity Prices ........................................................................................................... 13
SECTION 3: PUBLIC FINANCE…………………………………………………………... 15
(i) Overall Budgetary Operations…………………………………………………………. 15
SECTION 4: BANKING AND FINANCE…………………………………………………. 17
(i) Broad Money and its Components…………………………………………………….. 17
(ii) Counterparts of Broad Money ......................................................................................... 18
(iii) Domestic Credit ........................................................................................................ 19
(iv) Commercial Banks: Sources and Uses of Funds ...................................................... 21
(v) Reserve Bank of Malawi: Sources and Uses of Funds.................................................... 22
SECTION 5: MONEY AND SECURITIES MARKETS…………………………………… 24
I. Money Market Developments……………………………………………………………... 24
II. Capital Market Developments…………………………………………………………. 27
SECTION 6: STATISTICAL ANNEX TABLES…………………………………………… 30
1.0. THE BANKING SYSTEM ............................................................................................... 30
2.0. CENTRAL GOVERNMENT FINANCE ......................................................................... 46
3.0. BALANCE OF PAYMENTS ........................................................................................... 54
4.0. NATIONAL ACCOUNTS................................................................................................ 59
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LIST OF TABLES
Table 1: Real Output Growth by Type of Activity (at 2017 prices) ............................................................................... 6
Table 2: Merchandise Trade (US$ million) ................................................................................................................. 11
Table 3: World Real GDP Growth (Percent) ............................................................................................................... 12
Table 4: Central Government Operations - Revenues (K' million) .............................................................................. 15
Table 5: Central Government Operations Expenditure (K' million) ............................................................................ 16
Table 6: Monetary Survey (K' million) ........................................................................................................................ 18
Table 7: Distribution of Private Sector Credit by Industry (Percent) ........................................................................... 20
Table 8: Banking System Domestic Credit (K’ billion) ............................................................................................... 21
Table 9: Commercial Banks' Sources and Uses of Funds (K' million) ........................................................................ 22
Table 10: Reserve Bank of Malawi Sources and Uses of Funds (K' million) .............................................................. 23
Table 11: Banking System Liquidity (K' billion) ......................................................................................................... 25
Table 12: Open Market Operations (K' billion) ........................................................................................................... 26
Table 13: Interest Rate Structure (Percent) .................................................................................................................. 27
Table 14: Share Price Movements ............................................................................................................................... 29
LIST OF CHARTS
Chart 1: Sectoral Contribution to GDP (Percent) ......................................................................................................... 10
Chart 2: Annual Growth in Broad Money and its Components ................................................................................... 18
Chart 3: Trends in MASI, DSI and FSI ........................................................................................................................ 28
2
GENERAL NOTES
This quarterly Financial and Economic Review is produced by the Reserve Bank of Malawi
(RBM) as part of its commitment to communicate financial and economic developments to both
internal and external stakeholders. The issue appears quarterly and is published within two
months after the close of a calendar quarter. This particular issue outlines domestic financial
and macroeconomic developments as well as global economic developments during the fourth
quarter of 2023.
Owing to the rounding of figures, separate items may not always sum to corresponding totals.
In the tables, the following symbols should be noted:
.. Means not available
- Means nil or less than one half the significant digit
* Means projection
+ Means revised figure
^ Means preliminary figure
Any opinions expressed in this review should be regarded as solely those of the Reserve Bank
of Malawi. The Bank wishes to express its appreciation of the cooperation and assistance
extended by the Ministry of Finance and Economic Affairs, National Statistical Office and
financial, commercial and industrial organizations in supplying data and background material.
3
EXECUTIVE SUMMARY
The global economy is estimated to have grown by 3.1 percent in 2023, according to the January
2024 World Economic Outlook update by the International Monetary Fund (IMF). This
projection is 0.2 percentage points higher than the October 2023 WEO forecast. The global
economy is projected to grow by another 3.1 percent and 3.2 percent in 2024 and 2025,
respectively.
On the domestic front, real GDP growth for 2023 was revised downwards to 1.5 percent, from
the earlier estimate of 1.9 percent. The downward revision was on account of low supply of
foreign exchange, high inflation, and increased episodes of fuel shortages which resulted in
lower than anticipated growth in the agriculture, wholesale and retail and manufacturing sectors.
However, strong growth was recorded in electricity, construction, mining and quarrying, and
accommodation and food services sectors.
Headline inflation increased to an average of 31.5 percent in the fourth quarter of 2023 from
28.2 percent in the preceding quarter and 26.0 percent in the corresponding quarter of 2022.
Food inflation accelerated to 39.9 percent from 38.5 percent in the third quarter of 2023 and
33.1 percent in the corresponding period of 2022. Non-food inflation rose to 20.9 percent from
16.4 percent in the preceding quarter.
Gross official reserves improved to US$239.3 million (1.0 months of imports) at the end of the
review quarter from US$231.6 million (0.9 months of imports) recorded at the end of September
2023 and compared to US$292.0 million (1.2 months of imports) reported at end December
2022.
The merchandise trade deficit narrowed to US$495.8 million (K754.1 billion) from US$528.6
million (K580.6 billion) recorded in the previous quarter, and compared to another deficit of
US$532.5 million (K552.5 billion) in the fourth quarter of 2022. The outcome was driven by a
stronger decline in imports than a decrease in exports.
Central government budgetary operations resulted in an overall deficit of K160.9 billion,

approximately 1.1 percent of GDP. This followed total revenues of K734.0 billion against an
expenditure outlay of K894.9 billion.
Broad money supply (M2) increased by K384.8 billion (11.7 percent) to K3.7 trillion in the
quarter under review, compared to a growth of K68.8 billion (2.1 percent) registered in the
preceding quarter. However, the annual growth rate of broad money (M2) declined to 32.2
4
percent in the fourth quarter of 2023 from 33.0 percent in the preceding quarter and 38.8 percent
in the corresponding quarter in 2022. Meanwhile, credit to the private sector improved by K15.4
billion (1.3 percent) to K1.2 trillion.
The Policy rate was maintained at 24.00 percent in the quarter under review. In contrast, the
Reference rate (the Base Lending rate) and the Interbank rate rose to 23.60 percent and 23.00
percent from 23.40 percent and 22.77 percent in the previous quarter, respectively.
The stock market was bearish during the period under review and registered a quarterly return
on investment of minus 6.3 percent. The outturn reflected underperformance in both the
Domestic Share Index and the Foreign Share Index. Nevertheless, on a year-to-year basis, the
market registered a 78.9 percent return on investment.
The rest of the report is organized as follows: Section 1 presents developments in the real sector
followed by analysis of developments in the external sector in section 2. Sections 3, 4 and 5
present performances of central government, banking sector, and money and securities markets,
respectively. Section 6 presents a statistical annex.
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SECTION 1: REAL SECTOR
I. Real Economic Activity
In November 2023, the GDP growth for 2023 was revised downwards to 1.5 percent from the
earlier estimate of 1.9 percent made in May 2023. The revision was necessitated by lower-
than-anticipated growth in the agriculture, wholesale and retail and manufacturing sectors,
which were adversely affected by persistent shortages of foreign exchange, high inflation, and
fuel shortages. However, strong growth was realised in the electricity, construction, mining and
quarrying, as well as accommodation and food services sectors. Real GDP growth for 2024 is
projected at 3.2 percent, anchored by expected improvement in the foreign exchange situation
following the resumption of the IMF’s Extended Credit Facility (ECF) program, and the
commencement of mass production in Mega farms during the 2023/2024 farming season.
Table 1: Real Output Growth by Type of Activity (at 2017 prices)

2017 2018 2019 2020 2021 2022 2023* 2024*
Agriculture………………………………………………... 6.1 0.3 5.9 3.4 3.8 0.9 0.8 1.9
Mining and Quarrying………............................................. 1.6 8.8 7.4 3.1 (3.6) 2.6 3.5 5.8
Manufacturing…………………......................................... 2.0 6.8 7.6 4.2 4.1 (1.4) 0.4 4.4
Utilities………………........................................................ 2.6 8.4 7.6 4.7 (1.8) (2.9) 8.0 4.2
Construction………............................................................ 4.4 7.2 7.8 3.7 2.8 3.1 8.2 5.6
Wholesale and retail…........................................................ 5.0 3.3 6.0 (0.1) 3.3 (2.3) (1.9) 1.4
Transport and storage.......................................................... 6.0 6.7 8.8 (6.9) 5.7 2.2 3.4 4.5
Accommodation and food service activities…................... 4.2 4.0 3.4 (23.4) 1.7 6.5 8.6 9.9
Information and communication………............................. 6.5 9.5 9.3 5.9 6.9 1.5 3.2 6.8
Financial and Insurance activities…................................... 5.5 6.8 5.1 4.8 6.3 5.4 3.6 6.1
Real estate activities………….…....................................... 4.4 2.9 2.8 3.1 4.5 1.5 2.2 3.7
Public administration and defence…................................... 5.7 6.0 9.5 4.2 3.6 4.9 3.6 4.9
GDP in 2017 constant prices................................................ 5.2 4.4 5.4 0.8 4.6 0.9 1.5 3.2
Source: National Statistical Office & Ministry of Finance and Economic Affairs
* Projections
(a) Agriculture, Forestry and Fishing

Growth for the agriculture, forestry and fisheries sector was estimated at 0.8 percent for 2023,
slightly lower than 0.9 percent recorded in 2022. The sector was hit with unfavorable weather
conditions, such as prolonged dry spells in the northern region, and cyclone Freddy in the
southern region. Maize and Soya beans were among the worst affected crops.
Meanwhile, the sector is projected to grow by 1.9 percent in 2024. Despite the reduction in the
number of beneficiaries in the Affordable Input Programme, and the forecast El-Nino weather
conditions in the Sub-Saharan region for the 2023/24 rainy season, the sector is expected to
rebound, largely due to Mega farm production.
Tea production amounted to 8.8 million kilograms during the quarter under review,
significantly higher than 4.0 million kilograms produced in the preceding quarter, and slightly
6
lower than 8.4 million kilograms produced in the corresponding quarter of 2022. Meanwhile,
tea sales at the Limbe Auction market amounted to 0.9 million kilograms, from 1.1 million
kilograms and 0.8 million kilograms reported in the previous quarter and corresponding quarter
of 2022, respectively. Meanwhile, tea prices remained constant at US$1.1 per kilogram in the
quarter. Consequently, tea proceeds slightly decreased to US$1.0 million, compared to US$1.1
million in the preceding quarter and US$1.3 million in a comparable period for 2022.
(b) Mining and Quarrying

The mining and quarrying sector is estimated to have grown by 3.5 percent in 2023 from a
growth of 2.6 percent in 2022. The industry's performance was supported by improved
electricity production in the year, and the spillover effects from the expansion in the
construction sector.
In 2024, the industry is expected to grow by 5.8 percent. The optimism is premised on
government effort to formalize the Artisanal and Small-scale Miners (ASMs) Act, which is
likely to boost the production of gemstones and other minerals. Furthermore, a number of
mining projects have been lined up, including the re-commissioning of Kayelekera Uranium,
and the development of major mineral projects, such as the Kanyika Niobium Project in
Mzimba and Songwe, and the Rare Earth Project in Phalombe.
(c) Manufacturing
The manufacturing sector is estimated to have grown by 0.4 percent in 2023 after contracting
by 1.4 percent in 2022. The slowdown reflected persistent foreign exchange deficits, which
constrained importation of raw materials. The industry was further affected by
underperformance of the agricultural sector, as this led to inadequate supply of domestic raw
materials sourced from the sector. The manufacturing industry is projected to grow by 4.4
percent in 2024, following the expected improvement in the supply of foreign exchange,
improved power supply; and enhanced agricultural production.
(d) Electricity, Gas and Water

Growth in the utilities sub-sector is estimated at 8.0 percent in 2023, after contracting by 2.9
percent in 2022. The positive growth was supported by the rehabilitation of Kapichira Power
Plant and the commissioning of the Nkhotakota Solar Power Station, which significantly
improved electricity supply in 2023. In the water sub-sector, the Southern Region Water Board
increased number of water plants from 11 to 15, while the Lilongwe Water Board expanded
Kamuzu Dam 1 by 7 meters, which together, contributed to the growth of the sector. In 2024,
7
the industry is forecast to grow by 4.2 percent with anticipated projects in the electricity sub-
sector such as the Malawi-Mozambique 400 KV Interconnection Project; the Bwengu 50-
megawatt solar power plant and the 300-megawatt Kam’mwamba thermal and coal-fired power
project, expected to improve power supply and transmission in 2024.
(e) Construction
The construction sector’s growth in 2023 is estimated at 8.2 percent up from a growth of 3.1
percent in 2022. The improvement was due to a number of road infrastructure development
projects including; the M1 rehabilitation from the Kamuzu International Airport Junction to
Mzimba; the dualization of the crossroads to Kanengo road; and upgrading of Kasungu
municipal roads. In addition, the resumption of the construction of 10,000 housing units for the
Malawi Defence Force, the Malawi Police Force, and the Immigration department also
contributed to the sector’s growth. The sector’s performance is projected to persist in 2024 with
a growth of 5.6 percent as government fast tracks the aforementioned projects. More projects
in the pipeline include the rehabilitation of Nkhotakota-Nkhata-Bay M6 road, as well as the
construction of learning complexes in public universities, among other projects.
(f) Wholesale and Retail Trade

The wholesale and retail trade sector contracted by 1.9 percent in 2023, following another
contraction of 2.3 percent in 2022. The outturn is attributed to the persistent foreign exchange
shortages, fuel shortages and the slow growth in the agriculture and manufacturing sectors,
which supply the wholesale and retail trade sector. Further, the high inflation environment in
2023 weakened consumer demand in the sector through eroded purchasing power. The sector
is expected to recover to 1.4 percent in 2024, supported by anticipated improvements in the
foreign exchange situation and growth in the agriculture and manufacturing sectors.
(g) Transportation and Storage Services

The transport and storage sector’s growth is estimated at 3.4 percent from 2.2 percent in 2022.
Despite the damage caused by cyclone Freddy to the sector’s infrastructure, and acute fuel
shortages experienced in 2023, there was still significant improvement in the performance of
railway, airline and road transport. Railway transport improved due to low fares and reliability
of the train services whilst the airline services performed better due to increased religious and
recreation activities in 2023. The upsurge in the electricity supply improved the service
provision of cold storage facilities. The sector is projected to grow by 4.5 percent in 2024 on
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account of expected increased transport demand at the commencement of the campaign period
ahead of the 2025 election and improved road infrastructure upon completion of various
government transport infrastructure projects.
(h) Accommodation and Food Services

Growth in the accommodation and food services sector is estimated at 8.6 percent in 2023
compared to 6.5 percent growth registered in 2022. The pick-up was driven by increased
number of arts, entertainment, and recreational activities, which enhanced demand for
accommodation and food services. Earlier in 2023, cyclone Freddy triggered flows from
different humanitarian and development organisations to assist in the country’s recovery. The
sector also benefited from the lifting of the ban on conference meetings from government
agencies. The 2024 growth projection for the industry stands at 9.9 percent premised on the
expected increase in arts, entertainment, and recreational activities during the campaign and
election period in the country.
(i) Information and Communication

The information and communication sector is estimated to have expanded by 3.2 percent in
2023 from 1.5 percent in 2022. The improvement is attributed to the downward revision of data
prices by leading companies in the communication industry and the introduction of different
innovations and promotions. In 2024, the sector is expected to pick up further and grow by 6.8
percent as the economy will be recovering from 2023 economic hardships.
(j) Financial and Insurance Services

In 2023, growth in the sector is estimated at 3.6 percent compared to 5.4 percent recorded in
2022. The slowdown is attributed to the tightening of the monetary policy stance as the policy
rate was raised from 18 percent to 24 percent in 2023. Despite the tight monetary conditions,
the sector performed relatively well on account of an increase in the holding of government
securities. In 2024, the sector is projected to grow by 6.1 percent.
9
Chart 1: Sectoral Contribution to GDP (Percent)
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0
2021 2022 2023*
Source: National Statistical Office, Reserve Bank, Ministry of Finance and Economic Affairs
II. Domestic Prices
Headline inflation accelerated in the fourth quarter of 2023 and averaged 31.5 percent from 28.2
percent in the preceding quarter and 26.0 percent in the corresponding quarter of 2022. The
development was driven by both food and non-food price developments. Specifically, non-food
inflation rose to 20.9 percent from 16.4 percent in the previous quarter. The increase was largely
attributed to the 44 percent re-alignment of the Malawi kwacha exchange rate in the quarter.
Meanwhile, food inflation rose to 39.9 percent from 38.5 percent in the preceding quarter and
33.1 percent in the corresponding period of 2022. Food price pressures intensified as the
agriculture lean period progressed, coupled with hoarding of maize by grain traders in
anticipation of further hikes in prices at the peak of the lean season in the first quarter of 2024.
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SECTION 2: EXTERNAL SECTOR
(a) Gross Official Reserves
Gross official reserves were estimated to have improved to US$239.3 million (1.0 months of
imports) at the end of the review period from US$231.6 million (0.9 months of imports)
recorded at the end of September 2023 and compared to US$292.0 million (1.2 months of
imports) reported at the end of the fourth quarter in 2022.
(b) Merchandise Trade
The merchandise trade balance narrowed to a deficit of US$495.8 million (K754.1 billion) in
the review period from minus US$528.6 million (K580.6 billion) recorded in the previous
quarter, and minus US$532.5 million (K552.5 billion) in the fourth quarter of 2022. The
outcome was attributed to a wider decrease in imports than a decline in exports during the
review period.
Table 2: Merchandise Trade (US$ million)
2022Q4 2023Q1 2023Q2 2023Q3 2023Q4
Total Exports (f.o.b) 273.4 149.4 174.1 340.4 304.1
Of which
Tobacco 140.5 26.1 42.2 189.1 146.6
Tea 14.8 20.3 24.5 15.9 10.1
Sugar 0.2 0.7 11.6 15.4 15.5
Total Imports (c.i.f) 805.9 747.4 729.1 869.0 799.9
Of which
Fuel 154.0 119.0 128.3 154.4 154.8
Fertiliser 110.5 99.3 23.4 98.7 114.2
Overall Trade (532.50) (597.97) (554.99) (528.59) (495.78)

Balance
Source: National Statistical Office and Malawi Revenue Authority (MRA)
(c) Malawi Kwacha Exchange Rate
The Malawi kwacha exchange rate depreciated against all currencies of the country's trading
partners in the fourth quarter of 2023. This mainly followed the 44 percent realignment against
the US dollar effected on 9th November 2023. Particularly, the local currency weakened by
50.7 percent against the United States dollar and traded at K1,697.98 per dollar by the end of
December 2023. The kwacha also lost 56.5 percent and 57.5 percent against the euro and the
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British pound and traded at K1,917.45 per euro and K2,224.30 per pound at the end of period
under review.
In the Asian bloc, the Malawi kwacha depreciated by 55.3 percent, 50.8 percent and 59.3
percent against the Chinese yuan, Indian rupee and Japanese yen, respectively, and traded at
K237.28 per yuan, K20.25 per rupee and K12.03 per yen as at end December 2023. Within the
SADC region, the Malawi kwacha weakened by 55.2 percent and 23.2 percent against the South
African rand and Zambian kwacha, respectively, and closed the quarter under review at K94.17
per rand and K65.76 per Zambian kwacha.
(d) World Economic Outlook
According to the January 2024 World Economic Outlook update by the International Monetary
Fund (IMF), growth of the global economy is estimated at 3.1 percent for 2023. Meanwhile,
the global economy is projected to grow by another 3.1 percent in 2024. This projection is 0.2
percentage points higher than the October 2023 WEO forecast.
Table 3: World Real GDP Growth (Percent)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* 2025*
World Output 3.2 3.4 3.4 3.4 3.2 3.8 3.6 2.8 -3.1 6.3 3.5 3.1 3.1 3.2
Advanced Economies 1.5 1.4 1.8 2.1 1.7 2.4 2.2 1.6 -4.5 5.4 2.6 1.6 1.5 1.8
United States 1.5 2.2 2.4 2.6 1.5 2.2 2.9 2.2 -3.4 5.9 1.9 2.5 2.1 1.7
United Kingdom 1.4 2.0 2.9 2.3 1.8 1.8 1.3 1.4 -9.4 7.6 4.3 0.5 0.6 1.6
Euro Area -0.6 -0.5 0.8 2.0 1.8 2.4 1.9 1.3 -6.4 5.3 3.4 0.5 0.9 1.7
Japan 2.0 1.6 -0.1 1.1 0.9 1.9 0.3 0.0 -4.5 2.2 1.0 1.9 0.9 0.8
Emerging Market & Developing Economies 4.9 5.0 4.6 4.3 4.4 4.7 4.5 3.7 –2.0 6.8 4.1 4.1 4.1 4.2
Emerging and Developing Asia 7.0 6.9 6.8 6.8 6.5 6.5 6.3 5.4 –0.9 7.5 4.5 5.4 5.2 4.8
China 7.9 7.8 7.3 6.9 6.7 6.9 6.7 6.0 2.3 8.4 3.0 5.2 4.6 4.1
Sub-Saharan Africa 4.9 5.2 5.0 3.4 1.4 2.9 3.2 3.2 –1.7 4.7 4.0 3.3 3.8 4.1
Nigeria 7.2 5.4 6.3 2.7 -1.6 0.8 1.9 2.2 –1.8 3.6 3.3 2.8 3.0 3.1
South Africa 2.5 2.2 1.5 1.3 0.6 1.3 0.8 0.2 -6.4 4.7 1.9 0.6 1.0 1.3
Source: January 2024 IMF World Economic Outlook Update
i. Growth in Advanced Economies

Advanced economies' growth is expected to decline to 1.5 percent in 2024 from 1.6 percent in
2023, and then rise to 1.8 percent in 2025. Specifically, the US growth is expected to drop from
2.5 percent in 2023 to 2.1 percent in 2024 and 1.7 percent in 2025. The outturn is attributed to
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delayed effects from tight monetary policy, fiscal assistance reduction, and labour market
downturn, collectively impeding aggregate demand. Meanwhile, growth in the euro area is
projected to increase from an estimated 0.5 percent in 2023 to 0.9 percent in 2024 and 1.7
percent in 2025. The expected recovery is driven by increased household consumption due to
diminishing energy prices and declining inflation. Compared to the October 2023 WEO
forecast, growth for 2024 is revised downwards by 0.3 percentage points. Meanwhile, growth
in the United Kingdom is projected to rise modestly, from an estimated 0.5 percent in 2023 to
0.6 percent in 2024 and 1.6 percent in 2025, as the lagged negative effects of high energy prices
wane off.
ii. Growth in Emerging Market and Developing Economies

Growth in EMDE is expected to remain at 4.1 percent in 2024, rising to 4.2 percent in 2025.
The positive outlook reflects advancements for a number of countries in the region. For
instance, China's growth is forecast at 4.6 percent in 2024 and 4.1 percent in 2025, with a 0.4
percentage point revision for 2024, from the October 2023 WEO update. This is a result of
heightened government investment in disaster preparedness and the residual impact of
substantial growth experienced in 2023. Russia's growth is projected at 2.6 percent in 2024 and
1.1 percent in 2025. The expansion resulted from vigorous private consumption and increased
military expenditures, combined. Similarly, Brazil and Mexico's forecasts have been raised by
0.2 and 0.6 percentage points respectively for 2024, due to continued robust domestic demand
and increased trade.
iii. Growth in Sub-Saharan Africa

Sub-Saharan Africa's growth is expected to increase from 3.3 percent in 2023 to 3.8 percent in
2024 and 4.1 percent in 2025, following an improvement in global supply chains and a reduction
in weather shocks. However, the 0.2 percentage points downward revision for 2024 (as
compared to the October 2023 WEO) is due to logistical constraints in the South African
transport sector.
(e) Commodity Prices1
Brent crude oil averaged US$84.03 per barrel, a decrease from an average of US$86.75 per
barrel in the third quarter of 2023 and US$88.37 per barrel in the fourth quarter of 2022. The
decline was attributed to weak global oil demand growth.
1
Source: World Bank
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Fertilizer (Urea) prices increased to an average of US$383.63 per metric tonne during the fourth
quarter of 2023, from an average of US$366.75 per metric tonne in the previous quarter. In the
corresponding period in 2022, the average price was US$581.46 per metric tonne. Apart from
a temporary surge in Urea prices observed in October 2023, prices generally remained low for
the remainder of the fourth quarter of 2023 due to low demand and adequate supply.
Sugar prices on the EU market decreased to an average of US$0.35 per kilogram in the fourth
quarter of 2023, after averaging US$0.36 per kilogram in the preceding quarter and compared
to $0.33 per kilogram in the fourth quarter of 2022. The decline followed supply boost from
Brazil exports coupled with increased production by the International Sugar Organization in
November 2023.
Tea prices at the Mombasa market fell to an average of US$2.18 per kilogram during the fourth
quarter of 2023, from US$2.19 per kilogram during the third quarter of 2023. The low tea prices
reflected robust supply from major producers and exporters, including India and East African
producers during the quarter under review.
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SECTION 3: PUBLIC FINANCE2
(i) Overall Budgetary Operations
Central government budgetary operations for the fourth quarter of 2023 resulted in an overall
deficit of 1.1 percent of GDP (K160.9 billion). This followed a revenue outturn of K734.0
billion and expenditures at K894.9 billion.
(a) Revenues
Total revenue collections for the fourth quarter of 2023 stood at K734.0 billion. This represents
a 13.4 percent increase from a total of K647.3 billion mobilized during the preceding quarter,
and 16.2 percent higher than revenues for the corresponding quarter in 2022. This was mainly
on account of a K54.8 billion rise in tax revenues and a K33.1 billion increase in grants from
K525.3 billion and K102.6 billion, respectively. Non-tax revenue dropped by K1.2 billion
during the quarter.
Table 4: Central Government Operations - Revenues (K' million)

2022 2023
I II III IV I II III IV
Tax Revenue........................... 334,321.7 364,858.8 400,700.2 399,008.6 408,200.9 466,492.8 525,296.9 580,084.7
PAYE…………………….. 71,813.1 77,677.9 89,001.6 90,617.2 99,187.0 112,101.7 101,759.7 112,403.8
Other………………… 15,841.4 12,794.9 21,031.5 11,846.8 14,762.0 19,496.1 24,019.8 17,899.5
Corporate Tax1 .……… 69,608.8 72,736.9 83,935.1 86,012.3 89,641.4 107,916.8 124,138.7 130,777.2
Provisional Tax…….. 34,243.8 29,291.2 39,868.4 41,103.3 42,263.2 45,712.9 68,937.2 72,922.2
Withholding Tax…………… 29,886.1 36,239.8 38,362.9 39,318.8 35,923.0 44,444.6 48,761.6 45,608.5
Import Duty …………… 43,037 50,597.1 56,668.6 53,234.5 49,253.0 58,141.7 68,913.2 86,153.2
Value Added Tax………….. 95,340.4 103,487.3 107,902.1 108,471.5 104,771.5 118,854.3 144,993.4 165,142.9
Miscellaneous Duties…… 459 224 428.4 257.0 342.1 386.1 476.6 563.5
Excise Duty……………... 52,385.4 65,927.2 56,066.8 59,713.5 60,149.2 60,769.8 73,910.2 83,774.2
Other Taxes…………….…. - - - - - _ - _
Tax Refunds………………
-9,627.4 -10,113.8 -11,765.4 -11,726.1 -12,100.3 -12,579.1 -15,555.2 -13,351.2
Other (non-tax) revenues….

31,282.3 23,218.8 19,328.8 14,032.33 18,007.3 119,433.4 19,455.5 18,224.6
Total Domestic Revenue……. 365,604.0 388,077.6 420,029.0 413,040.9 426,208.2 585,926.2 544,752.4 598,309.3
Grants………………….......... 24,065.0 135,147.6 40,115.2 218,509.9 34,021.0 165,477.0 102,546.6 135,661.1

Total Revenues & Grants….... 389,699.0 523,225.3 460,144.1 631,550.7 460,229.2 751,403.2 647,299.0 733,970.4
Source: Ministry of Finance
2
Note: Figures in this section are preliminary
15
1
Includes provisional tax and company assessments
(b) Expenditures
Total government expenditures decreased by 10.7 percent to K894.9 billion during the quarter
under review. The development followed a 60.3 percent decline in development expenditures
to K87.7 billion while recurrent expenditures increased by 3.3 percent to K807.2 billion. The
decrease in development expenditures was driven by foreign financed development
expenditure, as the locally-financed component increased by K25.3 billion to K87.7 billion.
Recurrent expenditures were driven by increases in wages and salaries, interest payments, and
other expenditures amounting to K27.3 billion, K53.4 billion, and K7.3 billion, respectively.
There were reductions of K48.7 billion in the purchase of goods and services, K47.5 billion in
social benefits, and K3.1 billion in current account grants expenditures during the quarter.
Table 5: Central Government Operations Expenditure (K' million)

2022 2023
I II III IV I II III IV
1. Recurrent Expenditure…… 494,101.6 613,823.5 551,696.4 597,623.7 593,693.8 686,132.9 781,532.1 807,212.7
1.1 Wages and Salaries …. 169,185.9 183,589.6 184,268.7 189,259.4 196,286.5 214,756.2 222,079.1 249,387.9
1.2 Interest payments ……. 78,833.1 154,053.9 119,643.9 202,703.8 150,577.3 191,983.6 178,307.8 231,744.5
1.3 Other expenditures … 394,410.4 151,692.5 142,405.2 136,962.4 172,407.5 212,408.1 235,002.0 186,976.2
1.4 Purchase of goods & 48,331.9 95,547.4 65,748.2 44,770.2 50,915.9 94,238.2 102,963.3 89,415.8
services
1.5 Pensions and Gratuities. 25,508.4 28,940.1 39,630.4 23,927.9 23,506.6 38,133.3 43,179.9 49,688.6
2. Development Expenditure.... 103,322.4 322,733.8 148,026.4 270,194.7 223,085.1 346,780.3 220,949.6 87,655.7
2.1 Domestically Financed... 58,874.6 60,523.9 35,256.2 54,697.3 79,075.3 47,968.2 62,318.2 87,655.7
2.2 Foreign Financed.…….. 44,447.8 262,209.8 112,770.2 215,497.3 144,009.9 298,812.1 158,631.4 _
3. Net Lending............................ … … 2,666.7 4,000.0 6,666.7
4. Total Expenditure………....... 597,424.0 936,557.3 699,722.8 867,818.4 816,778.9 1,032,913.2 1,002,481.7 894,868.4
16
SECTION 4: BANKING AND FINANCE
(i) Broad Money and its Components
The annual growth rate of broad money (M2) marginally decelerated to 32.2 percent in the fourth
quarter of 2023 from 33.0 percent in the previous quarter and 38.8 percent in the fourth quarter
of 2022. The outturn was on account of lower annual increases of K262.5 billion, K262.1 billion
and K72.1 billion in term deposits, demand deposits and currency outside banks in the fourth
quarter of 2023 compared to increases of K365.9 billion, K335.9 billion and K75.7 billion
registered in the previous quarter, respectively. Meanwhile, foreign currency denominated
deposits recorded higher annual increase of K300.4 billion compared to K39.4 billion in third
quarter of 2023.
On a quarterly basis, M2 increased by K384.8 billion (11.7 percent) to K3.7 trillion in the review
quarter, compared to an increase of K68.8 billion (2.1 percent) recorded in the previous quarter.
This emanated from a growth of K249.8 billion, K111.4 billion, K22.7 billion and K1.0 billion
to K659.6 billion, K1.3 trillion, K1.2 trillion and K465.7 billion in foreign currency denominated
deposits, demand deposits, term deposits and currency outside banks, respectively. The increase
in the deposit liabilities of commercial banks was reflective of increased business activity at the
onset of the 2023/24 agricultural season. Developments in foreign currency denominated
deposits were largely driven by revaluation gains from the 44.0 percent realignment of the
exchange rate in November 2023. Meanwhile, currency in circulation grew from increased
transactional demand for money during the festival period.
The forgoing developments resulted in an increase in the contribution of foreign currency

denominated deposits to annual growth of broad money to 10.8 percentage points in the fourth
quarter of 2024 from 1.6 percentage points in preceding quarter. In contrast, the contribution of
term deposits, demand deposits and currency in circulation decreased to 9.4 percentage points,
9.4 percentage points and 2.6 percentage points from 14.8 percentage points, 13.6 percentage
points and 3.1 percentage points in the preceding quarter, respectively.
17
Chart 2: Annual Growth in Broad Money and its Components
45
40
35
30
25
20
15
10
0
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
-5
Currency outside Banks Demand Deposits Time and Savings Deposits Foreign Currency Deposits M2 growth
Source: Reserve Bank of Malawi
(ii) Counterparts of Broad Money
On the counterparts, the K384.8 billion quarterly increase in M2 was entirely explained by Net
Domestic Assets (NDA) which increased by K834.7 billion whilst Net Foreign Assets (NFA)
contracted by K449.9 billion (US$265.0 million) during the review quarter.
Table 6: Monetary Survey (K' million)

End period balances Changes in the period
2022 2023 2022 2023
IV I II III IV IV I II 111 IV
A. Broad Money (B+C+D) 2,782.1 2,721.1 3,225.7 3,294.4 3,679.2 304.6 -61.0 504.6 68.8 384.8
B. Net domestic claims
3,780.3 3,857.3 4,063.0 4,320.8 4,501.6 432.9 77.0 205.7 257.8 180.6
(1+2+3+4)
1. Government……......... 2,389.7 2,537.2 2,637.2 2,791.1 2,762.1 406.4 147.5 100.0 153.9 -29.0
2. Statutory Bodies…...... 318.8 260.2 259.7 278.7 476.3 8.8 -58.5 -0.5 19.0 197.6
3. Credit to Private sector…. 1,020.0 1,002.7 1,106.9 1,186.7 1,202.2 34.1 -17.3 104.2 79.9 15.4
4. Other financial corporations 51.8 57.1 59.2 64.3 60.9 -16.3 5.3 2.1 5.0 -3.4
C. Net Foreign Assets (5+6)... -683.4 -783.7 -792.5 -939.0 -1,389.0 -36.9 -100.3 -8.8 -146.5 -449.9
5. Official……………... -955.3 -1,024.7 -964.1 -1,111.0 -1,724.1 -114.8 -69.4 60.6 -146.9 -613.1
6. Commercial Banks…. 271.9 241.0 171.6 172.0 335.2 77.9 -30.9 -69.4 0.4 163.2
D. Other Items (net)…. -314.7 -352.5 -44.9 -87.4 566.8 -91.4 -37.8 307.6 -42.5 654.2
18
(iii) Domestic Credit
The banking system claims on the domestic economy increased by K180.6 billion to K4.5
trillion in the fourth quarter of 2023, supported by claims on the state-owned enterprises and
private sector which grew by K197.6 billion and K15.4 billion, respectively. However, claims
on central government (net) and other financial corporations declined by K29.0 billion and K3.4
billion, respectively. Meanwhile, other items net increased by K654.1 billion in the quarter
under review.
(a) Credit to the Public Sector
The public sector’s indebtedness to the banking system expanded by K172.0 billion to K3.2
trillion in the review quarter. The development was entirely on account of credit to state owned
enterprises which increased by K197.6 billion to K476.3 billion mainly, from revaluation of
loan balances following the realignment of the exchange rate in the quarter under review.
In contrast, net credit to central Government decreased in the review quarter. In particular,
central bank’s net claims on central government declined by K44.8 billion to K1.3 trillion in
the quarter, due to a K27.8 billion repayment in Ways and Means advances, which was
complemented by an increase of K156.6 billion in government deposits. The combined effect
of these outturns overshadowed the impact from increases of K124.3 billion in Treasury notes,
and K15.8 billion in Treasury bills. In contrast, commercial banks’ net claims on Government
grew by K15.8 billion to K1.4 trillion. This followed increases in the stock of Treasury notes
held by the commercial banks and the banks’ direct loans to government agencies amounting
to K73.8 billion and K17.7 billion, respectively. This more than offset the accumulation of
K24.4 billion in government deposits at the commercial banks and a maturity of Treasury bills,
totalling K51.3 billion.
(b) Credit to the Private sector
The annual growth of private sector credit slowed to 17.9 percent in the fourth quarter of 2023
from 20.4 percent in the preceding quarter. On quarterly basis, the stock of private sector credit
increased by K15.4 billion (1.3 percent) to K1.2 trillion. Foreign currency denominated loans,
Commercial and industrial loans, and mortgages increased by K30.9 billion, K12.8 billion and
K576.6 million, respectively. This expansion was suppressed by net repayments in individual
household loans of K26.9 billion in the quarter.
19
In terms of economic sectors, expansions in private sector credit were recorded in the
Manufacturing (K14.1 billion); Financial services (K10.1 billion); Restaurants and hotels (K7.9
billion); Agriculture, forestry, fishing and hunting (K4.2 billion); Electricity, gas, water and
energy (K2.3 billion); Construction (K2.5 billion); and Mining and quarry (K180.3 million)
sectors. In contrast, Community, social and personal services, Wholesale and retail trade,
Transport, storage, and communication and Real estate recorded net repayments of K17.5
billion, K12.9 billion, K813.5 million, and K555.8 million, respectively.
Table 7: Distribution of Private Sector Credit by Industry (Percent)

2022 2023
Sector IV I II III IV
Agriculture, forestry, fishing
14.6 16.5 18.2 18.6 18.6
and hunting
Manufacturing 13.2 9.8 9.9 11.4 12.4
Wholesale and retail trade 17.7 17.3 17.4 17.2 15.7
Community, social and

35.7 38.6 37.9 39.0 36.7
personal services
Other sectors 22.7 23.1 21.6 19.9 21.6
Provisions for losses -3.8 -5.3 -4.9 -6.1 -5.1
TOTAL 100 100 100.0 100.0 100.0

At 36.7 percent, the community, social and personal services sector registered a slight decline,
but continued to hold the largest share of the outstanding private sector credit, followed by the
Agriculture, forestry, fishing and hunting sector at 18.6 percent, the wholesale and retail trade
at 15.7 percent and the Manufacturing sector at 12.4 percent.
20
Table 8: Banking System Domestic Credit (K’ billion)
End Period Balances Changes During the Period
2022 2023 2022 2023
1. Government IV I II III IV IV I II III IV
1.1 Monetary authorities

1.1.1 Gross Credit………………................…. 1,573.30 1,547.40 1,594.88 1,835.01 1,946.7 350.9 -25.9 47.5 240.1 111.7
1.1.2 Deposits………………...................…… 493.3 438.5 463.5 469.8 626.3 105.9 -54.8 25.0 6.3 156.5
1.1.3 Net Credit (1.1.1-1.1.2) …..................... 1,080.00 1,108.90 1,131.38 1,365.21 1,320.4 245.00 28.9 22.5 233.8 -44.8
1.2 Commercial Banks
1.2.1 Gross Credit………………..................… 1,401.80 1,535.20 1,630.50 1,549.5 1,589.8 128.2 133.4 95.3 -81.0 40.3
1.2.2 Deposits……………….................…...… 92.1 107.7 124.7 123.7 148.1 -33.2 14.9 17.1 -1.0 24.4
1.2.3 Net Credit (1.2.1-1.2.2) ....................…… 1,309.70 1,428.30 1,505.80 1,425.9 1,441.6 161.4 118.6 77.5 -79.9 15.8
1.3 Total net credit to govt (1.1+1.2). 2,389.70 2,537.20 2,637.18 2,791.11 2,762.0 406.4 147.5 99.98 153.9 -29.0
2. Statutory Bodies
2.1 Monetary authorities…….....................……… 235.5 199.4 194.2 226.5 424.0 13.5 -36.1 -5.2 32.3 197.5
2.2 Commercial Banks
2.2.1 Gross Credit………......................……… 83.3 60.8 65.5 52.2 52.3 -4.7 -22.5 4.7 -13.3 0.1
2.2.2 Deposits……………...................…...…... 171.8 155.5 191.9 164.3 231.3 26.7 -16.3 36.4 -27.6 67.0
2.2.3 Net Credit (2.2.1-2.2.2) ....................…… -88.5 -94.7 -126.4 -112.1 -179.0 -31.4 -6.2 -31.7 14.3 -66.9
2.3 Total Net Credit to Stat. Bodies …................... 147 104.7 67.8 114.4 244.9 -17.9 -42.3 -36.9 46.6 130.5
3. Net domestic credit to official sector. (1.3 + 2.3) 2,536.70 2,641.90 2,704.98 2,901.51 3,007.0 388.5 105.2 63.08 200.5 101.6
4. Private sector gross credit …..................……. 1,020.00 1,002.70 1,106.90 1,186.7 1,202.2 34.1 -17.3 104.2 79.8 15.5
5. Total net domestic credit (3+4) …................… 3,556.70 3,644.60 3,811.88 4,092.21 4,209.1 422.6 87.9 167.3 280.3 117.0
1
Net of deposits of statutory bodies
(iv) Commercial Banks: Sources and Uses of Funds

During the fourth quarter of 2023, commercial banks’ resources grew by K610.8 billion to K4.9
trillion. This was attributed to increases in private sector deposits, miscellaneous assets, official
sector deposits, capital account and liabilities to non-residents amounting to K315.0 billion,
K141.5 billion, K91.5 billion, K57.6 billion and K6.4 billion, respectively. In contrast,
borrowing from RBM declined by K1.1 billion.
Following the expansion of the resource envelope, commercial banks increased their investment
in miscellaneous assets, claims to non-residents, deposits at the Reserve Bank and claims on the
domestic economy by K339.6 billion, K169.5 billion, K52.9 billion and K48.8 billion,
respectively. The developments followed increases in claims on the central government, private
sector and statutory bodies of K40.2 billion, K11.4 billion and K121.1 million, respectively.
However, a decline of K3.0 billion was recorded in the claims on the other financial corporations.
21
Table 9: Commercial Banks' Sources and Uses of Funds (K' million)
2022 2023 2022 2023
IV I II III IV IV I II III IV
A. Sources of Funds
1. Private sector Deposits 2,211,959.2 2,219,752.7 2,528,561.4 2,659,853.3 2,974,877.81 274,834.0 7,793.0 308,808.8 131,291.9 315,024.5
2. Official sector
263,869.6 262,468.7 316,582.6 287,759.7 379,240.34 -6,542.0 -1,401.0 54,113.9 -28.822.9 91,480.6
deposits……………………
3. Borrowing from RBM 68,892.7 106,779.4 45,194.5 22,183.5 21,034.40 -48,211.0 37,887.0 -61,585.0 -23,011.0 -1,149.1
4. Liabilities to non-
102,012.2 61,244.7 147,234.8 122,414.7 128,788.99 -13,987.0 -40,768.0 85,990.1 -24,820.1 6,374.3
residents........…
5. Capital accounts…...... 522,078.0 595,342.7 620,685.3 629,180.3 686,768.05 52,168.0 73,265.0 25,342.6 8,495.0 57,587.8
6. All other liabilities1…. 480,996.8 557,968.5 475,030.9 535,182.0 676,706.01 55,061.0 76,972.0 -82,937.7 60,151.1 141,524.0
7. Total sources……....... 3,649,808.5 3,803,556.7 4,133,289.4 4,256,573.6 4,867,415.60 313,322.0 153,748.0 329,732.8 123,284.1 610,842.0
B. Uses of Funds
8. Gross Domestic Credit to:
8.1 Private sector ............. 988,873.5 968,965.6 1,072,281.6 1,151,517.3 1,162,937.90 32,596.4 -19,907.9 103,316.0 79,235.7 11,420.6
8.2 Central Government… 1,401,792.6 1,535,240.5 1,630,475.1 1,549,521.1 1,589,751.64 128,203.1 133,447.9 95,234.6 -80,954.1 40,230.5
8.3 Statutory Bodies......... 83,283.1 60,838.2 65,486.6 52,183.1 52,304.20 -4,686.8 -22,444.9 4,648.4 -13,303.5 121.1
8.4 Other financial
24,387.6 28,806.9 31,180.4 36,608.5 33,591.28 1,146.7 4,419.3 2,373.5 5,428.1 -3,017.2
corporations………………..
8.5 Total Domestic
2,498,336.8 2,593,851.2 2,799,423.7 2,789,829.8 2,838,585.02 157,259.4 95,514.4 205,572.5 -9,593.8 48,755.2
Credit....................................
9. Deposits with Reserve Bank plus
188,646.4 238,499.8 206,882.2 307,374.1 360,274.56 25,903.9 49,853.4 -31,617.6 100,491.8 52,900.5
currency in banks..........................
10. Foreign sector (claims on non -
373,870.7 302,250.9 318,857.4 294,400.9 463,942.21 63,825.3 -71,619.8 16,606.5 -24,456.5 169,541.3
residents ......................................
11. All other assets
588,954.6 668,954.7 808,126.1 864,968.8 1,204,613.81 66,333.8 80,000.2 139,171.4 56,842.6 339,645.0
(2)......................................
12. Total uses...................................... 3,649,808.5 3,803,556.7 4,133,289.4 4,256,573.6 4,867,415.60 313,322.4 153,748.2 329,732.8 123,284.1 610,842.0
Source: Commercial Bank Balance Sheets
1
Includes interbank accounts
2
Premises, equipment, interbank accounts etc.
(v) Reserve Bank of Malawi: Sources and Uses of Funds

Reserve Bank of Malawi resources increased by K498.2 billion to K3.6 trillion at the end of the
fourth quarter of 2023, anchored by expansion in liabilities to non-residents, official sector
deposits, repurchase agreements, deposits of commercial banks and currency in circulation of
K781.0 billion, K157.4 billion, K149.2 billion, K36.5 billion and K31.1 billion, respectively.
The growth of official sector deposits followed receipt of budget support and funds for different
government projects from the World Bank, the International Monetary Fund and other
Developmental Partners. In contrast, miscellaneous assets declined by K657.1 billion.
22
Table 10: Reserve Bank of Malawi Sources and Uses of Funds (K' million)
2022 2023 2022 2023
IV I II III IV IV I II III IV
A. Sources of Funds
1. Currency outside Banks… 469,581.3 399,197.6 566,389.8 528,876.4 559,939.44 16,467.0 -70,384.0 167,192.2 -37,513.4 31,063.0
2. Com banks Deposits plus

100,623.7 161,015.6 122,392.4 231,432.1 267,935.89 13,746.0 60,392.0 -38,623.2 109,039.7 36,503.8
till money………
3. Deposits of official sector.. 580,618.1 572,243.1 620,947.8 627,307.2 784,741.64 137,589.0 -8,375.0 48,704.7 6,359.4 157,434.4
4. Sub-total – (1+2+3) ….. 1,150,823.1 1,132,456.3 1,309,730.0 1,387,615.7 1,612,616.97 167,801.0 -18,367.0 177,273.7 77,885.7 225,001.3
5. Repurchase Agreement.. 142,173.8 109,839.2 166,595.4 137,881.7 287,094.56 26,308.0 -32,335.0 56,756.2 -28,713.7 149,212.9
6. Foreign Sector………… 1,272,867.1 1,263,971.5 1,305,372.4 1,390,246.0 2,171,290.36 96,624.0 -8,896.0 41,400.9 84,873.6 781,044.4
7. All other Liabilities……… 115,205.2 316,972.7 183,086.4 147,684.6 -509,377.11 24,453.0 201,768.0 -127,537.1 -35,401.8 -657,061.7
8. Total Sources (4+5+6) … 2,681,069.1 2,823,239.7 2,964,784.2 3,063,428.0 3,561,624.79 315,186.0 142,171.0 147,893.7 98,643.8 498,196.8
B. Uses of Funds
9. Commercial Banks……… 94,190.7 99,428.7 144,884.7 60,780.5 71,943.81 -20,299.0 5,238.0 45,456.0 -84,104.2 11,163.3
10. Statutory bodies……… 322,834.7 333,149.6 351,736.1 384,058.6 582,384.06 45,224.0 10,315.0 18,586.5 32,322.5 198,325.5
11. Central Government…… 1,481,242.3 1,547,460.6 1,497,866.9 1,691,337.5 1,835,224.79 306,332.0 66,218.0 -49,564.0 193,470.6 143,887.3
12. Sub-total – (8+9+10) ….. 1,898,267.7 1,980,038.8 1,994,487.8 2,136,176.6 2,489,552.67 331,257.0 81,771.0 14,478.6 141,688.9 353,376.1
13. Foreign Sector………….. 317,569.3 239,245.7 341,226.4 279,236.5 447,184.94 -18,127.0 -78,324.0 101,980.6 -61,989.9 167,948.4
14. Other assets……………. 465,232.1 603,493.7 629,070.0 648,014.8 624,889.18 2,056.0 138,262.0 31,895.9 18,944.8 -23,125.6
15. Total Uses – (11+12+13) 2,681,069.1 2,823,239.7 2,964,784.2 3,063,428.0 3,561,626.79 315,186.0 142,171.0 148,355.1 98,643.8 498,198.8
Reflecting the growth in the resource envelope, the RBM increased credit to statutory bodies,
investments in the foreign sector, credit to central government and claims on commercial banks
by K198.3 billion, K167.9 billion, K143.9 billion and K11.2 billion, respectively. In contrast,
investment in miscellaneous assets contracted by K23.1 billion in the quarter under review.
23
SECTION 5: MONEY AND SECURITIES MARKETS
I. Money Market Developments
(a) Treasury Bills and Notes Primary Market

i. Treasury Bill Market
Total subscriptions for Treasury bills on the primary market decreased by 47.3 percent to K87.9
billion during the review quarter from K166.7 billion in the preceding quarter. This was mainly
attributed to the tight liquidity conditions observed during the quarter. The subscriptions
skewed towards the 182-day and 364-day tenors, with 49.9 percent and 48.4 percent of the total
subscriptions, respectively, as the 91-day tenor attracted the remaining 1.7 percent.
Total Treasury bills allotment during the quarter amounted to K72.9 billion, down from K159.2
billion in the third quarter of 2023. The allotment represented 83.0 percent of the total
subscriptions. The distribution of the allotments was also skewed towards the 182-day and the
364-day tenors, which attracted 39.8 percent and 58.2 percent of the total allotment,
respectively. Allotments on the 91-day tenor stood at 2.0 percent.
Maturities of Treasury bills during the review quarter amounted to K144.4 billion.
Consequently, the period saw a net redemption of K71.5 billion for Treasury bills. As such, the
stock of Treasury bills reduced to K574.0 billion as at the end of the review period.
The All-Type average yield for Treasury bills remained constant at 18.90 percent during the
review period. Yields on the 91-day, 182-day and 364-day tenors remained at 14.70 percent,
18.00 percent and 24.00 percent respectively. This was mainly on account of the Monetary
Policy Committee’s decision to maintain the policy rate during the review quarter.
ii. Treasury Notes Market
Total subscriptions for Treasury notes on the primary market during the fourth quarter of 2023
amounted to K703.8 billion. From these subscriptions, total issuances amounted to K673.3
billion representing 95.7 percent of total subscriptions. All tenors of the benchmark Treasury
Notes were issued with respective amounts of K157.4 billion, K160.8 billion, K174.5 billion,
K61.2 billion and K90.6 billion for the 2-year, 3-year, 5-year, 7-year and 10-year tenors. Over
the reporting period, average yields for all tenors remained constant. Yields for the 2-year, 3-
24
year, 5-year, 7-year and 10-year tenors remained at 26.75 percent, 28.0 percent, 30.0 percent,
32.0 percent and 33.0 percent, respectively. Further, there was an issuance of a 5-year
Development Bond during the review period, which was issued at 30.0 percent.
Total Treasury notes maturities during the period under review amounted to K258.8 billion.
Given, total issuances of K673.3 billion, there was a net issuance of K414.5 billion.
Consequently, the stock of Treasury notes rose to K5.4 trillion at the end of December 2023
from K5.0 trillion registered at the end of September 2023.
(b) Inter-bank Money Market
Banking system liquidity loosened during the review period, evidenced by excess reserves
before borrowing from the central bank that averaged at K26.2 billion per day compared to
negative K85.6 billion per day recorded during the third quarter of 2023 (Table 11).
Accordingly, commercial banks with liquidity shortfalls reduced recourse to the central bank
lender of last resort facilities in favour of the interbank market. Accordingly, access on Lombard
facility decreased to average K63.7 billion per day during the review period from K113.7 billion
per day registered in the previous quarter, while trading on the interbank market increased to
K33.1 billion per day from K29.0 billion per day.
The IBR increased to 23.00 percent during the fourth quarter of 2023 from 22.79 percent
recorded at the end of third quarter of 2023. Thus, the IBR remained within the target corridor
of plus 0.2 and minus 4.0 percentage points as desired under the prevailing monetary policy
framework.
Table 11: Banking System Liquidity (K' billion)

QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4
(K’bn) 2021 2022 2022 2022 2022 2023 2023 2023 2023
Daily Average Total Reserves 76.9 116.8 115.1 98.5 115.8 142.6 176.1 223.2 321.1
Daily Average Required Reserves 64.2 69.8 74.6 82.5 88.2 94.1 133.2 195.1 231.1
Daily Average Excess Reserves 12.7 47.0 40.5 16.0 27.7 48.5 42.9 28.1 90.0
Un-borrowed Excess Reserves -77.0 31.8 13.7 -5.7 -13.3 -21.7 -41.2 -85.6 26.2
Daily Average Lombard Facility Access 89.7 15.1 26.8 21.7 41.0 70.1 84.1 113.7 63.7
Daily Average Inter-bank Market Trading 14.6 16.7 11.8 20.9 16.1 21.2 28.9 29.0 33.1
Inter-bank Market Rate (End Period, Percentage) 11.98 11.70 12.50 12.50 15.00 15.00 20.38 22.79 23.0
(c) Money Market Operations

Central Bank operations with commercial banks were contractionary during the fourth quarter
of 2023. Overall, a net of K81.6 billion was withdrawn from the banking system.
25
The withdrawals emanated from a net Government operations drain of about K130.0 billion,
primarily through net issuance of Treasury securities amid budgetary expenditure controls; net
central bank sales of foreign exchange to the market amounting to K143.4 billion, and net
currency withdrawals from the banking system. To ease the liquidity squeeze, net central bank
open market operations (OMO) injected K191.8 billion into the banking system mainly through
outright purchases of Treasury securities and repo maturities (Table 12).
In effect, reserve money increased to K828.2 billion as at 31st December 2023 from K760.7
billion recorded as at 30th September 2023.
Table 12: Open Market Operations (K' billion)

(MWK Billion)
(Net Operations + = injection & QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4
- = withdrawal) 2021 2022 2022 2022 2022 2023 2023 2023 2023
Net Government Operations -21.1 -128.8 3.6 -193.0 -137.6 -194.2 95.5 -29.6 -130.0
Government deficit excluding grants 135.0 136.0 164.0 102.9 129.0 69.8 141.4 31.3 -6.5
Revenue 345.5 364.0 382.6 442.9 470.1 455.8 496.6 557.7 741.0
Tax 320.0 322.6 343.7 403.3 391.1 401.0 454.0 523.5 568.0
Non-Tax, not including grants 25.5 41.4 38.9 39.6 79.0 54.9 42.5 34.2 173.0
Expenditure 480.5 500.0 546.6 545.8 599.1 525.6 638.0 589.0 734.5
Net Government Domestic Borrowing -156.1 -264.8 -160.5 -295.9 -266.6 -264.0 -46.0 -60.9 -123.5
Treasury Securities Issuance 308.6 537.3 355.0 467.0 498.1 606.3 391.3 354.6 481.7
Treasury Securities Maturity 152.5 272.5 194.5 171.1 231.6 342.3 345.3 293.7 358.2
Net Forex Operations -27.1 -1.4 43.9 11.7 -9.6 -82.4 -2.8 -131.0 -143.4
Sales 34.2 3.5 15.6 43.8 32.3 108.0 98.7 175.1 175.3
Purchases 7.1 2.1 59.6 55.5 22.7 25.6 95.8 44.2 31.9
Net Open Market Operations (OMO) 99.6 119.5 84.6 194.6 192.9 179.5 132.3 208.1 191.8
Injections 6217.1 1484.2 1829.7 1749.3 2846.7 4735.0 5722.6 7760.5 4292.3
RBM Securities Maturity 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Outright Purchase of Treasury 270.5
7.8 291.8 136.8 192.7 239.9 148.0 128.4 267.2
Securities
Maturity of OMO Treasury Securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Maturing Deposits on Deposit Facility 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Reverse Repos 332.1 106.5 65.0 38.8 64.9 13.5 0.0 0.0 0.0
Access on Lombard Facility 5877.1 1057.2 1627.8 1517.9 2541.9 4545.5 5517.3 7439.3 3981.8
Repo Maturities 0.0 28.7 0.0 0.0 0.0 28.1 0.0 54.0 40.0
Withdrawals 6117.5 1364.7 1745.1 1554.8 2654.5 4555.5 5590.3 7552.4 4100.5
RBM Securities Issuance 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
OMO Treasury Securities Issuance 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Outright Sale of Treasury Securities 0.00 0.0 0.0 0.0 0.0 0.0 49.3 21.9 0.0
Deposits on Deposit Facility 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Maturity of Reverse Repos 105.8 339.7 101.2 67.1 94.3 33.9 0.0 0.0 0.0
Maturing Access on Lombard Facility 5983.3 1025.0 1643.9 1487.7 2532.2 4521.7 5487.7 7510.6 3972.0
Repos 28.50 0.0 0.0 0.0 28.0 0.0 53.3 20.0 128.5
Net Operations 51.33 -10.7 132.1 13.3 45.0 -97.1 148.1 47.5 -81.6
Note: Positive figures imply supply of, while negative figures imply withdraw of liquidity
26
(d) Interest rates
The Policy rate was maintained at 24.00 percent in the quarter under review. Similarly, the All-
Type Treasury bill yield and savings deposit rate remained constant at 18.90 percent and 4.27
percent during the quarter, respectively. In contrast, the Reference rate (the Base Lending rate)
and the Interbank rate rose to 23.60 percent and 23.00 percent in the fourth quarter of 2023
from 23.40 percent and 22.77 percent in the previous quarter, respectively.
Table 13: Interest Rate Structure (Percent)

2022 2023
IV I II III IV
Policy Rate 18.00 18.00 22.00 24.00 24.00
Reference Rate 17.30 17.30 21.00 23.40 23.60
3-mon Fixed Rate 4.96 4.96 4.96 4.96 4.96
Savings Rate 4.22 4.22 4.27 4.27 4.27
Interbank Rate
Minimum 15.00 15.00 19.44 22.76 23.00
Maximum 15.00 15.00 20.40 22.79 23.00
Average 15.00 15.00 20.00 22.77 23.00
All Type Treasury Bill Yield 16.67 16.25 17.83 18.90 18.90
91 Days 13.00 13.00 13.00 14.70 14.70
182 Days 17.50 .. 18.00 18.00 18.00
364 Days 19.50 19.50 22.49 24.00 24.00
Mortgage (min) 20.55 20.55 20.55 20.55 20.55

Note: Rates are end of period average
II. Capital Market Developments
(a) Primary Share Market

There was no activity on the primary market during the quarter under review. As such, the
number of companies listed on the Malawi Stock Exchange remained at sixteen.
(b) Secondary Share Market

The secondary market registered a decrease in both volume and value of shares traded compared
to the preceding quarter. A total of 104,043,339 shares earning K21.6 billion were traded
compared to 156,942,781 shares that earned K23.8 billion in the previous quarter. The decrease
was on account of reduced demand on the market. Most counters opened the quarter with
27
significant capital gains from the prior period, as such, most investors took a sell position during
the period under review in order to realise the capital gains. Meanwhile, demand was also
subdued due to the high prices on most counters.
The Malawi All Share Index (MASI) lost 7,474.98 points and closed at 110,951.21 points from
the previous quarter’s closing position of 118,426.19 points. The development was on account
of downward movements in both the DSI and the FSI. The DSI closed at 86,359.68 points,
which was lower than 89,173.86 points recorded at the end of the previous quarter. The DSI
contracted from share price losses registered on five (5) domestic counters, namely: AIRTEL,
FDHB, ICON, NICO and TNM. Meanwhile, the FSI lost 4,900.36 points to close at 15,792.06
points, following a share price loss on the FMBCH counter.
Chart 3: Trends in MASI, DSI and FSI

130,000 24,000
120,000 22,000
110,000 20,000
100,000 18,000
90,000 16,000
80,000
14,000
70,000
Points
Points
12,000
60,000
50,000
10,000
40,000 8,000
30,000 6,000
20,000 4,000
10,000 2,000
0 -
MASI DSI FSI (Rhs)
Source: Malawi Stock Exchange
Following the downturn in both the Domestic Market capitalization (DMC) and the Foreign
Market Capitalization (FMC), Total Market Capitalization (TMC) decreased to K6.0 trillion
from K6.4 trillion in the previous quarter. DMC closed lower at K5.2 trillion from K5.4 trillion
in the previous quarter. This was explained by the share price losses on the five domestic
counters. FMC dropped to K790.0 billion from K1.0 trillion in the previous quarter due to the
share price loss registered on the foreign counter.
In US Dollar terms, TMC decreased to USD3.5 billion from USD5.7 billion at the end of the
previous quarter. The drop in TMC in dollar terms was heightened by the realignment of the
Malawi kwacha against major foreign currencies during the period under review
28
Table 14: Share Price Movements
2023 Third Quarter 2023 Fourth Quarter Price Change

Counter Closing Price (K) Closing Price (K) (%)
AIRTEL 100.45 60.00 -40.3
BHL 10.06 13.00 2.9
FDHB 72.21 70.00 -3.5
FMBCH 415.03 315.00 -40.8
ICON 18.00 17.85 -0.8
ILLOVO 1,121.44 1,260.03 12.4
MPICO 15.00 15.00 0.0
NBM 2,101.12 2,101.25 0.01
NBS 108.99 114.90 4.5
NICO 160.00 150.40 -5.9
NITL 401.05 409.99 2.6
OMU 1,050.00 1,500.00 46.9
PCL 2,500.00 2,506.99 0.3
STANDARD 2,700.01 3,950.00 53.2
SUNBIRD 191.03 191.07 0.02
TNM 29.88 18.70 -37.3
Source: Malawi Stock Exchange
(c) Developments in the Bond Market

i. Primary Debt Market
In the period under review, the market registered four maturities of Treasury securities. As such,
the number of debt instruments on the market dropped to eighty, all being Treasury notes
ii. Secondary Debt Market
There was no trade registered on the secondary debt market.
29
SECTION 6: STATISTICAL ANNEX TABLES
1.0. THE BANKING SYSTEM

Table 1.1 Reserve Bank of Malawi (Monetary Authorities): Liabilities (K' million)
Private
Foreign Sector Official Sector Banks
Sector Capital
Deposits Central reserves and Total liabilities
Allocation of Statutory Currency
of interna- govern- Total Deposits Currency Total undistributed (1+5+9+10+11)
special drawing bodies etc. Loans outside
tional ment (3+4) with RBM in Banks2 (6+7+8) net income3
rights deposits RBM
agencies1 deposits
End of 1 2 3 4 5 6 7 8 9 10 11 12
2021
878,237.7 77,136.0 243,860.0 13,716.1 257,576.2 69,404.5 42,905.5 168,083.5 280,393.5 306,417.1 182,864.0 1,983,185.3
Sep
860,754.1 77,047.9 228,731.0 13,654.9 242,385.9 57,930.8 34,541.0 147,372.0 239,843.8 305,426.5 233,509.5 1,959,555.7
Oct
850,322.6 76,350.3 243,916.8 10,582.7 254,499.5 62,437.1 53,518.2 151,178.0 267,133.3 295,199.1 288,492.7 2,032,560.2
Nov
859,102.3 76,116.5 257,653.1 10,403.4 268,056.5 89,256.2 59,495.4 160,537.3 309,288.9 299,774.3 325,596.3 2,138,439.8
Dec
2022
857,668.6 75,951.0 255,881.0 8,061.9 263,942.9 51,037.2 47,867.5 137,382.4 236,287.1 268,420.0 1,994,589.2
Jan 291,911.5
858,013.2 76,075.8 268,179.9 3,472.8 271,652.7 124,037.6 40,731.2 122,646.1 287,414.9 267,366.8 2,078,985.9
Feb 318,041.1
848,871.9 75,614.1 290,954.1 14,193.9 305,148.1 117,003.7 43,913.0 112,393.1 273,309.9 269,515.5 2,072,718.1
Mar 299,823.6
828,999.5 73,249.3 260,068.3 31,335.1 291,403.4 114,196.3 43,584.6 102,040.2 259,821.1 296,970.5 2,107,041.8
Apr 356,151.3
245,084.1
1,054,277.9 92,219.1 365,734.3 34,633.0 400,367.3 80,814.4 44,600.7 96,287.3 221,702.4 352,402.3 2,366,533.7
May
Jun 192,348.0
1,019,054.1 91,407.4 430,987.2 5,683.6 436,670.8 87,055.1 55,002.3 113,644.5 255,702.0 393,388.9 2,389,068.4
Jul 205,728.1
1,015,836.2 90,469.2 396,004.0 40,067.1 436,071.1 91,331.0 47,613.7 111,801.2 250,745.9 408,627.0 2,407,981.9
Aug 190,857.4
1,012,683.5 89,629.8 394,600.5 50,631.8 445,232.3 81,613.2 62,262.0 115,791.2 259,666.5 395,094.1 2,393,668.1
Sep 1,088,706.4 87,537.0 409,162.0 55,631.8 464,793.8 86,878.2 60,065.1 115,865.3 262,808.7 393,049.6 68,447.6 2,365,883.3
Oct 1,090,239.1 88,111.9 511,071.3 55,631.8 566,703.1 75,781.3 59,007.6 117,608.7 252,397.6 392,614.1 180,833.5 2,571,478.9
Nov 1,190,139.6 90,226.0 508,596.4 75,678.7 584,275.1 151,858.7 56,697.9 115,851.6 324,408.2 389,914.7 150,345.3 2,729,912.6
Dec 1,181,477.7 91,389.3 493,257.8 87,360.2 580,618.0 100,623.7 71,925.3 142,173.8 314,722.8 397,656.0 114,664.2 2,681,069.1
2023
Jan 1,189,274.1 92,570.7 457,112.1 110,376.7 567,488.7 115,911.5 56,010.2 115,411.1 287,332.8 333,966.7 282,460.0 2,753,555.8
Feb 1,182,087.8 90,986.2 393,396.8 111,671.5 505,068.2 139,721.1 55,928.9 115,171.4 310,821.4 325,893.6 313,076.6 2,728,441.7
Mar 1,171,639.5 92,332.0 438,503.8 133,739.2 572,243.1 161,015.6 54,814.5 109,839.2 325,669.3 344,383.2 316,412.0 2,823,239.7
Apr 1,174,308.6 92,801.4 390,264.8 157,376.4 547,641.2 141,978.7 52,212.8 111,543.8 305,735.3 376,405.0 246,244.0 2,743,735.2
May 1,166,320.1 91,370.7 382,466.2 157,453.9 539,920.1 168,618.2 70,647.1 115,320.0 354,585.4 433,224.0 211,766.4 2,797,834.2
Jun 1,211,638.7 93,733.7 463,451.4 157,496.4 620,947.8 122,392.4 62,348.8 166,595.4 351,336.5 504,041.0 188,724.1 2,971,133.4
Jul 1,221,343.9 94,629.9 428,477.9 157,418.9 585,896.8 229,111.0 71,365.8 124,787.4 425,264.2 518,511.1 206,302.9 3,052,723.3
Aug 1,252,577.5 96,643.2 468,056.9 157,467.3 625,524.2 243,975.8 73,083.1 115,721.1 432,780.0 490,488.5 182,087.6 3,080,800.5
Sep 1,292,207.1 98,038.9 469,791.6 157,515.7 627,307.2 231,432.1 60,105.0 137,881.7 429,418.7 468,771.4 146,954.1 3,063,428.0
Oct 1,352,653.3 102,599.2 449,539.9 157,598.0 607,137.9 285,566.0 69,592.0 121,610.3 476,768.3 449,503.3 146,261.2 3,135,751.6
Nov 1,986,750.7 150,736.5 405,086.7 158,397.4 563,484.1 390,781.7 76,564.2 168,458.3 635,804.2 447,359.9 -344,613.3 3,440,352.8
Dec 2,003,290.9 151,204.2 626,344.3 158,397.4 784,741.6 267,935.9 90,206.9 287,094.6 645,237.3 469,732.5 -493,418.7 3,561,626.8
Source: Monthly Statements of Assets and Liabilities of the Reserve Bank of Malawi.
2
RBM Currency in circulation less cash held by commercial banks. 3Capital, General
Reserve Funds plus other liabilities.
30
Table 1.2 Reserve Bank of Malawi (Monetary Authorities): Assets (K’ million)
End of Foreign Sector Official Sector Banks Other Assets Total Assets
Treasury
Balances Reserve LRS and
Bills and bills, loans
with non- Position In Total loans to Total Loans and Other Total Assets
Other and
resident IMF and (13+14+15) Statutory (17+18) advances3 Assets2 (16+19+20+21)
Securities1 advances to
Banks SDR holding bodies
Govt
13 14 15 16 17 18 19 20 21 22
2020
Sep 148,400.2 263,030.7 7,305.0 418,735.9 660,178.0 180,417.0 180,417.0 49,095.3 433,971.0 1,062,669.5
Oct 213,950.7 268,328.8 7,354.4 489,633.9 512,356.0 174,130.7 174,130.7 66,548.2 546,162.8 1,257,178.8
Nov 176,168.0 270,275.3 7,472.5 453,915.8 481,925.8 165,878.6 165,878.6 133,961.4 613,342.2 1,347,357.2
Dec 171,675.4 272,682.5 7,636.4 451,994.2 500,401.4 183,240.3 183,240.3 118,141.8 592,778.7 1,325,795.7
2021
Jan 115,673.7 274,417.0 7,660.9 397,751.6 564,761.4 183,161.7 183,161.7 263,222.4 486,383.8 1,309,870.2
Feb 100,188.9 279,832.0 7,781.7 387,802.6 651,178.3 189,000.3 189,000.3 160,935.4 457,408.9 1,174,291.4
Mar 38,953.5 281,317.5 7,678.9 327,949.9 625,788.6 186,065.5 186,065.5 159,142.2 494,286.9 1,145,760.8
Apr 31,933.0 280,629.8 7,834.3 320,397.1 691,150.0 185,852.2 185,852.2 159,308.2 451,477.4 1,094,830.4
May 58,482.1 283,343.2 7,878.1 349,703.4 577,358.0 193,810.9 193,810.9 233,821.4 528,337.9 1,282,962.9
Jun 85,207.6 260,351.5 7,901.6 353,460.7 597,225.4 189,052.5 189,052.5 313,619.7 491,717.8 1,324,348.8
Jul 67,128.3 262,444.8 7,959.4 337,532.5 737,015.9 196,589.1 196,589.1 201,045.4 474,358.5 1,185,389.3
Aug 58,078.2 263,301.7 163,186.3 484,566.2 755,914.7 180,075.5 180,075.5 172,343.1 410,520.4 1,222,782.4
Sep 133,516.0 294,569.9 7,915.9 436,001.8 732,920.3 173,619.5 832,629.9 196,544.8 444,098.9 1,983,185.3
Oct 36,868.3 295,077.3 7,913.2 339,858.8 801,088.8 175,852.6 926,824.6 175,750.2 467,005.4 1,959,555.7
Nov 26,937.3 295,742.4 7,817.5 330,497.1 859,344.8 166,309.4 915,308.8 169,853.9 506,555.0 2,032,560.2
Dec 55,792.3 287,436.9 7,793.8 351,023.0 739,086.6 147,298.1 886,384.7 341,273.6 559,758.4 2,138,439.8
2022
Jan 41,158.8 288,749.1 7,777.3 337,685.1 756,519.9 149,990.7 906,510.7 235,782.7 486,817.2 2,030,746.0
Feb 30,280.0 288,285.2 7,752.4 326,317.6 813,899.8 141,759.9 955,659.7 224,321.8 574,480.2 2,106,461.9
Mar 31,824.0 267,776.0 7,706.3 307,306.3 1,018,673.3 142,623.3 1,161,296.7 147,215.3 467,026.3 2,108,649.6
Apr 39,517.9 256,289.7 6,027.8 301,835.4 1,026,591.5 146,835.4 1,173,426.9 134,082.6 493,731.1 2,129,058.1
May 76,051.0 328,479.5 7,409.6 411,940.2 1,048,236.2 195,288.1 1,243,524.2 127,811.5 556,299.6 2,366,533.7
Jun 117,429.4 310,746.3 9,384.4 437,560.1 1,072,909.3 170,309.4 1,243,218.7 120,303.1 560,079.7 2,389,068.4
Jul 90,032.1 302,968.2 5,745.3 398,745.5 1,093,839.8 174,200.3 1,268,040.2 121,090.5 591,128.3 2,407,981.9
Aug 94,013.2 301,630.3 5,127.2 400,770.8 1,106,777.1 174,189.6 1,280,966.7 117,123.2 565,555.9 2,393,668.1
Sep 52,780.2 277,908.7 5,007.5 335,696.4 1,174,873.6 277,610.5 1,452,484.1 114,489.6 433,221.0 2,365,883.3
Oct 60,675.6 259,315.1 16,215.3 336,205.9 1,294,329.4 277,610.5 1,571,939.9 90,387.8 542,048.7 2,571,478.9
Nov 65,893.6 267,376.1 15,369.2 348,638.9 1,336,896.3 277,610.5 1,614,506.8 83,554.2 651,805.3 2,729,912.6
Dec 120,738.1 193,192.0 3,644.2 317,574.2 1,305,895.3 277,607.4 1,583,502.7 84,590.7 664,030.6 2,681,069.1
2023
Jan 106,016.3 178,547.7 7,713.8 292,277.8 1,450,301.7 326,554.2 1,776,856.0 91,644.6 560,040.5 2,753,555.8
Feb 112,015.1 177,490.1 5,608.4 295,113.7 1,436,848.4 326,554.2 1,763,402.6 71,550.0 565,461.6 2,728,441.7
Mar 103,163.3 132,196.0 3,886.5 239,245.7 1,547,435.9 333,149.6 1,880,585.5 99,428.7 569,744.3 2,822,778.3
Apr 92,037.5 115,607.3 6,286.9 213,931.8 1,464,660.2 335,447.6 1,800,107.8 89,740.2 606,232.3 2,743,735.2
May 89,294.9 118,224.7 3,866.7 211,386.3 1,470,404.4 333,149.6 1,803,554.0 132,553.5 616,734.7 2,797,834.2
Jun 215,347.5 114,654.1 11,224.7 341,226.4 1,498,221.3 351,736.1 1,849,957.4 144,884.7 594,496.8 2,964,784.2
Jul 183,429.3 96,105.9 9,502.9 289,038.0 1,567,914.3 354,372.6 1,922,286.9 204,902.6 602,610.6 3,052,723.3
Aug 161,431.8 100,578.9 6,868.9 268,879.6 1,669,734.0 364,847.1 2,034,581.1 134,663.1 608,111.6 3,080,800.5
Sep 170,742.8 103,438.1 5,055.7 279,236.5 1,691,762.0 384,058.6 2,075,820.7 60,780.5 612,782.3 3,063,428.0
Oct 106,829.5 92,447.1 22,016.6 221,293.3 1,817,271.3 398,674.0 2,215,945.3 56,537.5 605,267.6 3,135,751.6
Nov 161,515.7 102,193.7 25,200.0 288,909.5 1,794,672.7 574,208.7 2,368,881.5 64,042.4 682,880.6 3,440,352.8
Dec 333,307.4 88,598.3 8,533.1 430,438.8 1,831,309.1 582,384.1 2,413,693.2 71,942.8 602,404.9 3,561,626.8
Source: Monthly Statements of Assets and Liabilities of the Reserve Bank of Malawi.
31
Table 1.3 Commercial Banks: Liabilities (K’ million)
Foreign Sector Official Sector Domestic
Deposits of Statutory bodies, etc Total
Deposits of Liabilities to Deposits of Liabilities to
Total Time and (48+51)
End of non- non- Central Total Reserve
(45+46) Demand Savings
residents residents Government (49+50) Bank
deposits
45 46 47 48 49 50 51 52 53
2019
Jan 29,888.0 48,509.8 78,397.8 72,760.3 16,947.2 8,310.6 25,257.8 98,018.1 85,295.1
Feb 22,570.7 45,927.8 68,498.5 67,845.7 17,812.4 8,797.4 26,609.8 94,455.5 67,674.3
Mar 17,584.9 48,828.8 66,413.6 70,607.9 33,950.3 8,779.5 42,729.9 113,337.7 85,807.2
Apr 26,300.8 51,869.1 78,169.9 46,887.1 26,888.0 6,339.1 33,227.1 80,114.1 99,029.3
May 28,086.6 50,193.9 78,280.4 67,209.7 13,060.3 5,395.4 18,455.7 85,665.4 86,650.9
Jun 26,933.9 46,995.0 73,928.8 74,195.1 13,704.6 6,467.0 20,171.7 94,366.8 78,515.2
Jul 36,700.9 38,651.3 75,352.2 81,695.8 23,322.4 12,482.1 35,804.5 117,500.3 62,000.3
Aug 35,928.8 51,266.9 87,195.7 83,663.4 18,645.8 6,728.9 25,374.7 109,038.0 80,338.2
Sep 37,664.5 51,281.2 88,945.6 72,272.1 20,874.8 7,383.1 28,257.9 100,530.0 85,515.9
Oct 34,282.1 57,076.9 91,359.1 74,758.7 23,457.4 6,318.3 29,775.7 104,534.4 97,565.9
Nov 37,874.8 58,645.9 96,520.7 65,435.3 33,163.5 7,355.5 40,519.0 105,954.2 86,000.7
Dec 35,720.9 55,543.3 91,264.2 71,240.3 22,261.0 4,723.9 26,984.9 98,225.2 103,948.8
2020
Jan 42,297.0 55,417.2 97,714.2 60,962.5 26,941.0 5,964.7 32,905.7 93,868.2 87,829.9
Feb 29,403.9 58,590.8 87,994.7 66,965.1 25,013.6 7,054.2 32,067.8 99,033.0 107,926.8
Mar 29,007.1 74,413.0 103,420.1 62,315.1 26,588.2 8,770.1 35,358.3 97,673.3 104,490.0
Apr 29,970.5 89,630.7 119,601.2 64,104.9 26,552.6 6,649.7 33,202.3 97,307.2 94,187.4
May 31,685.4 100,725.9 132,411.3 66,334.6 26,437.4 6,099.3 32,536.6 98,871.2 93,162.7
Jun 19,996.3 101,452.5 121,448.8 63,030.0 29,617.2 7,686.4 37,303.6 100,333.5 101,109.8
Jul 22,944.8 95,441.3 118,386.1 68,484.2 26,319.2 6,840.2 33,159.5 101,643.7 106,240.7
Aug 24,507.1 101,767.0 126,274.1 68,327.9 29,950.3 7,910.2 37,860.5 106,188.3 126,948.4
Sep 29,368.0 99,176.0 128,544.1 67,884.6 28,242.9 8,474.3 36,717.3 104,601.9 110,444.9
Oct 29,428.6 84,038.5 113,467.1 86,207.9 37,466.7 7,689.3 45,156.0 131,364.0 158,694.9
Nov 32,802.9 63,128.6 95,931.5 79,732.4 77,766.4 7,152.9 84,919.3 164,651.7 166,952.9
Dec 31,038.6 40,516.8 71,555.4 104,771.8 43,209.4 7,043.2 50,252.6 155,024.3 177,355.7
2021
Jan 27,090.4 38,428.0 65,518.4 103,036.0 36,686.0 4,683.6 41,369.7 144,405.7 262,749.2
Feb 25,753.5 39,367.3 65,120.8 106,673.1 36,309.5 5,274.2 41,583.6 148,256.8 225,576.4
Mar 21,221.5 39,994.8 61,216.3 77,581.4 33,513.1 7,155.1 40,668.2 118,249.6 204,490.7
Apr 20,223.2 60,260.8 80,484.0 82,982.1 45,701.5 6,953.9 52,655.4 135,637.5 221,578.2
May 24,227.7 62,965.3 87,193.0 92,408.8 39,899.3 5,314.3 45,213.6 137,622.4 258,235.6
Jun 20,061.1 61,935.6 81,996.8 91,161.2 34,554.4 7,668.2 42,222.7 133,383.8 337,457.8
Jul 21,063.4 65,946.5 87,009.9 81,341.8 38,330.4 4,778.0 43,108.3 124,450.1 245,084.7
Aug 23,698.0 62,689.2 86,387.2 80,116.6 37,912.5 7,193.6 45,106.1 125,222.7 250,293.7
Sep 21,530.4 54,543.0 76,073.4 86,511.3 33,909.1 6,834.3 40,743.4 127,254.6 250,007.2
Oct 18,464.0 55,474.9 73,939.0 86,993.9 73,522.1 2,847.6 76,369.7 163,363.6 218,547.6
Nov 23,587.5 77,222.1 100,809.6 98,351.3 39,882.4 8,563.8 48,446.2 146,797.5 240,041.0
Dec 22,934.3 61,025.1 83,959.3 95,231.0 43,068.5 5,594.8 48,663.2 143,894.2 371,199.2
2022
Jan 20,514.4 64,719.4 85,233.8 99,362.5 54,407.3 6,783.4 61,190.7 160,553.3 318,797.8
Feb 21,124.0 69,789.8 90,913.7 98,190.9 49,417.0 7,905.1 57,322.1 155,512.9 299,631.5
Mar 30,614.5 72,814.7 103,429.3 93,833.5 38,260.4 9,021.6 47,282.0 141,115.5 224,615.6
Apr 30,957.9 55,554.1 86,512.0 94,940.5 48,297.9 7,464.5 55,762.4 150,702.9 237,580.8
May 33,009.7 98,679.1 131,688.9 115,516.2 54,961.3 9,941.6 64,902.9 180,419.2 238,496.4
Jun 41,425.7 85,092.9 126,518.7 120,549.7 116,794.0 8,588.4 125,382.4 245,932.1 226,574.1
Jul 30,748.1 72,633.2 103,381.3 118,542.9 130,115.2 10,152.9 140,268.1 258,811.0 235,365.4
Aug 25,710.9 60,637.9 86,348.8 110,094.1 116,164.3 11,237.4 127,401.7 237,495.9 254,841.8
Sep 29,996.5 86,003.0 115,999.5 125,324.1 66,553.7 9,471.1 76,024.9 201,349.0 224,613.5
Oct 25,791.4 107,364.5 133,155.8 103,631.9 132,857.9 9,180.7 142,038.6 245,670.5 193,014.9
Nov 27,927.7 76,574.8 104,502.5 109,700.8 98,748.5 13,716.4 112,464.9 222,165.7 154,405.7
Dec 32,527.4 69,484.8 102,012.2 92,085.7 118,251.5 14,122.5 132,374.0 224,459.8 177,222.7
2023
Jan 25,480.8 73,937.9 99,418.7 109,053.5 90,978.6 15,304.3 106,282.9 215,336.4 154,173.9
Feb 23,645.5 54,847.3 78,492.8 108,074.5 144,212.2 15,643.6 159,855.9 267,930.3 149,144.3
Mar 24,903.5 36,341.2 61,244.7 106,974.2 119,304.4 15,006.6 134,311.0 241,285.2 214,065.9
Apr 31,973.3 69,211.5 101,184.8 107,666.6 144,255.5 9,608.2 153,863.7 261,530.3 158,095.9
May 43,805.1 56,774.1 100,579.2 117,604.3 154,562.3 4,174.9 158,737.2 276,341.5 154,285.5
Jun 60,631.4 86,603.4 147,234.8 124,721.1 160,753.6 10,968.0 171,721.5 296,442.6 153,572.6
Jul 40,613.5 58,674.3 99,287.8 92,351.8 159,178.1 11,057.8 170,235.9 262,587.7 229,377.3
Aug 29,593.6 82,916.5 112,510.0 109,067.7 123,650.9 15,189.8 138,840.7 247,908.4 184,084.4
Sep 35,372.5 87,042.3 122,414.7 123,458.8 118,439.0 27,904.0 146,343.1 269,801.8 152,058.8
Oct 33,202.2 78,122.6 111,324.7 151,176.1 145,610.5 37,474.5 183,085.0 334,261.1 151,837.1
Nov 55,200.8 145,951.6 201,152.4 154,602.8 131,755.0 38,494.1 170,249.1 324,851.9 212,449.7
Dec 40,598.1 88,190.9 128,789.0 147,894.0 157,786.3 30,789.8 188,576.0 336,470.1 197,928.3
32
Table 1.3 Commercial Banks: Liabilities (Continued) (K’ million)
Banks Domestic Private Sector
Liabilities to Deposits of private residents acceptances,
Capital accounts Other liabilities Total liabilities
other domestic Total (53+54) Time and guarantees, etc.
Demand Total (56) + (57)
banks Savings
54 55 56 57 58 59 60 61 62
2020
Jan 108,162.3 212,111.2 415,823.9 469,638.6 885,462.5 303,328.2 212,441.1 1,884,162.5 403,798.5
Feb 121,384.9 121,384.9 415,340.8 480,551.5 895,892.3 311,939.5 232,319.3 1,942,244.6 451,690.8
Mar 120,587.7 208,417.6 419,578.8 474,441.0 894,019.8 305,706.1 223,657.4 1,931,071.0 463,748.6
Apr 114,956.2 222,883.0 424,723.9 495,707.3 920,431.2 307,266.6 202,728.2 1,956,792.8 425,025.8
May 113,108.8 217,598.9 429,159.1 508,616.9 937,776.0 316,306.2 218,362.3 2,019,532.2 443,752.4
Jun 120,117.9 214,305.3 442,859.4 494,335.0 937,194.5 322,000.9 236,068.2 2,036,444.1 430,663.8
Jul 154,805.8 247,968.5 444,940.8 530,138.0 975,078.8 317,074.2 188,534.6 2,064,592.5 441,931.5
Aug 153,937.5 255,047.4 453,929.5 537,735.7 991,665.2 323,151.2 216,227.1 2,106,796.8 453,643.5
Sep 141,144.4 247,385.2 457,460.2 547,445.1 1,004,905.3 323,075.2 201,565.6 2,096,136.4 441,907.1
Oct 181,193.3 308,141.7 417,485.2 550,856.7 968,341.9 329,495.6 212,089.0 2,131,194.1 480,526.2
Nov 193,011.9 303,456.8 439,850.7 528,565.3 968,416.0 332,701.8 235,884.5 2,190,393.6 480,537.6
Dec 228,316.0 387,010.8 475,777.1 557,397.0 1,033,174.1 349,558.9 195,085.9 2,253,039.1 505,603.5
2021
Jan 296,283.6 463,236.5 483,766.5 568,232.4 1,051,998.9 353,788.8 223,695.6 2,345,363.4 412,933.3
Feb 267,770.2 445,125.9 469,636.8 586,772.2 1,056,409.0 364,428.9 196,774.4 2,318,989.6 494,015.8
Mar 221,275.8 221,275.8 506,322.2 609,962.4 1,116,284.6 365,462.5 257,977.1 2,376,676.5 453,482.1
Apr 264,441.9 527,191.1 503,227.1 586,342.6 1,089,569.7 367,816.0 198,603.1 2,394,722.6 464,572.9
May 302,235.8 527,812.2 506,269.9 606,458.6 1,112,728.5 372,004.7 188,345.7 2,460,974.4 478,856.5
Jun 368,331.9 572,822.6 518,974.1 598,529.2 1,117,503.3 380,778.8 222,201.9 2,591,742.3 472,753.0
Jul 291,740.5 513,318.7 551,844.0 604,739.7 1,156,583.8 372,677.0 195,028.7 2,532,438.5 481,907.5
Aug 281,338.9 539,574.6 535,118.5 607,329.9 1,142,448.5 381,617.7 220,524.7 2,524,111.5 513,329.9
Sep 288,448.1 625,905.9 561,570.2 635,766.2 1,197,336.4 385,039.1 194,402.6 2,540,676.9 505,666.6
Oct 252,354.4 497,439.0 552,655.4 667,395.6 1,220,051.0 392,412.1 192,764.0 2,568,487.2 524,600.4
Nov 271,864.5 522,158.2 615,198.6 624,962.3 1,240,160.8 402,010.9 199,150.3 2,670,542.2 596,496.3
Dec 400,246.7 650,253.9 592,418.5 732,531.9 1,324,950.3 414,254.1 246,770.2 2,944,240.6 647,733.1
2022
Jan 349,008.8 567,556.3 606,114.1 705,296.9 1,311,411.1 422,659.3 229,959.0 2,893,658.1 625,847.7
Feb 332,669.1 572,710.1 664,979.4 705,824.5 1,370,804.0 433,163.6 247,455.4 2,954,995.8 706,153.6
Mar 280,474.8 651,674.0 683,805.8 747,922.2 1,431,728.0 436,859.0 219,725.0 2,915,504.0 650,766.0
Apr 283,273.1 283,273.1 711,958.3 730,603.5 1,442,561.8 447,848.9 213,706.4 2,914,398.1 661,308.6
May 274,541.0 593,338.9 718,781.4 708,196.8 1,426,978.2 450,019.9 230,665.7 3,090,449.5 669,530.4
Jun 259,704.3 559,335.8 693,105.0 769,145.3 1,462,250.3 447,721.2 248,755.9 3,180,096.3 643,061.2
Jul 278,730.5 503,346.0 705,999.5 788,207.5 1,494,207.0 452,631.9 231,839.4 3,215,919.5 642,218.1
Aug 297,174.0 534,754.8 790,092.8 806,817.3 1,596,910.1 465,574.1 230,474.6 3,261,689.8 641,391.1
Sep 247,852.9 486,349.2 811,535.9 824,267.8 1,635,803.8 469,909.8 295,186.9 3,336,486.1 608,845.4
Oct 249,491.1 476,065.2 785,064.1 879,257.1 1,664,321.2 486,808.3 290,679.1 3,465,224.1 650,483.0
Nov 238,304.8 473,670.2 832,387.5 931,363.9 1,763,751.4 502,072.2 266,647.3 3,457,442.7 681,351.1
Dec 241,957.9 496,799.7 944,933.3 947,248.2 1,892,181.5 522,078.0 307,931.6 3,649,808.5 685,792.1
2023
Jan 216,698.5 441,312.0 943,804.7 968,961.7 1,912,766.4 555,260.2 314,763.4 3,664,042.8 701,635.1
Feb 242,359.6 435,374.5 892,104.4 1,008,210.7 1,900,315.1 577,989.4 276,965.7 3,689,886.9 721,967.4
Mar 305,005.0 459,410.8 885,120.1 1,011,949.3 1,897,069.5 595,342.7 359,742.9 3,803,556.7 788,005.3
Apr 269,798.0 447,020.7 886,155.4 1,056,410.9 1,942,566.3 605,272.2 307,418.1 3,857,128.4 770,048.4
May 262,644.5 416,818.4 922,197.7 1,102,028.3 2,024,226.0 617,195.6 290,669.5 3,935,352.3 760,919.3
Jun 233,054.2 382,198.5 1,085,619.7 1,072,464.5 2,158,084.1 620,685.3 287,171.1 4,133,289.4 753,313.9
Jul 267,841.2 481,907.1 1,089,603.5 1,084,801.4 2,174,404.9 610,105.2 389,191.9 4,203,660.7 668,740.9
Aug 276,790.0 434,885.9 1,139,918.5 1,120,544.6 2,260,463.1 632,689.2 262,201.5 4,215,204.5 699,252.6
Sep 215,923.1 370,208.6 1,095,511.3 1,172,492.0 2,268,003.3 629,180.3 341,442.4 4,256,573.6 671,711.1
Oct 236,418.0 389,990.6 1,056,126.3 1,218,497.5 2,274,623.8 643,745.2 342,490.1 4,366,060.9 664,246.3
Nov 329,637.9 559,015.2 1,194,085.6 1,196,345.6 2,390,431.2 662,735.9 337,550.8 4,876,003.5 783,522.9
Dec 275,096.6 459,181.0 1,167,530.7 1,190,510.3 2,358,041.1 686,768.1 422,643.8 4,867,415.6 741,386.6
33
Table 1.4 Commercial Banks: Assets (K’ million)
Foreign Sector Official Sector
Claims on
Loans and Total (63+64 Claims on Central Government Statutory
Claims on
End of Bills payable advances to bodies, etc Total
non-resident
abroad non- Treasury (69+70)
banks Government Total Loans and
residents +65) Bills and
securities (67+68) advances
advances1
63 64 65 66 67 68 69 70 71
2020
Jan….………… 69,152.7 0.0 0.0 69,152.7 151,211.8 304,056.2 455,268.0 48,942.1 504,210.1
Feb…………… 84,161.4 0.0 0.0 84,161.4 154,480.8 304,069.8 458,550.5 65,026.9 523,577.4
Mar………….. 66,775.9 0.0 0.0 66,775.9 189,286.8 305,524.7 494,811.5 53,242.1 548,053.6
Apr…………… 121,339.4 0.0 0.0 121,339.4 196,560.3 305,065.8 501,626.1 53,508.5 555,134.6
May………….. 143,441.3 0.0 0.0 143,441.3 206,483.7 304,942.4 511,426.1 53,754.5 565,180.7
Jun…………… 124,739.7 0.0 0.0 124,739.7 223,786.4 306,001.4 529,787.8 53,864.1 583,652.0
Jul…………… 146,306.3 0.0 0.0 146,306.3 223,923.2 306,266.6 530,189.8 53,700.7 583,890.5
Aug………….. 140,489.1 0.0 0.0 140,489.1 226,574.0 305,853.6 532,427.6 53,574.2 586,001.8
Sep…………… 147,021.6 0.0 0.0 147,021.6 224,014.3 305,695.7 529,710.0 52,458.7 582,168.8
Oct…………… 153,539.0 0.0 0.0 153,539.0 227,567.0 306,214.4 533,781.4 52,923.6 586,705.0
Nov………….. 150,603.6 0.0 0.0 150,603.6 222,603.8 304,720.3 527,324.0 54,045.6 581,369.7
Dec………….. 191,443.6 0.0 0.0 191,443.6 298,233.5 306,778.7 605,012.2 50,639.1 655,651.2
2021
Jan….………… 187,397.1 0.0 0.0 187,397.1 301,878.1 333,236.2 635,114.3 63,580.3 698,694.6
Feb…………… 165,753.3 0.0 0.0 165,753.3 351,167.4 335,262.0 686,429.4 58,941.0 745,370.4
Mar………….. 164,559.4 0.0 0.0 164,559.4 393,089.7 309,671.0 702,760.8 59,758.0 762,518.8
Apr…………… 184,173.3 0.0 0.0 184,173.3 388,762.3 308,933.8 697,696.1 58,715.4 756,411.5
May………….. 183,433.6 0.0 0.0 183,433.6 409,891.5 310,977.0 720,868.5 57,820.7 778,689.3
Jun…………… 207,414.8 0.0 0.0 207,414.8 465,691.6 310,010.8 775,702.4 50,650.4 826,352.8
Jul…………… 219,041.8 0.0 0.0 219,041.8 430,249.5 308,520.4 738,769.9 50,057.2 788,827.1
Aug………….. 196,717.7 0.0 0.0 196,717.7 429,701.6 308,759.7 738,461.2 49,186.9 787,648.1
Sep…………… 181,540.4 0.0 0.0 181,540.4 437,015.5 308,371.9 745,387.3 54,708.9 800,096.2
Oct…………… 189,838.7 0.0 0.0 189,838.7 436,134.8 307,609.5 743,744.3 61,655.8 805,400.1
Nov………….. 216,934.8 0.0 0.0 216,934.8 454,760.7 308,749.8 763,510.5 61,663.0 825,173.5
Dec………….. 247,066.5 0.0 0.0 247,066.5 720,821.4 308,395.1 1,029,216.5 69,793.5 1,099,010.0
2022
Jan….………… 254,639.2 0.0 0.0 254,639.2 721,726.3 307,878.1 1,029,604.3 71,181.7 1,100,786.0
Feb…………… 227,020.8 0.0 0.0 227,020.8 629,235.7 308,468.5 937,704.2 71,013.0 1,008,717.2
Mar………….. 228,456.6 0.0 0.0 228,456.6 644,664.2 307,232.3 951,896.5 71,762.7 1,023,659.2
Apr…………… 197,030.2 0.0 0.0 197,030.2 638,127.5 306,119.5 944,247.0 82,783.9 1,027,030.8
May………….. 297,153.2 0.0 0.0 297,153.2 593,059.1 305,501.5 898,560.6 82,264.5 980,825.2
Jun…………… 310,384.5 0.0 0.0 310,384.5 604,269.0 308,716.3 912,985.3 89,015.4 1,002,000.7
Jul…………… 300,229.8 0.0 0.0 300,229.8 612,545.3 307,560.1 920,105.4 88,207.7 1,008,313.1
Aug………….. 292,767.6 0.0 0.0 292,767.6 652,925.6 306,705.4 959,631.0 89,059.5 1,048,690.5
Sep 310,045.4 0.0 0.0 310,045.4 673,768.1 305,185.0 978,953.1 87,969.9 1,066,922.9
Oct 377,718.6 0.0 0.0 377,718.6 689,755.8 306,985.0 996,740.8 82,789.7 1,079,530.5
Nov 318,187.2 0.0 0.0 318,187.2 662,839.6 307,889.6 970,729.2 81,892.1 1,052,621.3
Dec 373,870.7 0.0 0.0 373,870.7 722,351.0 309,156.8 1,031,507.9 83,283.1 1,114,791.0
2023
Jan 358,434.8 0.0 0.0 358,434.8 674,062.0 310,255.0 984,317.0 83,003.4 1,067,320.4
Feb 310,724.2 0.0 0.0 310,724.2 693,364.8 310,350.2 1,003,715.0 66,784.7 1,070,499.8
Mar 302,250.9 0.0 0.0 302,250.9 714,329.6 306,349.8 1,020,679.4 60,838.2 1,081,517.6
Apr 333,035.2 0.0 0.0 333,035.2 752,085.2 312,145.3 1,064,230.6 60,202.4 1,124,433.0
May 333,036.7 0.0 0.0 333,036.7 737,682.8 304,403.5 1,042,086.3 59,413.3 1,101,499.5
Jun 318,857.4 0.0 0.0 318,857.4 779,355.5 306,729.7 1,086,085.2 65,486.6 1,151,571.8
Jul 325,913.0 0.0 0.0 325,913.0 800,249.8 306,895.6 1,107,145.3 69,118.3 1,176,263.6
Aug 312,675.7 0.0 0.0 312,675.7 865,263.9 323,976.3 1,189,240.2 54,642.1 1,243,882.3
Sep 294,400.9 0.0 0.0 294,400.9 843,093.1 326,113.9 1,169,207.1 52,183.1 1,221,390.1
Oct 326,856.2 0.0 0.0 326,856.2 795,523.3 330,164.7 1,125,688.0 51,971.8 1,177,659.9
Nov 461,458.3 0.0 0.0 461,458.3 851,684.1 339,338.0 1,191,022.1 53,599.8 1,244,621.9
Dec 463,942.2 0.0 0.0 463,942.2 916,876.6 343,822.5 1,260,699.1 52,304.2 1,313,003.3
Source: Commercial banks’ monthly reports to Reserve Bank of Malawi.
34
Table 1.4 Commercial Banks: Assets (Continued) (K’ million)
Domestic Banks Domestic private sector
Claims on Reserve Bank Claims on Bills Premises
Other
Deposits in other Total Loans and discounted Total and Total assets
Currency Total assets
End of Reserve domestic (52+53) advances and (55+56) equipment
in Banks (50+51) banks purchased
Bank
50 51 52 53 54 55 56 57 58 59 60
2020
Jan…………………….. 108,251.60 35,139.60 143,391.20 49,409.80 192,801.00 581,581.70 0 581,581.70 110,423.40 261,879.20 1,884,162.50
Feb……………………. 115,184.50 33,079.50 148,264.00 59,293.30 207,557.30 565,106.50 0 565,106.50 110,519.00 272,065.80 1,942,244.60
Mar…………………… 73,047.00 35,268.60 108,315.60 75,970.30 184,285.90 572,448.70 0 572,448.70 110,091.20 268,772.60 1,931,071.00
Apr……………………. 56,391.30 41,178.40 97,569.70 79,773.70 177,343.40 588,615.30 0 588,615.30 114,959.50 207,295.90 1,956,792.80
May…………………… 74,951.90 28,266.80 103,218.70 96,434.20 199,652.90 595,928.50 0 595,928.50 116,779.70 207,880.60 2,019,532.20
Jun…………………….. 44,651.10 42,504.50 87,155.60 112,576.10 199,731.60 594,053.50 0 594,053.50 116,245.40 227,707.70 2,036,444.10
Jul……………………... 46,203.80 34,954.20 81,158.00 96,134.20 177,292.20 590,748.10 0 590,748.10 115,519.20 227,593.00 2,064,592.50
Aug……………………. 49,788.20 37,700.20 87,488.50 103,771.10 191,259.60 607,111.70 0 607,111.70 115,752.20 238,005.20 2,106,796.80
Sep……………………. 48,461.30 37,742.40 86,203.80 81,960.10 168,163.90 642,781.30 0 642,781.30 115,728.40 216,471.60 2,096,136.40
Oct…………………….. 56,782.50 39,009.00 95,791.50 61,731.10 157,522.60 654,906.60 0 654,906.60 116,098.30 232,620.50 2,131,194.10
Nov……………………. 97,900.50 40,466.60 138,367.10 55,335.40 193,702.50 680,728.40 0 680,728.40 116,612.00 242,902.80 2,190,393.60
Dec……………………. 65,187.30 47,288.90 112,476.20 42,759.50 155,235.70 672,400.40 0 672,400.40 122,445.10 267,590.60 2,253,039.10
2021
Jan…………………….. 104,730.60 34,274.50 139,005.10 16,171.20 155,176.30 642,480.90 0 642,480.90 123,098.60 234,591.70 2,345,363.40
Feb……………………. 74,104.50 30,880.40 104,984.90 26,745.50 131,730.40 655,640.50 0 655,640.50 122,484.30 231,551.60 2,318,989.60
Mar……………………. 59,515.50 39,067.40 98,583.00 42,298.10 140,881.10 675,076.80 0 675,076.80 121,757.10 233,951.30 2,376,676.50
Apr……………………. 61,535.40 44,124.50 105,659.90 33,719.70 139,379.60 701,180.90 0 701,180.90 122,487.10 223,760.00 2,394,722.60
May…………………… 65,285.40 43,043.10 108,328.50 56,282.90 164,611.40 715,880.50 0 715,880.50 121,527.50 247,783.00 2,460,974.40
Jun…………………….. 50,141.20 45,864.60 96,005.70 47,244.60 143,250.30 752,740.50 0 752,740.50 121,189.90 279,560.90 2,591,742.30
Jul…………………….. 71,520.70 39,112.90 110,633.60 50,602.00 161,235.60 751,596.10 0 751,596.10 120,487.80 279,211.00 2,532,438.50
Aug…………………… 67,066.70 48,601.70 115,668.50 38,327.70 153,996.10 759,532.20 0 759,532.20 120,980.40 290,293.10 2,524,111.50
Sep……………………. 62,586.40 42,905.50 105,491.80 36,943.80 142,435.60 781,064.50 0 781,064.50 121,183.90 281,152.50 2,540,676.90
Oct…………………….. 58,102.50 34,541.00 92,643.50 32,533.80 125,177.30 792,590.50 0 792,590.50 120,329.10 244,645.70 2,568,487.20
Nov……………………. 53,619.40 53,518.20 107,137.60 38,956.90 146,094.50 782,557.20 0 782,557.20 120,909.50 274,266.80 2,670,542.20
Dec……………………. 96,778.00 59,495.40 156,273.40 49,547.40 205,820.70 796,673.40 0 796,673.40 126,081.20 314,274.70 2,944,240.60
2022
Jan…………………….. 67,312.70 47,867.50 115,180.20 48,019.60 163,199.80 777,283.60 0 777,283.60 126,661.50 319,570.00 2,893,658.10
Feb……………………. 156,190.00 40,731.20 196,921.20 51,844.90 248,766.10 770,821.10 0 770,821.10 126,511.90 368,151.90 2,954,995.80
Mar…………………… 122,492.40 43,913.00 166,405.40 39,308.90 205,714.30 776,878.00 0 776,878.00 127,109.40 370,048.10 2,915,504.00
Apr……………………. 118,936.70 43,584.60 162,521.40 31,292.80 193,814.20 793,576.30 0 793,576.30 127,065.30 338,123.80 2,914,398.10
May…………………… 97,286.30 44,600.70 141,887.00 36,001.20 177,888.20 872,992.60 0 872,992.60 126,962.60 333,051.30 3,090,449.50
Jun…………………….. 98,354.50 55,002.30 153,356.80 42,230.10 195,586.90 899,436.10 0 899,436.10 126,878.60 321,011.70 3,180,096.30
Jul……………………... 108,209.80 47,613.70 155,823.50 53,236.50 209,060.00 930,577.10 0 930,577.10 126,977.40 342,676.60 3,215,919.50
Aug……………………. 90,437.10 62,262.00 152,699.10 34,934.40 187,633.50 946,613.60 0 946,613.60 127,184.50 356,615.20 3,261,689.80
Sep……………………. 102,677.30 60,065.10 162,742.50 45,504.80 208,247.30 956,277.10 0 956,277.10 126,856.20 350,259.90 3,336,486.10
Oct…………………….. 82,052.40 59,007.60 141,059.90 44,841.80 185,901.70 980,831.60 0 980,831.60 128,877.20 363,861.10 3,465,224.10
Nov……………………. 166,661.60 56,697.90 223,359.50 46,019.50 269,379.10 990,804.70 0 990,804.70 129,656.00 348,339.70 3,457,442.70
Dec……………………. 116,721.00 71,925.30 188,646.40 68,176.40 256,822.70 988,873.50 0 988,873.50 140,322.90 380,455.40 3,649,808.50
2023
Jan…………………….. 127,371.50 56,010.20 183,381.70 73,732.60 257,114.40 976,904.80 0 976,904.80 141,261.00 420,359.40 3,664,042.80
Feb……………………. 151,328.90 55,928.90 207,257.80 66,160.20 273,418.00 976,517.90 0 976,517.90 143,538.10 439,935.80 3,689,886.90
Mar…………………… 183,685.30 54,814.50 238,499.80 64,769.30 303,269.10 968,965.60 0 968,965.60 145,363.90 458,821.60 3,803,556.70
Apr……………………. 137,117.10 52,212.80 189,330.00 87,680.90 277,010.90 969,119.30 0 969,119.30 149,775.70 428,363.90 3,857,128.40
May…………………… 165,315.30 70,647.10 235,962.40 62,171.00 298,133.50 1,008,912.30 0 1,008,912.30 152,610.30 468,760.50 3,935,352.30
Jun…………………….. 144,533.5 62,348.8 206,882.2 89,314.8 296,197.0 1,072,281.6 0.0 1,072,281.6 158,376.2 560,435.1 4,133,289.4
Jul……………………... 232,281.6 71,365.8 303,647.4 95,228.2 398,875.6 1,095,769.6 0.0 1,095,769.6 160,300.5 514,964.4 4,203,660.7
Aug……………………. 257,855.3 73,083.1 330,938.4 137,391.1 468,329.5 1,133,795.6 0.0 1,133,795.6 161,013.6 552,512.6 4,215,204.5
Sep……………………. 247,269.1 60,105.0 307,374.1 130,530.8 437,904.8 1,151,517.3 0.0 1,151,517.3 163,809.1 570,628.9 4,256,573.6
Oct…………………….. 288,758.7 69,592.0 358,350.6 183,954.6 542,305.2 1,167,826.5 0.0 1,167,826.5 166,286.1 597,039.5 4,366,060.9
Nov……………………. 409,282.9 76,564.2 485,847.1 175,891.4 661,738.5 1,216,441.7 0.0 1,216,441.7 174,380.3 750,458.7 4,876,003.5
Dec……………………. 270,067.7 90,206.9 360,274.6 212,025.3 572,299.9 1,162,937.9 0.0 1,162,937.9 182,798.6 809,789.9 4,867,415.6
35
Table 1.5 Monetary Survey3 (K’ million)
Net Foreign Assets Net Domestic Credit
Official
Net Claims on Central Government Net claims on statutory bodies Total (67+68)
End of Monetary Commercial Total
authority banks (61+62) Commercial Monetary Commercial
Monetary Total
banks (69- Authority Banks (48-
authority (64+65)
48) (18-4) 29)
61 62 63 64 65 66 67 68 69
2020
Jan 130,252.7 -28,561.6 101,691.1 261,613.2 469,632.7 731,245.9 151,114.5 10,834.8 161,949.2
Feb 155,705.9 -3,833.4 151,872.5 249,991.3 478,307.5 728,298.8 151,398.2 28,006.7 179,404.8
Mar 102,702.2 -36,644.2 66,057.9 250,059.3 528,111.4 778,170.7 155,604.7 15,464.1 171,068.8
Apr 36,099.7 1,738.2 37,837.8 291,141.8 533,731.0 824,872.8 161,083.7 17,061.7 178,145.4
May -11,239.4 11,029.9 -209.5 361,290.5 538,578.9 899,869.4 176,512.7 18,348.0 194,860.7
Jun -308,557.6 3,290.9 -305,266.8 432,350.4 552,899.5 985,249.9 159,347.9 13,541.7 172,889.5
Jul -352,121.1 27,920.3 -324,200.8 374,498.6 576,449.5 950,948.0 189,905.8 17,914.5 207,820.3
Aug -360,111.7 14,215.1 -345,896.6 356,920.9 584,167.9 941,088.8 183,340.0 12,477.8 195,817.8
Sep -423,503.3 18,477.6 382,433.6 579,048.0 173,662.3 12,544.5 186,206.8
(405,025.7) 961,481.6
Oct -398,551.7 40,071.9 -358,479.9 328,286.9 569,809.3 898,096.1 172,900.3 4,625.4 177,525.7
Nov -435,166.0 54,672.0 -380,494.0 358,987.3 558,396.3 917,383.6 145,103.9 -33,968.8 111,135.2
Dec -466,031.3 119,888.3 -346,143.1 409,038.2 567,861.3 976,899.5 162,789.3 -3,873.1 158,916.2
2021
Jan -521,749.3 121,878.6 -399,870.6 343,038.7 705,666.9 1,048,705.6 166,027.8 18,721.7 184,749.4
Feb -548,110.1 100,632.6 -447,477.5 374,079.4 715,842.4 1,089,921.8 166,189.5 13,992.5 180,182.0
Mar -575,288.8 103,343.0 -471,945.8 440,306.6 770,509.2 1,210,815.8 169,943.5 15,955.3 185,898.8
Apr -585,329.3 103,689.3 -481,640.0 427,999.7 771,273.2 1,199,273.0 174,307.6 3,256.8 177,564.4
May -569,795.5 96,240.6 -473,555.0 413,185.0 769,853.4 1,183,038.4 181,209.3 9,465.2 190,674.4
Jun -564,122.8 125,418.0 -438,704.8 355,379.2 830,807.3 1,186,186.5 169,171.2 5,770.9 174,942.1
Jul -624,774.8 132,031.9 -492,742.9 519,545.9 752,157.8 1,271,703.7 190,014.5 4,197.1 194,211.6
Aug -460,559.0 110,330.5 -350,228.6 388,259.6 755,198.5 1,143,458.1 163,425.7 918.1 164,343.8
Sep -519,371.9 105,467.0 -413,904.9 415,232.0 774,676.9 1,189,908.9 159,903.3 10,932.9 170,836.3
Oct -597,943.3 115,899.7 -482,043.5 570,633.3 814,977.2 1,385,610.5 162,197.7 -29,622.9 132,574.8
Nov -596,175.8 116,125.2 -480,050.6 606,672.6 835,417.3 1,442,090.0 155,726.7 -1,833.7 153,893.0
Dec -584,195.8 163,107.2 -421,088.7 555,413.7 1,067,798.8 1,623,212.5 136,894.8 -10,685.2 126,209.6
2022
Jan -596,971.7 169,405.4 -427,566.4 551,219.2 1,058,576.9 1,609,796.1 139,557.3 -21,974.9 117,582.4
Feb -600,653.1 136,107.0 -464,546.1 661,228.1 1,019,723.5 1,680,951.5 135,945.6 -23,737.0 112,208.6
Mar -618,292.2 135,379.2 -482,913.1 732,739.1 1,016,346.2 1,749,085.3 126,087.9 -6,550.1 119,537.8
Apr -596,671.5 110,518.2 -486,153.3 786,109.0 1,064,206.4 1,850,315.4 113,158.8 -3,948.5 109,210.4
May -734,556.9 165,464.3 -569,092.6 783,354.3 1,061,036.6 1,844,390.9 160,655.1 -23,207.2 137,447.9
Jun -672,901.4 183,865.9 -489,035.5 729,503.3 1,094,730.1 1,824,233.4 164,625.8 -85,075.5 79,550.3
Jul -707,559.9 196,848.5 -510,711.4 805,431.9 1,077,119.8 1,882,551.7 134,133.2 -105,208.6 28,924.6
Aug -701,542.5 206,418.8 -495,123.7 795,824.9 1,130,472.6 1,926,297.6 123,557.8 -107,411.0 16,146.8
Sep -840,547.1 194,045.9 -646,501.2 835,073.6 1,148,265.4 1,983,339.0 221,978.7 -57,117.9 164,860.8
Oct -842,145.1 244,562.8 -597,582.3 860,000.7 1,217,850.6 2,077,851.3 221,978.7 -129,338.6 92,640.1
Nov -931,726.8 213,684.8 -718,042.0 918,513.2 1,185,740.6 2,104,253.8 201,931.8 -83,918.8 118,013.0
Dec -955,297.8 271,858.5 -683,439.3 1,080,034.6 1,309,706.9 2,389,741.5 235,474.5 -88,500.8 146,973.7
2023
Jan -989,567.0 259,016.1 -730,550.8 1,037,961.6 1,293,009.1 2,330,970.7 216,177.5 -62,184.8 153,992.7
Feb -977,960.3 232,231.3 -745,729.0 1,089,783.4 1,343,768.0 2,433,551.4 214,882.7 -125,822.1 89,060.7
Mar -1,024,725.7 241,006.3 -783,719.5 1,108,972.0 1,428,266.3 2,537,238.3 199,410.3 -94,656.2 104,754.1
Apr -1,053,178.2 231,850.3 -821,327.8 1,502,452.3 1,502,452.3 3,004,904.6 178,071.1 -115,412.1 62,659.0
May -1,046,304.4 232,457.5 -813,847.0 1,465,073.1 1,465,073.1 2,930,146.2 175,695.7 -116,371.7 59,323.9
Jun -964,146.0 171,622.6 -792,523.4 1,505,754.1 1,505,754.1 3,011,508.1 194,239.8 -126,374.9 67,864.8
Jul -1,026,935.8 226,625.2 -800,310.7 1,514,970.2 1,514,970.2 3,029,940.3 196,953.7 -119,996.4 76,957.3
Aug -1,080,341.0 200,165.6 -880,175.4 1,386,367.1 1,386,367.1 2,772,734.2 207,379.8 -112,634.2 94,745.5
Sep -1,111,009.5 171,986.2 -939,023.3 1,425,852.9 1,425,852.9 2,851,705.8 226,543.0 -112,117.9 114,425.1
Oct -1,233,959.2 215,531.5 -1,018,427.7 1,325,641.2 1,325,641.2 2,651,282.3 241,076.0 -149,919.2 91,156.9
Nov -1,848,577.6 260,306.0 -1,588,271.7 1,365,450.8 1,365,450.8 2,730,901.7 415,811.4 -150,733.6 265,077.8
Dec -1,724,056.3 335,153.2 -1,388,903.1 1,441,648.2 1,441,648.2 2,883,296.4 423,986.7 -179,042.1 244,944.6
3
A consolidation of Assets and Liabilities of Monetary Authorities and commercial banks.
36
Table 1.5 Monetary Survey (Continued) (K’ million)
Domestic Banks Domestic private sector
Claims on Reserve Bank Premises

Claims on Bills
and Other assets Total assets
Deposits in other Total Loans and discounted Total
Currency in Total equipment
End of Reserve domestic (72+73) advances and (75+76)
Banks (70+75) banks purchased
Bank
70 71 72 73 74 75 76 77 78 79 80
2020
Sep 48,461.30 37,742.40 86,203.80 81,960.10 168,163.90 642,781.30 0 642,781.30 115,728.40 216,471.60 2,096,136.40
Oct 56,782.50 39,009.00 95,791.50 61,731.10 157,522.60 654,906.60 0 654,906.60 116,098.30 232,620.50 2,131,194.10
Nov 97,900.50 40,466.60 138,367.10 55,335.40 193,702.50 680,728.40 0 680,728.40 116,612.00 242,902.80 2,190,393.60
Dec 65,187.30 47,288.90 112,476.20 42,759.50 155,235.70 672,400.40 0 672,400.40 122,445.10 267,590.60 2,253,039.10
2021
Jan 104,730.60 34,274.50 139,005.10 16,171.20 155,176.30 642,480.90 0 642,480.90 123,098.60 234,591.70 2,345,363.40
Feb 74,104.50 30,880.40 104,984.90 26,745.50 131,730.40 655,640.50 0 655,640.50 122,484.30 231,551.60 2,318,989.60
Mar 59,515.50 39,067.40 98,583.00 42,298.10 140,881.10 675,076.80 0 675,076.80 121,757.10 233,951.30 2,376,676.50
Apr 61,535.40 44,124.50 105,659.90 33,719.70 139,379.60 701,180.90 0 701,180.90 122,487.10 223,760.00 2,394,722.60
May 65,285.40 43,043.10 108,328.50 56,282.90 164,611.40 715,880.50 0 715,880.50 121,527.50 247,783.00 2,460,974.40
Jun 50,141.20 45,864.60 96,005.70 47,244.60 143,250.30 752,740.50 0 752,740.50 121,189.90 279,560.90 2,591,742.30
Jul 71,520.70 39,112.90 110,633.60 50,602.00 161,235.60 751,596.10 0 751,596.10 120,487.80 279,211.00 2,532,438.50
Aug 67,066.70 48,601.70 115,668.50 38,327.70 153,996.10 759,532.20 0 759,532.20 120,980.40 290,293.10 2,524,111.50
Sep 62,586.40 42,905.50 105,491.80 36,943.80 142,435.60 781,064.50 0 781,064.50 121,183.90 281,152.50 2,540,676.90
Oct 58,102.50 34,541.00 92,643.50 32,533.80 125,177.30 792,590.50 0 792,590.50 120,329.10 244,645.70 2,568,487.20
Nov 53,619.40 53,518.20 107,137.60 38,956.90 146,094.50 782,557.20 0 782,557.20 120,909.50 274,266.80 2,670,542.20
Dec 96,778.00 59,495.40 156,273.40 49,547.40 205,820.70 796,673.40 0 796,673.40 126,081.20 314,274.70 2,944,240.60
2022
Jan 67,312.70 47,867.50 115,180.20 48,019.60 163,199.80 777,283.60 0 777,283.60 126,661.50 319,570.00 2,893,658.10
Feb 156,190.00 40,731.20 196,921.20 51,844.90 248,766.10 770,821.10 0 770,821.10 126,511.90 368,151.90 2,954,995.80
Mar 122,492.40 43,913.00 166,405.40 39,308.90 205,714.30 776,878.00 0 776,878.00 127,109.40 370,048.10 2,915,504.00
Apr 118,936.70 43,584.60 162,521.40 31,292.80 193,814.20 793,576.30 0 793,576.30 127,065.30 338,123.80 2,914,398.10
May 97,286.30 44,600.70 141,887.00 36,001.20 177,888.20 872,992.60 0 872,992.60 126,962.60 333,051.30 3,090,449.50
Jun 98,354.50 55,002.30 153,356.80 42,230.10 195,586.90 899,436.10 0 899,436.10 126,878.60 321,011.70 3,180,096.30
Jul 108,209.80 47,613.70 155,823.50 53,236.50 209,060.00 930,577.10 0 930,577.10 126,977.40 342,676.60 3,215,919.50
Aug 90,437.10 62,262.00 152,699.10 34,934.40 187,633.50 946,613.60 0 946,613.60 127,184.50 356,615.20 3,261,689.80
Sep 102,677.30 60,065.10 162,742.50 45,504.80 208,247.30 956,277.10 0 956,277.10 126,856.20 350,259.90 3,336,486.10
Oct 82,052.40 59,007.60 141,059.90 44,841.80 185,901.70 980,831.60 0 980,831.60 128,877.20 363,861.10 3,465,224.10
Nov 166,661.60 56,697.90 223,359.50 46,019.50 269,379.10 990,804.70 0 990,804.70 129,656.00 348,339.70 3,457,442.70
Dec 116,721.00 71,925.30 188,646.40 68,176.40 256,822.70 988,873.50 0 988,873.50 140,322.90 380,455.40 3,649,808.50
2023
Jan 127,371.50 56,010.20 183,381.70 73,732.60 257,114.40 976,904.80 0 976,904.80 141,261.00 420,359.40 3,664,042.80
Feb 151,328.90 55,928.90 207,257.80 66,160.20 273,418.00 976,517.90 0 976,517.90 143,538.10 439,935.80 3,689,886.90
Mar 183,685.30 54,814.50 238,499.80 64,769.30 303,269.10 968,965.60 0 968,965.60 145,363.90 458,821.60 3,803,556.70
Apr 137,117.10 52,212.80 189,330.00 87,680.90 277,010.90 969,119.30 0 969,119.30 149,775.70 428,363.90 3,857,128.40
May 165,315.30 70,647.10 235,962.40 62,171.00 298,133.50 1,008,912.30 0 1,008,912.30 152,610.30 468,760.50 3,935,352.30
Jun 144,533.5 62,348.8 206,882.2 89,314.8 296,197.0 1,072,281.6 0.0 1,072,281.6 158,376.2 560,435.1 4,133,289.4
Jul 232,281.6 71,365.8 303,647.4 95,228.2 398,875.6 1,095,769.6 0.0 1,095,769.6 160,300.5 514,964.4 4,203,660.7
Aug 257,855.3 73,083.1 330,938.4 137,391.1 468,329.5 1,133,795.6 0.0 1,133,795.6 161,013.6 552,512.6 4,215,204.5
Sep 247,269.1 60,105.0 307,374.1 130,530.8 437,904.8 1,151,517.3 0.0 1,151,517.3 163,809.1 570,628.9 4,256,573.6
Oct 288,758.7 69,592.0 358,350.6 183,954.6 542,305.2 1,167,826.5 0.0 1,167,826.5 166,286.1 597,039.5 4366060.919
Nov 409,282.9 76,564.2 485,847.1 175,891.4 661,738.5 1,216,441.7 0.0 1,216,441.7 174,380.3 750,458.7 4876003.545
Dec 270,067.7 90,206.9 360,274.6 212,025.3 572,299.9 1,162,937.9 0.0 1,162,937.9 182,798.6 809,789.9 4867415.601
37
Table 1.6 Foreign Exchange Reserves of the Banking System (K’ million)
Official Foreign Exchange Reserves
Total Official
Reserve Bank
Reserves
Foreign Assets Foreign liabilities
Treasury Balances
End of Deposits of with Crown
Balances
International Net foreign assets Agents and Gross Official
with foreign
Special Drawing agencies, IMF Special Account
banks and Total (80+81) (82-83=61) Reserves
Rights (15) and commercial
securities
loans, Securities
(13+14)
(1+2)
80 81 82 83 84 85 86
2020
Jan 573,611.2 7,817.8 581,429.0 451,176.3 130,252.7 0.0 570,371.5
Feb 587,567.6 6,927.5 594,495.1 438,789.2 155,705.9 0.0 579,082.4
Mar 531,169.2 6,998.4 538,167.6 435,465.5 102,702.2 0.0 522,651.8
Apr 442,745.7 6,993.7 449,739.4 413,639.7 36,099.7 0.0 434,290.1
May 475,181.1 6,954.1 482,135.2 493,374.6 -11,239.4 0.0 468,624.1
Jun 497,664.0 7,041.8 504,705.8 813,263.5 -308,557.6 0.0 491,053.5
Jul 474,989.2 7,197.9 482,187.1 834,308.2 -352,121.1 0.0 470,363.6
Aug 480,257.5 7,341.5 487,598.9 847,710.6 -360,111.7 0.0 475,443.9
Sep 411,430.9 7,305.0 418,735.9 842,239.2 -423,503.3 0.0 406,366.1
Oct 482,279.5 7,354.4 489,633.9 888,185.6 -398,551.7 0.0 475,170.3
Nov 446,443.3 7,472.5 453,915.8 889,081.8 -435,166.0 0.0 440,180.6
Dec 444,357.8 7,636.4 451,994.2 918,025.5 -466,031.3 0.0 438,259.4
2021
Jan 390,090.7 7,660.9 397,751.6 919,500.9 -521,749.3 0.0 383,911.1
Feb 380,020.9 7,781.7 387,802.6 935,912.7 -548,110.1 0.0 372,086.4
Mar 320,271.0 7,678.9 327,949.9 903,238.7 -575,288.8 0.0 311,843.1
Apr 312,562.8 7,834.3 320,397.1 905,726.4 -585,329.3 0.0 307,470.1
May 341,825.4 7,878.1 349,703.4 919,499.0 -569,795.5 0.0 336,902.5
Jun 345,559.1 7,901.6 353,460.7 917,583.5 -564,122.8 0.0 339,302.8
Jul 329,573.1 7,959.4 337,532.5 962,307.3 -624,774.8 0.0 323,196.9
Aug 321,379.9 163,186.3 484,566.2 945,125.3 -460,559.0 0.0 470,219.0
Sep 428,085.9 7,915.9 436,001.8 955,373.7 -519,371.9 0.0 420,409.5
Oct 331,945.5 7,913.2 339,858.8 937,802.1 -597,943.3 0.0 324,297.2
Nov 322,679.6 7,817.5 330,497.1 926,672.9 -596,175.8 0.0 314,861.4
Dec 343,229.2 7,793.8 351,023.0 935,218.8 -584,195.8 0.0 336,805.2
2022
Jan 329,952.4 7,776.9 337,729.3 934,701.1 -596,971.7 0.0 323,525.7
Feb 318,565.2 7,752.4 326,317.6 926,970.7 -600,653.1 0.0 311,797.8
Mar 299,600.0 7,706.3 307,306.3 925,598.5 -618,292.2 0.0 292,769.4
Apr 295,807.5 6,027.8 301,835.4 898,506.9 -596,671.5 0.0 286,976.1
May 404,530.6 7,409.6 411,940.2 1,146,497.0 -734,556.9 0.0 385,871.5
Jun 428,175.7 9,384.4 437,560.1 1,110,461.5 -672,901.4 0.0 417,228.2
Jul 393,000.2 5,745.3 398,745.5 1,106,305.4 -707,559.9 0.0 369,350.4
Aug 395,643.5 5,127.2 400,770.8 1,102,313.3 -701,542.5 0.0 372,714.9
Sep 330,688.9 5,007.5 335,696.4 1,176,243.4 -840,547.1 0.0 316,526.3
Oct 319,990.6 16,215.3 336,205.9 1,178,351.0 -842,145.1 0.0 318,396.6
Nov 333,269.7 15,369.2 348,638.9 1,280,365.6 -931,726.8 0.0 329,908.6
Dec 313,925.1 3,644.2 317,569.3 1,272,867.1 -955,297.8 0.0 302,093.0
2023
Jan 284,563.9 7,713.8 292,277.8 1,281,844.7 -989,567.0 0.0 274,287.4
Feb 289,505.2 5,608.4 295,113.7 1,273,074.0 -977,960.3 0.0 277,161.6
Mar 235,359.3 3,886.5 239,245.7 1,263,971.5 -1,024,725.7 0.0 222,184.6
Apr 207,644.9 6,286.9 213,931.8 1,267,110.0 -1,053,178.2 0.0 197,099.6
May 207,519.7 3,866.7 211,386.3 1,257,690.8 -1,046,304.4 0.0 191,936.7
Jun 330,001.6 11,224.7 341,226.4 1,305,372.4 -964,146.0 0.0 324,603.6
Jul 279,535.2 9,502.9 289,038.0 1,315,973.8 -1,026,935.8 0.0 273,553.5
Aug 262,010.7 6,868.9 268,879.6 1,349,220.7 -1,080,341.0 0.0 254,275.1
Sep 274,180.8 5,055.7 279,236.5 1,390,246.0 -1,111,009.5 0.0 260,930.4
Oct 199,276.6 22,016.6 221,293.3 1,455,252.5 -1,233,959.2 0.0 199766.1
Nov 263,709.4 25,200.0 288,909.5 2,137,487.1 -1,848,577.6 0.0 264577.9
Dec 421,905.7 8,533.1 430,438.8 2,154,495.1 -1,724,056.3 0.0 406355.9
Source: Reserve Bank of Malawi, Treasury and monthly reports of commercial banks
38
Table 1.6 Foreign Exchange Reserves of the Banking System (continued)
Commercial banks Foreign Exchange Reserves
Foreign Assets Foreign Liabilities
Loans and Net Foreign Assets (89-

Claims on foreign advances to non- Liabilities to Deposits of Non- 92=62)
Total (87+88) Total (90+91=25)
Banks (41) residents and bills Foreign Banks (24) residents (23)
payable abroad
End of
87 88 89 90 91 92 93
2020
Jan 69,152.7 0.0 69,152.7 55,417.2 42,297.0 97,714.2 -28,561.6
Feb 84,161.4 0.0 84,161.4 58,590.8 29,403.9 87,994.7 -3,833.4
Mar 66,775.9 0.0 66,775.9 74,413.0 29,007.1 103,420.1 -36,644.2
Apr 121,339.4 0.0 121,339.4 89,630.7 29,970.5 119,601.2 1,738.2
May 143,441.3 0.0 143,441.3 100,725.9 31,685.4 132,411.3 11,029.9
Jun 124,739.7 0.0 124,739.7 101,452.5 19,996.3 121,448.8 3,290.9
Jul 146,306.3 0.0 146,306.3 95,441.3 22,944.8 118,386.1 27,920.3
Aug 140,489.1 0.0 140,489.1 101,767.0 24,507.1 126,274.1 14,215.1
Sep 147,021.6 0.0 147,021.6 99,176.0 29,368.0 128,544.1 18,477.6
Oct 153,539.0 0.0 153,539.0 84,038.5 29,428.6 113,467.1 40,071.9
Nov 150,603.6 0.0 150,603.6 63,128.6 32,802.9 95,931.5 54,672.0
Dec 191,443.6 0.0 191,443.6 40,516.8 31,038.6 71,555.4 119,888.3
2021
Jan 187,397.1 0.0 187,397.1 38,428.0 27,090.4 65,518.4 121,878.6
Feb 165,753.3 0.0 165,753.3 39,367.3 25,753.5 65,120.8 100,632.6
Mar 164,559.4 0.0 164,559.4 39,994.8 21,221.5 61,216.3 103,343.0
Apr 184,173.3 0.0 184,173.3 60,260.8 20,223.2 80,484.0 103,689.3
May 183,433.6 0.0 183,433.6 62,965.3 24,227.7 87,193.0 96,240.6
Jun 207,414.8 0.0 207,414.8 61,935.6 20,061.1 81,996.8 125,418.0
Jul 219,041.8 0.0 219,041.8 65,946.5 21,063.4 87,009.9 132,031.9
Aug 196,717.7 0.0 196,717.7 62,689.2 23,698.0 86,387.2 110,330.5
Sep 181,540.4 0.0 181,540.4 54,543.0 21,530.4 76,073.4 105,467.0
Oct 189,838.7 0.0 189,838.7 55,474.9 18,464.0 73,939.0 115,899.7
Nov 216,934.8 0.0 216,934.8 77,222.1 23,587.5 100,809.6 116,125.2
Dec 247,066.5 0.0 247,066.5 61,025.1 22,934.3 83,959.3 163,107.2
2022
Jan 254,639.2 0.0 254,639.2 64,719.4 20,514.4 85,233.8 169,405.4
Feb 227,020.8 0.0 227,020.8 69,789.8 21,124.0 90,913.7 136,107.0
Mar 228,456.6 0.0 228,456.6 72,814.7 20,262.7 93,077.4 135,379.2
Apr 197,030.2 0.0 197,030.2 55,554.1 30,957.9 86,512.0 110,518.2
May 297,153.2 0.0 297,153.2 98,679.1 33,009.7 131,688.9 165,464.3
Jun 310,384.5 0.0 310,384.5 85,092.9 41,425.7 126,518.7 183,865.9
Jul 300,229.8 0.0 300,229.8 72,633.2 30,748.1 103,381.3 196,848.5
Aug 292,767.6 0.0 292,767.6 60,637.9 25,710.9 86,348.8 206,418.8
Sep 310,045.4 0.0 310,045.4 86,003.0 29,996.5 115,999.5 194,045.9
Oct 377,718.6 0.0 377,718.6 107,364.5 25,791.4 133,155.8 244,562.8
Nov 318,187.2 0.0 318,187.2 76,574.8 27,927.7 104,502.5 213,684.8
Dec 373,870.7 0.0 373,870.7 69,484.8 32,527.4 102,012.2 271,858.5
2023
Jan 358,434.8 0.0 358,434.8 73,937.9 25,480.8 99,418.7 259,016.1
Feb 310,724.2 0.0 310,724.2 54,847.3 23,645.5 78,492.8 232,231.3
Mar 302,250.9 0.0 302,250.9 36,341.2 24,903.5 61,244.7 241,006.3
Apr 333,035.2 0.0 333,035.2 69,211.5 31,973.3 101,184.8 231,850.3
May 333,036.7 0.0 333,036.7 56,774.1 43,805.1 100,579.2 232,457.5
Jun 318,857.4 0.0 318,857.4 86,603.4 60,631.4 147,234.8 171,622.6
Jul 325,913.0 0.0 325,913.0 58,674.3 40,613.5 99,287.8 226,625.2
Aug 312,675.7 0.0 312,675.7 82,916.5 29,593.6 112,510.0 200,165.6
Sep 294,400.9 0.0 294,400.9 87,042.3 35,372.5 122,414.7 171,986.2
Oct 326,856.2 0.0 326,856.2 82,916.5 29,593.6 112,510.0 214,346.2
Nov 461,458.3 0.0 461,458.3 87,042.3 35,372.5 122,414.7 339,043.6
Dec 463,942.2 0.0 463,942.2 78,122.6 33,202.2 111,324.7 352,617.5
39
Table 1.7 Commercial Banks: Advances by Main Sector (K’ million)
Finance,
Constru-
Insurance Commu-
Electri- ction Wholesale
Mining Transport, Real nity.social
city, and and Restaurants Other
Period Agriculture and Manufacturing Storage and Estate and Total
Water Civil Retail and hotels sectors1
quarrying Communication and personal
and Gas Engine- Trade
Business services
ering
Services
1 2 3 4 5 6 7 8 9 10 11 12
2018…. 46,608.2 1,597.2 81,251.5 9,119.3 15,641.6 102,553.3 18,740.4 13,224.3 14,518.3 18,922.9 44,880.0 367,057.0
2019…. 124,326.2 2,741.9 83,208.0 19,503.0 19,992.3 136,083.8 20,227.1 35,206.2 24,818.1 68,217.2 54,333.2 588,656.8
2020…. 122,159.6 855.4 85,883.2 11,994.4 27,860.8 153,327.8 23,179.0 34,400.9 24,103.2 118,816.4 70,017.7 672,598.5
2021…. 136,672.7 1,133.4 94,500.5 35,588.3 33,034.3 195,339.5 30,855.4 48,078.1 39,558.3 253,964.9 - 868,725.3
2022…. 155,598.3 8,516.2 122,634.7 57,073.8 44,624.5 193,725.5 41,049.9 70,879.1 36,238.7 339,920.0 - 1,070,260.6
2018
Mar…. 109,698.5 1,716.5 71,143.6 16,488.8 12,020.6 113,623.1 17,788.2 22,636.6 16,105.7 43,861.1 104,700.1 529,782.8
Jun…. 51,065.1 922.2 73,279.7 16,536.1 13,844.3 112,206.7 19,063.9 18,667.2 16,397.0 43,104.6 38,707.6 403,794.4
Sep…. 97,564.1 1,032.9 92,329.6 18,171.6 20,818.8 118,478.9 18,413.4 19,757.9 15,700.9 47,510.0 41,778.3 491,556.5
Dec…. 96,684.6 1,586.0 87,289.3 9,713.2 16,839.7 117,922.3 18,992.3 25,222.2 17,904.4 48,886.5 44,549.7 485,590.3
2019
Mar…. 96,345.0 1,121.5 80,047.7 2,113.4 18,097.0 116,717.6 20,787.4 26,805.0 13,214.3 50,775.9 45,437.4 471,462.2
Jun…. 115,588.4 2,372.9 86,061.4 11,842.2 19,242.9 129,468.9 23,231.7 33,003.9 14,911.1 50,121.4 49,284.4 535,129.3
Sep…. 118,457.4 3,146.2 85,471.2 18,210.3 21,098.0 128,954.2 20,420.2 36,698.4 22,468.6 59,018.0 49,709.2 563,651.8
Dec…. 124,200.3 1,203.2 84,659.7 19,483.3 19,972.1 132,953.8 20,206.6 35,170.5 21,394.1 67,226.0 54,278.2 580,747.8
2020
Mar…. 130,652.5 698.8 76,543.6 9,165.2 23,041.2 128,346.0 21,131.5 32,005.7 18,712.2 76,590.8 57,612.8 574,500.2
Jun…. 126,358.0 767.5 79,142.4 7,738.6 20,640.2 139,600.9 20,601.7 32,817.7 18,369.1 85,788.6 64,260.3 596,085.0
Sep…. 127,085.4 711.6 88,940.2 9,490.1 26,185.8 149,233.9 21,724.1 34,667.0 33,504.8 106,770.5 63,940.9 662,254.4
Dec…. 122,033.8 854.5 86,342.9 11,982.1 27,832.1 157,265.8 23,155.1 34,365.5 38,479.2 121,218.6 69,945.6 693,475.3
2021
Mar…. 128,574.4 1,891.5 74,354.2 11,620.8 30,243.5 145,321.4 25,806.8 34,713.5 39,124.6 202,763.6 - 694,414.4
Jun…. 131,369.7 2,165.6 97,637.6 17,112.9 33,222.7 167,898.6 29,922.4 40,345.7 40,173.0 213,423.7 - 773,271.8
Sep…. 129,384.6 1,702.9 103,541.0 12,740.7 35,288.9 161,149.0 31,899.1 43,555.2 41,457.5 242,141.0 - 802,859.8
Dec…. 136,672.7 1,133.4 94,500.5 35,588.3 33,034.3 195,339.5 30,855.4 48,078.1 39,558.3 253,964.9 - 868,725.3
2022
Mar…. 137,399.9 1,202.9 73,791.5 37,252.1 29,969.9 192,004.9 32,252.1 48,838.9 38,910.7 257,136.3 - 848,759.0
Jun…. 170,332.7 1,413.6 104,444.3 58,069.1 32,313.9 222,421.9 37,075.4 57,713.8 38,866.2 268,187.9 - 990,838.8
Sep…. 182,221.2 87,057.7 37,753.4 229,651.3 37,782.1 30,036.5 54,863.4 312,590.0 2,199.0 68,735.5 - 1,042,890.1
Dec…. 155,598.3 8,516.2 122,634.7 57,073.8 44,624.5 193,725.5 41,049.9 70,879.1 36,238.7 339,920.0 - 1,070,260.6
2023
Mar…. 152,090.9 8,383.0 90,408.8 54,028.1 42,582.4 175,167.8 38,476.1 70,077.1 3,703.0 358,232.4 - 1,026,476.0
Jun…. 186,181.2 7,723.3 101,126.1 54,183.2 45,473.9 195,931.1 38,577.7 75,856.2 40,301.6 388,386.8 - 1,133,741.0
Sep…. 205,379.2 7,207.6 126,077.8 53,454.1 45.538.1 212.163.0 42,004.2 76,228.6 31,9662 436,801.0 - 1,236,819.8
Dec….. 150,934.5 8,283.6 122,053.8 59,432.7 43,127.0 191,278.6 40,340.6 69,680.0 37,095.9 340,964.5 - 1,063,191.1
Source: Data provided by commercial banks to the Reserve Bank of Malawi
40
Table 1.8 Commercial Banks: Demand Deposits by Main Sector (K’ million)
Finance,
Constru- Insurance Commu-
Mining Electri-
ction and Wholesale Transport, Real nity.social
and city, Restaurants Other
Period Agriculture Manufacturing Civil and Retail Storage and Estate and Total
quarry- Water and hotels sectors1
Engine- Trade Communication and personal
in and Gas
ering Business services
Services
1 2 3 4 5 6 7 8 9 10 11 12
2018……. 46,608.2 1,597.2 81,251.5 9,119.3 15,641.6 102,553.3 18,740.4 13,224.3 14,518.3 18,922.9 44,880.0 367,057.0
2019……. 124,326.2 2,741.9 83,208.0 19,503.0 19,992.3 136,083.8 20,227.1 35,206.2 24,818.1 68,217.2 54,333.2 588,656.8
2020……. 122,159.6 855.4 85,883.2 11,994.4 27,860.8 153,327.8 23,179.0 34,400.9 24,103.2 118,816.4 70,017.7 672,598.5
2021……. 136,672.7 1,133.4 94,500.5 35,588.3 33,034.3 195,339.5 30,855.4 48,078.1 39,558.3 253,964.9 - 868,725.3
2022……. 154,733.8 8,515.3 125,200.9 56,830.1 42,815.9 188,970.4 41,144.7 70,777.3 36,479.6 344,460.0 - 1,069,928.0
2018
Mar……. 109,698.5 1,716.5 71,143.6 16,488.8 12,020.6 113,623.1 17,788.2 22,636.6 16,105.7 43,861.1 104,700.1 529,782.8
Jun……. 51,065.1 922.2 73,279.7 16,536.1 13,844.3 112,206.7 19,063.9 18,667.2 16,397.0 43,104.6 38,707.6 403,794.4
Sep……. 97,564.1 1,032.9 92,329.6 18,171.6 20,818.8 118,478.9 18,413.4 19,757.9 15,700.9 47,510.0 41,778.3 491,556.5
Dec……. 96,684.6 1,586.0 87,289.3 9,713.2 16,839.7 117,922.3 18,992.3 25,222.2 17,904.4 48,886.5 44,549.7 485,590.3
2019
Mar……. 96,345.0 1,121.5 80,047.7 2,113.4 18,097.0 116,717.6 20,787.4 26,805.0 13,214.3 50,775.9 45,437.4 471,462.2
Jun……. 115,588.4 2,372.9 86,061.4 11,842.2 19,242.9 129,468.9 23,231.7 33,003.9 14,911.1 50,121.4 49,284.4 535,129.3
Sep……. 118,457.4 3,146.2 85,471.2 18,210.3 21,098.0 128,954.2 20,420.2 36,698.4 22,468.6 59,018.0 49,709.2 563,651.8
Dec……. 124,200.3 1,203.2 84,659.7 19,483.3 19,972.1 132,953.8 20,206.6 35,170.5 21,394.1 67,226.0 54,278.2 580,747.8
2020
Mar……. 130,652.5 698.8 76,543.6 9,165.2 23,041.2 128,346.0 21,131.5 32,005.7 18,712.2 76,590.8 57,612.8 574,500.2
Jun……. 126,358.0 767.5 79,142.4 7,738.6 20,640.2 139,600.9 20,601.7 32,817.7 18,369.1 85,788.6 64,260.3 596,085.0
Sep……. 127,085.4 711.6 88,940.2 9,490.1 26,185.8 149,233.9 21,724.1 34,667.0 33,504.8 106,770.5 63,940.9 662,254.4
Dec……. 122,033.8 854.5 86,342.9 11,982.1 27,832.1 157,265.8 23,155.1 34,365.5 38,479.2 121,218.6 69,945.6 693,475.3
2021
Mar……. 128,574.4 1,891.5 74,354.2 11,620.8 30,243.5 145,321.4 25,806.8 34,713.5 39,124.6 202,763.6 - 694,414.4
Jun……. 131,369.7 2,165.6 97,637.6 17,112.9 33,222.7 167,898.6 29,922.4 40,345.7 40,173.0 213,423.7 - 773,271.8
Sep……. 129,384.6 1,702.9 103,541.0 12,740.7 35,288.9 161,149.0 31,899.1 43,555.2 41,457.5 242,141.0 - 802,859.8
Dec……. 136,672.7 1,133.4 94,500.5 35,588.3 33,034.3 195,339.5 30,855.4 48,078.1 39,558.3 253,964.9 - 868,725.3
2022
Mar……. 137,399.9 1,202.9 73,791.5 37,252.1 29,969.9 192,004.9 32,252.1 48,838.9 38,910.7 257,136.3 - 848,759.0
Jun……. 170,332.7 1,413.6 104,444.3 58,069.1 32,313.9 222,421.9 37,075.4 57,713.8 38,866.2 268,187.9 - 990,838.8
Sep……. 182,221.2 87,057.7 37,753.4 229,651.3 37,782.1 30,036.5 54,863.4 312,590.0 2,199.0 68,735.5 - 1,042,890.1
Dec……. 154,733.8 8,515.3 125,200.9 56,830.1 42,815.9 188,970.4 41,144.7 70,777.3 36,479.6 344,460.0 - 1,069,928.0
2023
Mar……. 80,183.3 9,657.2 108,873.6 99,345.2 56,652.3 309,184.5 12,117.1 134,292.9 123,842.8 419,002.3 30,446.8 1,383,597.9
Jun……. 118,047.9 22,265.5 112,500.2 118,340.1 67,416.9 418,833.9 14,491.3 179,529.1 139,498.6 438,007.2 44,085.1 1,673,015.8
Sep……. 123,342.3 24,129.7 102,550.2 121,093.8 70,722.9 380,177.9 14,396.5 180,455.1 145,227.5 454,662.8 42,765.5 1,659,524.2
Dec……. 161,527.4 36,628.1 137,445.3 139,784.5 117,252.5 455,312.0 19,012.2 208,538.4 165,212.0 567,078.4 42,083.1 2,049,873.9
Source: Data provided by commercial banks to the Reserve Bank of Malawi.
41
Table 1.9 Commercial Banks: Time Savings Deposits by Main Sector (K’ million)
Finance,
Transport, Insurance
Electricity Whole- Community
Mining Construction Storage Real
Manufacturi- Water sale and Hotels and Social and Other
Period Agriculture and and Civil and Estate Total3
ng and Retail Restaurants Personal Sectors2
quarrying Engineering Communi- and
Gas Trade Services
cation Business
Services1
2018... 44,458.8 1,519.9 45,324.4 21,929.7 38,466.2 65,199.5 10,065.0 50,348.2 56,073.0 179,694.8 88,772.0 601,851.4
2019... 37,511.2 3,009.5 39,794.7 28,942.4 34,237.4 94,728.3 8,460.4 60,333.7 57,920.8 223,708.5 71,532.2 660,179.1
2020... 45,745.6 2,815.0 46,324.5 38,520.0 41,244.3 100,835.6 13,357.6 68,911.5 75,383.5 308,561.7 66,862.1 808,561.6
2021... 54,456.0 3,511.1 55,695.0 45,718.9 62,841.2 196,356.6 10,546.2 107,722.3 89,131.0 347,893.3 25,314.9 999,186.5
2022... 206,494.5 6,657.5 117,997.0 114,326.6 82,867.4 331,338.1 14,694.0 166,267.9 99,030.3 272,402.8 34,775.7 1,446,851.7
2018
Mar... 38,477.1 8,767.8 30,158.7 15,599.4 28,765.5 53,289.9 13,013.5 61,705.6 74,022.2 145,322.4 164,373.9 633,496.0
Jun... 31,284.1 1,627.4 21,760.9 12,017.0 12,887.6 47,766.8 4,429.3 17,027.8 47,452.1 286,343.4 116,748.0 599,344.3
Sep... 51,033.8 2,529.4 31,696.3 14,677.6 37,995.9 73,310.7 7,131.9 39,454.0 55,454.4 178,834.4 100,947.9 593,066.3
Dec... 44,458.8 1,519.9 45,324.4 21,929.7 38,466.2 65,199.5 10,065.0 50,348.2 56,073.0 179,694.8 88,772.0 601,851.4
2019
Mar... 51,077.2 2,654.2 35,111.2 20,638.3 31,173.7 65,368.9 7,824.5 60,761.5 46,139.4 204,723.0 88,065.8 613,537.7
Jun... 54,363.7 2,019.6 31,703.4 45,183.3 29,976.7 73,002.2 7,612.3 73,183.1 45,069.5 200,476.6 87,483.3 650,073.7
Sep... 34,784.9 2,542.9 33,164.2 32,852.0 28,190.4 75,716.0 7,675.8 49,483.9 64,660.5 201,201.3 84,579.1 614,850.9
Dec... 37,511.2 3,009.5 39,794.7 28,942.4 34,237.4 94,728.3 8,460.4 60,333.7 57,920.8 223,708.5 71,532.2 660,179.1
2020
Mar... 40,917.0 2,311.1 40,288.1 28,426.9 35,352.1 92,697.4 8,412.9 74,739.7 57,834.7 226,533.5 65,693.7 673,207.0
Jun... 48,539.4 2,695.2 48,011.7 34,605.8 41,206.3 105,514.9 8,879.9 64,406.3 56,893.0 233,906.3 68,240.7 712,899.4
Sep... 41,845.5 3,959.4 45,662.9 32,890.7 31,940.0 101,768.7 8,826.7 66,841.2 65,326.9 256,971.5 70,229.7 726,263.2
Dec... 45,745.6 2,815.0 46,324.5 38,520.0 41,244.3 100,835.6 13,357.6 68,911.5 75,383.5 308,561.7 66,862.1 808,561.6
2021
Mar... 48,018.6 3,333.5 49,334.8 38,710.3 46,094.7 103,639.4 9,673.0 71,358.4 83,575.0 362,098.4 - 815,836.1
Jun... 54,339.2 4,139.9 55,447.2 41,616.0 42,133.2 109,464.4 9,030.1 93,307.5 84,122.4 389,162.8 - 882,762.7
Sep... 44,787.2 3,951.9 53,348.8 43,473.4 55,696.0 134,366.7 10,449.0 106,421.1 87,537.2 346,704.4 - 886,735.6
Dec... 54,456.0 3,511.1 55,695.0 45,718.9 62,841.2 196,356.6 10,546.2 107,722.3 89,131.0 347,893.3 25,314.9 999,186.5
2022
Mar... 53,222.5 3,198.0 64,705.9 43,222.3 61,354.7 253,122.3 8,676.5 113,629.3 97,458.7 340,079.2 30,963.2 1,069,632.6
Jun... 74,094.4 4,343.0 83,607.2 69,638.8 65,998.8 293,620.7 11,078.9 122,446.7 129,802.5 383,783.8 30,962.6 1,246,789.0
Sep... 65,075.6 88,531.7 79,930.8 377,915.4 11,415.8 106,071.8 88,014.9 293,618.9 11,832.4 113,852.0 36,156.5 1,272,415.7
Dec... 206,494.5 6,657.5 117,997.0 114,326.6 82,867.4 331,338.1 14,694.0 166,267.9 99,030.3 272,402.8 34,775.7 1,446,851.7
2023
Mar... 31,918.4 35,290.8 79,719.9 68,579.3 45,382.0 183,964.6 9,622.0 111,191.1 149,282.1 292,527.2 73,972.4 1,081,449.9
Jun... 51,281.1 41,038.8 88,941.6 51,982.9 51,300.3 193,254.7 8,657.0 90,091.0 198,614.2 318,718.9 60,996.0 1,154,876.6
Sep... 47,052.6 37,041.3 100,836.0 72,838.7 55,899.5 243,259.5 10,784.2 70,232.1 245,753.1 326,250.1 62,526.4 1,272,473.7
Dec… 47,157.3 33.345.0 111,011.3 83,662.2 66,744.4 288,749.9 14,380.7 58,821.0 261,231.3 350,646.1 67,429.5 1,383,178.5
Source: Data provided by commercial banks to the Reserve Bank of Malawi.
42
Table 1.10 Commercial Banks: Liquidity ratios (K’ million)
Kwacha value Percent
End of
Total deposits Liquid assets Liquidity ratios
2019…………………………………………………………………………………………………… 1,200,338.8 584,904.6 48.7
2020…………………………………………………………………………………………………… 1,439,561.6 650,489.3 45.2
2021…………………………………………………………………………………………………… 1,821,944.6 997,627.6 54.8
2022…………………………………………………………………………………………………… 2,508,356.3 1,481,355.9 59.1
2019
Mar…………………………………………………………………………………………………… 1,100,107.0 608,422.3 55.3
Jun…………………………………………………………………………………………………… 1,150,260.6 589,561.2 51.3
Sep…………………………………………………………………………………………………… 1,178,062.1 578,224.7 49.1
Dec…………………………………………………………………………………………………… 1,200,338.8 584,904.6 48.7
2020
Mar…………………………………………………………………………………………………… 1,206,706.8 670,199.6 55.5
Jun…………………………………………………………………………………………………… 1,256,804.6 714,528.6 56.9
Sep…………………………………………………………………………………………………… 1,331,175.1 704,627.9 52.9
Dec…………………………………………………………………………………………………… 1,439,561.6 650,489.3 45.2
2021
Mar…………………………………………………………………………………………………… 1,491,966.4 784,457.2 52.6
Jun…………………………………………………………………………………………………… 1,558,494.1 727,737.3 46.7
Sep…………………………………………………………………………………………………… 1,618,244.1 753,592.8 46.6
Dec…………………………………………………………………………………………………… 1,821,944.6 997,627.6 54.8
2022
Mar…………………………………………………………………………………………………… 1,905,630.6 1,091,250.7 57.3
Jun…………………………………………………………………………………………………… 2,138,821.9 1,184,261.9 55.4
Sep…………………………………………………………………………………………………… 2,237,533.5 1,257,199.5 56.2
Dec…………………………………………………………………………………………………… 2,508,356.3 1,481,355.9 59.1
2023
Mar…………………………………………………………………………………………………… 2,507,124.8 1,624,404.9 64.8
Jun…………………………………………………………………………………………………… 2,905,775.4 1,773,060.8 61.0
Sep…………………………………………………………………………………………………… 2,982,985.5 1,835,328.3 61.5
Dec………………………………………………………………………………………………….. 3,394,716.2 1,964,083.4 57.9
Source: Data provided by commercial banks to Reserve Bank of Malawi
43
Table 1.11 Commercial Banks: Composition of Sources and Uses of Funds (Percent)
Sources of Funds Uses of Funds
End of Reserve Claims on
Private Official Foreign All others Total Private Official Foreign All other Total
Bank RBM
2019……………. 56.0 5.7 0.0 4.8 33.5 100.0 30.9 31.4 3.9 5.2 28.6 100
2020……………. 55.4 7.1 2.9 3.2 31.4 100.0 29.8 32.1 5.0 8.5 24.6 100
2021……………. 55.1 6.0 9.3 2.9 26.7 100.0 27.1 41.9 5.3 8.4 17.4 100
2022…………… 60.6 7.2 1.9 2.8 27.5 100 27.1 40.7 5.2 10.2 16.8 100
2018
Jun……………... 59.8 6.6 0.5 3.8 29.4 100.0 31.5 24.9 6.4 9.2 28.0 100
Sep……………... 59.4 6.4 0.9 4.6 28.7 100.0 31.0 29.4 7.4 6.7 25.5 100
Dec……………... 58.7 5.9 0.5 4.9 30.0 100.0 28.9 29.4 7.1 6.9 27.7 100
2019
Mar…………….. 57.7 7.2 0.0 4.0 31.1 100.0 28.1 35.8 6.4 7.1 22.6 100
Jun……………. 58.7 5.7 0.6 4.2 30.7 100.0 30.5 32.7 4.7 7.2 24.9 100
Sep……………... 58.0 6.1 0.0 5.0 30.9 100.0 31.4 31.1 6.8 4.6 26.1 100
Dec…………….. 56.0 5.7 0.0 4.8 33.5 100.0 30.9 31.4 3.9 5.2 28.6 100
2020
Mar…………….. 55.8 5.2 0.1 5.4 33.5 100.0 29.6 33.3 5.6 3.5 28.0 100
Jun……………... 55.7 5.1 0.0 6.0 33.3 100.0 29.2 32.9 4.3 6.1 27.5 100
Sep…………….. 57.0 5.1 0.3 6.1 31.5 100.0 30.7 33.4 4.1 7.0 24.8 100
Dec…………….. 55.4 7.1 2.9 3.2 31.4 100.0 29.8 32.1 5.0 8.5 24.6 100
2021
Mar…………….. 56.8 5.1 5.0 2.6 30.5 100.0 28.4 38.2 4.1 6.9 22.3 100
Jun……………... 54.1 5.2 9.4 3.2 28.1 100.0 29.0 37.5 3.7 8.0 21.7 100
Sep…………….. 57.7 5.1 6.3 3.0 27.8 100.0 30.7 36.0 4.2 7.1 21.9 100
Dec…………… 55.1 6.0 9.3 2.9 26.7 100.0 27.1 41.9 5.3 8.4 17.4 100
2021
Mar…………….. 58.0 6.0 5.0 4.0 27.0 100.0 26.6 40.5 5.7 7.8 18.4 100
Jun……………... 56.7 9.3 3.8 4.0 26.3 100.0 28.3 41.0 4.8 9.8 16.1 100
Sep…………….. 58.1 8.1 3.5 3.5 26.8 100.0 28.7 40.8 4.9 9.3 16.4 100
Dec……………. 60.6 7.2 1.9 2.8 27.5 100 27.1 40.7 5.2 10.2 16.8 100
2023
Mar…………….. 58.4 6.9 2.8 15.7 14.7 100.0 25.5 42.0 6.3 7.9 18.3 100
Jun……………... 61.2 7.7 1.1 3.6 26.5 100.0 25.9 39.4 5.0 7.7 20.3 100
Sep…………….. 62.5 6.8 0.5 2.9 27.4 100.0 27.1 37.6 7.2 6.9 21.2 100
Dec……………. 61.1 7.8 0.4 2.6 28.0 100.0 23.9 32.7 7.4 9.5 25.8 100
Source: Figures provided by commercial banks to Reserve Bank of Malawi
44
Table 1.12 Principal Interest Rates: (End period averages)
2022 2023
Dec Mar Jun Sep Dec
1. Policy Rate 18.00 18.00 22.00 24.00 24.00
2. Treasury Bills
2.1 91 Days 13.00 13.00 13.00 14.70 14.70
2.2 182 Days 17.50 … 18.00 18.00 18.00
2.3 364 Days 19.50 19.50 22.49 24.00 24.00
3. RBM Bills
3.1 182 Days - - - - -
3.2 364 Days - - - - -
4. Commercial Banks
4.1 Base rates 17.30 17.30 21.00 23.40 23.60
4.2 Savings Deposits 4.22 4.22 4.27 4.27 4.27
4.3 Short Term deposit
4.3.1 7 Days call 3.21 3.21 3.21 3.21 3.21
4.3.2 30 Days call 3.71 3.71 3.71 3.71 3.71
4.4 Fixed Deposits
4.4.1 3 months 4.96 4.96 4.96 4.96 4.96
4.4.2 6 months 3.00 3.00 3.00 3.00 3.00
4.4.3 12 months - - - - -
5. Building Societies
5.1 Deposit rates
5.1.1 Individual savings - - - - -
5.1.2 Corporate savings - - - - -
5.1.3 3 months fixed deposits - - - - -
5.2 Mortgage rates
5.2.1 Owner Occupied - - - - -
5.2.3 Flats and rented houses - - - - -
5.2.4 Commercial properties 20.55 20.55 20.55 20.55 20.55
Source: Reserve Bank of Malawi and data provided by commercial banks
*Reference rate replaced base lending rate beginning September 2019
45
2.0. CENTRAL GOVERNMENT FINANCE
Table 2.1 Summary of Central Government Budgetary Operations (K’ million)
Receipts Expenditure
Foreign Recurrent Development
Period. Domestic Revenue Grants Total Account Account Total
2017…………………… 889,711.5 202,132.7 1,091844.2 1,040,035.3 300,983.4 1,341,018.7
2018………………….. 1,020,294.2 62,613.9 1,082,907.8 1,130,973.9 236,406.6 1,367,380.5
2019………………….. 997,290.0 152,813.2 1,230,103.1 1,269,881.1 289,720.0 1,559,601.3
2020…………………. 1,148,087.9 177,323.2 1,324,437.7 1,622,598.4 386,707.9 2,009,232.5
2021…………………. 1,340,499.2 182,586.7 1,523,085.9 1,917,120.9 456,205.5 2,373,326.4
2022…………………. 1,591,795.9 475,823.7 2,067,620.1 2,258,517.9 909,282.1 3,167,799.7
2023…………………. 2,155,196.1 450,821.3 2,606,017.7 2,868,571.6 878,470.9 3,747,042.3
2020
Jan…………………… 106,794.5 1,522.3 108,316.8 150,198.4 34,161.8 184,360.2
Feb…………………… 82,531.4 11,815.2 94,346.5 121,046.4 41,114.0 162,160.3
Mar………………….. 108,949.0 2,298.8 111,247.8 147,282.8 36,189.2 183,472.0
Apr………………….. 91,942.4 24,910.4 116,852.8 133,412.2 30,030.9 163,443.0
May…………………. 78,898.7 1,157.8 80,056.4 108,389.7 20,371.7 128,761.4
Jun…………………….. 93,363.1 16,370.5 109,733.6 124,208.3 44,237.6 168,445.9
July…………………. 100,389.8 7,280.9 106,670.7 113,294.3 18,310.6 131,605.0
Aug…………………… 85,414.1 20,600.3 106,041.3 103,822.3 16,745.0 120,567.3
Sep…………………….. 92,331.8 9,771.5 102,103.2 118,703.0 22,478.2 141,107.5
Oct……………………. 110,881.6 58,435.8 169,317.4 183,398.0 56,859.5 240,257.5
Nov…………………… 96,542.0 15,149.6 111,691.6 155,487.9 30,349.4 185,837.3
Dec………………… 100,049.5 8,010.1 108,059.6 163,355.1 35,860.0 199,215.1
2021
Jan……………………. 107,203.4 18,812.1 108,614.7 202,740.8 15,355.8 218,098.1
Feb……………………. 87,498.5 14,200.7 96,061.3 139,856.8 38,021.5 177,878.2
Mar……………………. 100,514.4 13,966.3 122,963.9 139,576.2 32,042.2 171,698.3
April…………………… 143,026.9 4,811.55 147,838.5 134,021.6 26,129.7 160,151.3
May……………………. 97,234.6 13,212.5 110,447.2 144,371.1 17,191.6 161,562.7
Jun…………………….. 110,920.17 10,506.7 121,426.9 119,045.8 44,784.4 163,830.2
July…………………… 116,859.1 7,895.0 124,754.1 176,516.6 27,809.1 204,325.7
Aug…………………… 104,176.9 6,876.6 111,053.5 127,660.0 26,892.2 154,552.2
Sep……………………. 103,946.4 6,370.1 110,316.5 175,456.9 21,142.3 196,599.1
Oct……………………. 136,004.6 7,236.6 143,268.1 175,611.3 37,582.3 213,193.7
Nov……………………. 101,937.0 13,954.0 115,891.0 180,373.9 39,976.5 220,350.4
Dec…………………… 116,080.2 59,744.2 175,824.4 202,336.4 82,162.8 284,499.2
2022
Jan…………………… 144,301.9 24,528.7 168,830.9 121,313.6 35,757.7 157,071.3
Feb…………………… 101,308.1 26,372.6 127,680.7 174,724.1 49,557.0 224,281.1
Mar………………….. 125,038.5 31,149.9 156,188.4 199,336.5 83,012.4 282,348.9
April…………………… 140,009.5 16,126.0 156,135.4 218,942.1 71,715.8 290,657.8
May……………………. 115,276.3 33,666.1 148,942.5 207,311.9 103,359.0 310,670.8
Jun…………………….. 132,791.9 85,355.5 218,147.4 187,569.5 147,659.1 335,228.6
July…………………… 150,682.8 7,982.6 158,665.4 171,698.2 61,917.4 233,615.6
Aug…………………… 141,349.6 21,354.6 162,704.2 200,564.4 47,537.7 248,102.0
Sep……………………. 127,996.5 10,777.9 138,774.5 179,433.8 38,571.3 218,005.2
Oct…………………….. 159,940.1 37,360.0 197,300.1 182,737.5 69,275.1 252,012.5
Nov……………………. 123,754.9 57,021.8 180,776.8 203,298.2 79,668.6 282,966.8
Dec……………………. 129,345.8 124,128.0 253,473.8 211,588.1 121,251.0 332,839.1
2023
Jan……………………. 173,142.8 13,246.2 186,389.0 217,136.2 96,330.1 313,466.2
Feb…………………… 120,203.7 20,730.4 140,934.2 164,657.9 63,261.8 227,919.7
Mar…………………… 132,861.7 44.34 132,906.0 211,899.7 63,493.3 275,393.0
Apr…………………… 253,327.4 27,088.2 280,415.7 245,805.5 68,647.0 314,452.5
May………………….. 162,394.7 37,271.1 199,665.8 252,507.3 133,068.6 385,575.9
Jun…………………….. 170,204.1 114,233.5 284,437.6 187,820.1 145,064.8 332,884.9
Jul……………………… 212,965.8 6,849.1 219,814.9 304,274.2 67,184.7 371,458.8
Aug…………………….. 165,835.0 75,257.7 241,092.7 280,899.4 109,550.2 390,449.6
Sept……………………. 165,951.6 20,439.7 186,391.4 196,358.6 44,214.7 240,573.3
Oct…………………….. 223,354.5 - 223,354.5 255,063.7 33,338.2 288,401.9
Nov…………………….. 174,926.2 - 174,926.2 236,615.9 1,951.6 238,567.5
Dec……………………… 200,028.6 135,661.1 335,689.7 315,533.1 52,365.9 367,899.0
46
Table 2.2 Summary of Central Government Budgetary Operations, continued (K’ million)
Period Balance Financing
Deficit Deficit
Before Grants After Grants Foreign Domestic Total
2017………………… -467,943.7 -313,026.1 151,803.6 130,521.8 249,880.0
2018…………………. -348,086.4 -52,610.8 62,841.4 376,799.8 433,904.2
2019………………… -348,086.4 -52,610.8 62,841.4 376,799.8 433,904.2
2020………………… -907,573 -683,821.9 101,746.7 628,534.9 730,281.5
2021………………… -1,032,827.2 -850,240.5 252,376.2 563,215.4 815,591.6
2022………………… -1,576,003.7 -1,123,698.6 184,237.6 623,941.7 808,179.0
2023………………… -1,591,846.1 -1,141,024.7 26,390.6 322,864.0 349,254.2
2020
Jan………………… -93,263.0 -76,043.5 5,076.4 -14,333.5 -9,257.1
Feb…………………. -83,333.8 -67,813.8 15,790.8 63,034.0 78,824.8
Mar………………… -86,024.7 -72,224.2 2,992.0 50,512.5 53,504.5
Apr……………….. -66,079.7 -46,590.2 1,513.3 54,979.0 56,492.3
May……………….. -63,409.3 -48,705.0 665.9 54,923.1 55,589.0
Jun………………… -82,482.5 -58,712.4 8,141.7 70,591.9 78,733.5
July………………… -31,215.1 -23,934.2 6,593.1 46,793.1 53,386.2
Aug…………………. -35,153.2 -14,553.0 1,040.6 98,681.2 99,721.8
Sep………………….. -48,775.7 -39,004.3 -3,102.4 4,686.4 1,584.0
Oct………………….. -129,375.9 -70,940.12 1,419.9 -1,411.9 7.97
Nov………………… -89,295.3 -74,145.7 7,263.5 69,865.6 77,129.1
Dec………………… -99,165.6 -91,155.5 54,351.9 130,213.5 184,565.4
2021
Jan…………………… -110,894.7 109,483.4 4,344.9 71,627.5 75,972.4
Feb………………….. 90,379.7 81,816.9 18,895.9 70,218.2 89,114.0
Mar…………………. 71,183.9 48,734.5 -3,191.2 60,687.9 57,496.8
Apr………………….. 17,124.3 12,321.8 12,062.3 -6.058.8 6,003.5
May…………………. 64,328.0 51,115.5 -2,456.1 10,964.4 8,508.3
Jun…………………... 52,910.0 42,403.3 20,133.4 88,439.7 108,573.1
July…………………. 87,466.6 79,571.6 1,500.8 14,864.7 16,365.6
Aug…………………. 50,375.3 43,498.7 149,009.2 -87,216.3 61,792.9
Sep…………………. 92,652.8 86,282.7 -8,765.1 53,924.2 45,159.1
Oct…………………. 77,189.1 69,925.5 10,411.6 66,665.6 77,077.2
Nov………………… 118,413.4 104,459.4 18,507.9 82,842.9 101,350.8
Dec…………………. 168,419.0 108,674.8 4,336.4 136,235.6 140,572.1
2022
Jan………………….. 12,769.4 11,759.4 4,353.5 -25,673.4 -21,320.0
Feb…………………. 122,973.0 96,600.4 7,002.2 85,335.1 92,337.3
Mar…………………. 157,310.4 126,160.5 6,952.6 114,845.7 121,798.2
April…………………… 150,648.4 134,522.4 27,198.0 69,780.1 96,978.1
May……………………. 195,394.5 161,728.3 52,837.0 88,943.6 141,780.6
Jun…………………….. 202,436.8 117,081.2 19,968.5 92,907.4 112,875.8
July…………………. 82,932.7 74,950.2 42,212.4 57,543.2 99,755.6
Aug…………………. 106,752.4 85,397.8 4,623.3 52,008.3 56,631.5
Sep…………………. 90,008.6 79,230.7 7,322.9 100,185.4 107,508.3
Oct……………………. 92,072.4 54,712.4 -2,090.6 -7,868.0 -9,958.6
Nov……………………. 159,211.8 102,190.0 5,393.6 -54,678.3 -49,284.7
Dec……………………. 203,493.3 79,365.3 8,464.2 50,612.6 59,076.9
2023
Jan……………………. 140,323.4 127,077.2 68,429.0 21,936.5 90,365.4
Feb……………………. 107,715.9 86,985.5 28,736.9 - 28,736.7
Mar…………………… 142,531.3 142,487.0 -9,083.0 - -9,083.0
Apr…………………… 61,125.0 34,036.8 24,616.7 -18,492.8 6,123.9
May………………….. 223,181.2 185,910.1 -13,286.7 106,226.9 92,940.2
Jun……………………. 162,680.8 48,447.3 20,541.3 36,114.8 56,656.1
Jul……………………. 158,493.0 151,643.9 20,325.5 -8,261.7 12,063.7
Aug…………………… 224,614.6 149,356.9 3,149.6 107,547.07 110,696.7
Sep…………………… 74,621.7 54,182.0 706.5 52,308.3 53,014.8
Oct……………………. 65,047.4 65,047.4 -6,206.2 49,064.5 42,858.3
Nov……………………. 63,641.4 63,641.4 -9,238.7 -23,579.6 -32,818.3
Dec……………………. 167,870.4 32,209.2 -102,300.3 _ -102,300.3
Source: Ministry of Finance and Reserve Bank of Malawi
47
Table 2.3 Central Government Finance: Receipts (K’ million)
Period
Excise Other Tax Non tax Total
Duty Taxes Refunds Revenues Revenues
2017……………….. 74,523.3 -15,623.4 -23,486.5 93,844.3 1,021,710.4
2018……………….. 113,047.1 426.3 -27,132.8 84,142.0 1,082,907.8
2019………………. 167,855.1 612.0 -23,104.8 44,185.0 1,223,745.7
2020………………… 170,125.2 988.5 -17,449.7 61,038.2 1,325,278.4
2021………………… 191,444.2 1,085.7 -34,327.5 83,206.0 1,523,085.9
2022………………… 230,072.9 1,368.3 -43,232.8 87,862.3 2,067,619.9
2023………………… 278,603.3 61,757.6 -53,585.7 175,121.1 2,606,017.7
2020
Jan………………….. 15,471.3 66.6 -1,582.0 2,045.6 108,316.8
Feb…………………. 13,292.2 32.6 -1,525.3 4,391.1 94,346.5
Mar………………… 12,461.0 42.3 -1,031.6 19,259.8 111,247.8
Apr………………….. 12,622.3 348.3 -1,351.8 2,668.6 116,852.8
May………………… 10,898.4 54.4 -3,216.5 3,160.1 80,056.4
Jun………………….. 12,024.4 41.2 -1,094.4 13,994.2 109,733.6
July………………….. 14,129.8 38.8 -1,219.9 2,182.2 107,670.7
Aug…………………. 12,611.2 60.6 -1,409.0 1,489.2 106,014.3
Sep………………….. 13,802.4 59.5 -1,157.0 1,763.6 102,103.2
Oct………………… 13,639.9 78.0 -1,236.0 2,852.2 169,317.4
Nov……………….. 24,931.7 69.5 -1,450.9 4,026.8 111,691.6
Dec……………….. 14,382.3 96.7 -1,175.3 3,204.8 108,059.6
2021
Jan…………………… 15,873.5 113.2 -1,384.7 1,882.50 108,614.7
Feb………………….. 12,436.8 24.4 -1,424.9 3,218.18 96,061.3
Mar………………….. 10,593.8 56.0 -1,424.9 6,505.53 122,963.9
Apr………………… 13,609.5 74.7 -1,400.5 34,057.9 147,838.5
May…………………. 15,703.7 109.5 -1,606.9 4,394.9 110,447.2
Jun…………………. 13,090.6 74.5 -5,496.2 5,947.4 121,426.9
July…………………. 12,949.3 64.1 -2,599.6 2,744.2 124,754.1
Aug…………………. 13,167.3 58.4 -3,092.7 3,315.2 111,053.5
Sep…………………. 12,476.2 80.3 -6,139.1 3,214.6 110,316.5
Oct…………………. 18,364.7 270.5 - 4,212.6 143,268.1
Nov………………… 19,902.5 85.6 -6,768.9 3,203.6 115,891.0
Dec…………………. 18,463.3 74.6 2,989.2 10,200.7 175,824.4
2022
Jan…………………… 18,387.8 213.0 -3,125.4 12,549.3 168,830.7
Feb………………….. 18,193.8 -68.3 -3,489.7 2,912.7 127,680.7
Mar…………………. 20,624.2 314.2 -3,012.2 15,820.3 156,188.4
Apr………………… 16,679.2 35.5 -3,175.0 7,010.9 156,135.4
May…………………. 19,893.3 44.8 -3,711.6 7,173.3 148,942.5
Jun…………………. 20,514.3 143.7 -3,227.3 9,034.6 218,147.4
Jul…………………… 20,164.1 92.2 -3,364.9 3,856.5 158,665.4
Aug…………………. 19,140.6 102.8 -3,911.2 8,433.2 162,704.2
Sept…………………. 16,762.1 233.4 -4,489.4 7,039.2 138,774.5
Oct………………….. 18,601.2 91.8 -3,671.6 4,540.1 197,300.1
Nov………………….. 20,778.6 100.1 -4,616.3 4,812.8 180,776.8
Dec…………………… 20,333.7 65.1 -3,438.2 4,679.4 253,473.8
2023
Jan……………………. 21,837.7 234.6 -3,679.4 7,539.7 186,389.0
Feb……………………. 17,745.8 61.5 -4,861.5 4,829.5 140,934.2
Mar…………………… 20,565.7 46.0 -3,559.4 5,638.2 132,906.0
Apr………………….... 17,401.0 8,890.2 -3,587.6 98,130.6 280,415.7
May………………….. 21,550.4 5,552.6 -4,621.6 13,563.8 199,665.8
Jun…………………… 21,818.4 5,053.4 -4,369.9 7,739.1 284,437.6
Jul……………………. 24,042.6 13,632.8 -4,629.8 7,256.5 219,814.9
Aug………………….. 27,281.2 4,637.0 -6,097.8 7,330.9 241,092.7
Sep………………….... 22,586.3 5,750.0 -4,827.5 4,868.1 186,391.4
Oct……………………. 24,639.5 7,705.9 -2,065.7 7,770.5 223,354.5
Nov…………………… 28,952.5 3,980.0 -6,358.1 5,109.0 174,926.2
Dec…………………… 30,182.2 6,213.6 -4,927.4 5,345.2 335,689.7
48
Table 2.4 Open Market Operations (K’ billion)
(MWK Billion)
(Net Operations + = injection & QTR 4 QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 QTR 2 QTR 3 QTR 4
- = withdrawal) 2021 2022 2022 2022 2022 2023 2023 2023 2023
Net Government Operations -21.1 -128.8 3.6 -193.0 -137.6 -194.2 95.5 -29.6 -130.0
Government deficit excluding grants 135.0 136.0 164.0 102.9 129.0 69.8 141.4 31.3 -6.5
Revenue 345.5 364.0 382.6 442.9 470.1 455.8 496.6 557.7 741.0
Tax 320.0 322.6 343.7 403.3 391.1 401.0 454.0 523.5 568.0
Non-Tax, not including grants 25.5 41.4 38.9 39.6 79.0 54.9 42.5 34.2 173.0
Expenditure 480.5 500.0 546.6 545.8 599.1 525.6 638.0 589.0 734.5
Net Government Domestic Borrowing -156.1 -264.8 -160.5 -295.9 -266.6 -264.0 -46.0 -60.9 -123.5
Treasury Securities Issuance 308.6 537.3 355.0 467.0 498.1 606.3 391.3 354.6 481.7
Treasury Securities Maturity 152.5 272.5 194.5 171.1 231.6 342.3 345.3 293.7 358.2
Net Forex Operations -27.1 -1.4 43.9 11.7 -9.6 -82.4 -2.8 -131.0 -143.4
Sales 34.2 3.5 15.6 43.8 32.3 108.0 98.7 175.1 175.3
Purchases 7.1 2.1 59.6 55.5 22.7 25.6 95.8 44.2 31.9
Net Open Market Operations (OMO) 99.6 119.5 84.6 194.6 192.9 179.5 132.3 208.1 191.8
Injections 6217.1 1484.2 1829.7 1749.3 2846.7 4735.0 5722.6 7760.5 4292.3
RBM Securities Maturity 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Outright Purchase of Treasury Securities 7.8 291.8 136.8 192.7 239.9 148.0 128.4 267.2 270.5
Maturity of OMO Treasury Securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Maturing Deposits on Deposit Facility 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Reverse Repos 332.1 106.5 65.0 38.8 64.9 13.5 0.0 0.0 0.0
Access on Lombard Facility 5877.1 1057.2 1627.8 1517.9 2541.9 4545.5 5517.3 7439.3 3981.8
Repo Maturities 0.0 28.7 0.0 0.0 0.0 28.1 0.0 54.0 40.0
Withdrawals 6117.5 1364.7 1745.1 1554.8 2654.5 4555.5 5590.3 7552.4 4100.5
RBM Securities Issuance 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
OMO Treasury Securities Issuance 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Outright Sale of Treasury Securities 0.00 0.0 0.0 0.0 0.0 0.0 49.3 21.9 0.0
Deposits on Deposit Facility 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Maturity of Reverse Repos 105.8 339.7 101.2 67.1 94.3 33.9 0.0 0.0 0.0
Maturing Access on Lombard Facility 5983.3 1025.0 1643.9 1487.7 2532.2 4521.7 5487.7 7510.6 3972.0
Repos 28.50 0.0 0.0 0.0 28.0 0.0 53.3 20.0 128.5
Net Operations 51.33 -10.7 132.1 13.3 45.0 -97.1 148.1 47.5 -81.6
49
Table 2.5 Central Government Finance: Expenditures (K’ million)
Recurrent Accounts
Wages & Interest Other Other Current Pensions

Period salaries Payments Expenditures Transfers & Gratuities
2017……………. 289,519.9 179,737.3 445,074.9 311,588.8 57,514.7
2018……………… 351,763.7 197,247.1 309,804.6 163,105.2 65,330.6
2019……………… 422,856.8 251,092.5 273,125.9 178,072.2 78,392.3
2020……………… 491,027.5 281,461.5 402,121.7 207,719.0 103,817.3
2021……………… 596,587.1 402,232.0 220,706.5 199,832.3 97,213.8
2022……………… 719,976.3 555,570.8 619,816.4 245,147.4 118,007.0
2023……………… 876,687.0 752,613.1 735,134.9 283,613.6 154,508.3
2020
Jan………… 38,381.7 22,472.0 45,880.0 17,219.5 10,361.3
Feb……….. 38,655.7 9,236.3 33,750.3 15,520.1 10,575.3
Mar………. 38,341.5 39,104.2 39,019.7 13,800.5 10,632.7
Apr……… 38,603.4 29,312.2 35,785.4 19,489.5 6,439.2
May……….. 40,239.0 24,505.8 22,435.3 14,704.3 3,943.1
Jun……….. 40,840.9 18,434.4 35,857.9 23,770.1 3,611.2
July……….. 39,811.8 8,429.3 36,526.7 16,279.9 7,983.3
Aug……… 40,044.6 6,948.8 25,448.4 15,937.4 13,950.0
Sep……….. 40,469.2 34,756.4 21,265.5 16,457.4 3,821.0
Oct………. 40,750.8 25,753.4 53,866.39 20,149.2 6,179.0
Nov……… 44,510.4 10,142.7 23,838.4 17,991.9 13,160.6
Dec………. 50,378.5 52,366.0 28,447.7 16,399.2 13,160.6
2021
Jan…………………. 45,371.4 29,940.6 62,366.7 18,812.14 7,430.99
Feb…………………. 47,803.6 16,281.3 18,960.3 14,200.7 7,430.99
Mar………………… 47,571.5 48,040.1 16,523.4 13,966.3 7,552.43
Apr…………………. 46,304.3 28,200.2 31,259.6 15,434.7 7,559.7
May………………… 47,203.1 52,598.7 15,883.5 15,091.8 7,525.9
Jun…………………. 45,762.1 34,845.8 13,710.9 14,116.3 7,499.4
July………………… 46,341.0 19,610.1 42,883.2 16,009.3 8,832.3
Aug………………… 46,864.8 25,058.9 13,532.0 19,503.9 8,690.1
Sep………………… 61,249.2 25,719.5 13,241.4 18,403.4 8,673.0
Oct……………….. 53,783.3 27,532.6 27,129.5 20,735.2 8,673.0
Nov………………… 52,208.1 43,300.2 21,373.6 21,685.5 8,673.0
Dec………………… 56,123.3 51,104.1 15,201.8 16,924.4 8,673.0
2022
Jan………………….. 53,535.6 25,317.9 15,657.8 18,180.5 8,621.8
Feb……………….. 55,365.6 26,667.3 66,396.2 17,605.6 8,689.4
Mar………………… 53,957.4 27,184.2 92,831.3 17,166.3 8,197.3
Apr………………… 54,033.3 37,756.6 94,595.0 23,930.5 8,626.7
May…………………. 65,635.4 58,794.1 47,836.7 24,888.1 10,157.6
Jun…………………. 63,920.9 57,503.0 33,526.0 22,463.7 10,155.9
Jul………………….. 61,362.9 25,396.4 52,748.8 22,034.2 10,155.9
Aug………………… 61,617.9 43,354.5 55,435.9 18,915.9 21,240.2
Sept………………… 61,287.9 50,893.0 39,684.6 19,334.0 8,234.3
Oct…………………. 62,102.9 63,777.4 31,260.5 18,596.7 7,000.0
Nov………………… 63,271.3 83,578.7 26,156.4 22,358.2 7,933.6
Dec………………… 63,885.2 55,347.7 63,687.2 19,673.7 8,994.3
2023
Jan…………………. 64,729.0 41,515.8 79,694.8 23,728.3 7,468.3
Feb………………… 62,632.8 46,812.7 26,623.4 20,291.2 8,297.8
Mar………………… 63,101.9 62,248.9 59,816.9 18,991.6 7,740.4
Apr…………………. 63,479.3 45,949.5 58,829.0 22,012.8 12,544.8
May…………………. 79,542.5 70,355.6 62,711.1 25,085.1 13,318.6
Jun………………….. 71,734.4 75,678.4 25,481.6 22,592.9 12,269.9
Jul…………………… 71,991.6 50,207.9 108,197.2 29,597.7 12,269.9
Aug……………………. 74,888.7 60,769.2 94,750.7 24,894.7 11,615.1
Sep…………………… 75,198.8 67,330.7 32,054.2 22,526.9 19,294.9
Oct…………………… 80,907.0 56,088.9 56,124.4 23,081.1 19,298.2
Nov………………….. 82,497.8 104,314.2 31,564.2 24,701.8 14,269.9
Dec……………………. 85,983.2 71,341.3 99,287.4 26,109.5 16,120.5
50
Table 2.6 Central Government Finance: Expenditures, continued (K’ million)
Development Accounts
Domestic Foreign
Financing financing Total Grand Total
2017…………. 49,479.4 162,881.3 191,702.1 1,343,218.7
2018…………. 82,878.8 141,527.9 236,406.6 1,369,153.5
2019…………. 92,075.2 617,744.7 289,720.0 1,559,601.3
2020………… 170,240.9 216,690.0 756,707.9 2,008,395.9
2021…………. 124,931.5 331,274.0 456,205.5 2,373,326.4
2022………… 209,352.4 699,929.9 909,282.0 3,167,799.7
2023…………. 277,107.3 601,453.5 878,470.9 3,747,042.3
2020
Jan…………. 25,995.6 8,166.2 34,161.8 184,360.2
Feb………… 12,960.3 28,153.7 41,1114.0 162,160.3
Mar…………. 22,928.6 13,260.6 36,189.2 183,472.0
Apr…………. 22,061.2 7,969.7 30,030.9 163,443.0
May…………. 17,070.7 3,300.9 20,371.7 128,761.4
Jun…………. 17,059.3 27,178.3 44,237.6 168,445.9
July………… 2,881.1 15,652.5 18,310.6 131,605.0
Aug…………. 10,318.9 6,426.0 16,745.0 120,567.3
Sep…………. 7,926.4 14,551.9 22,478.2 141,107.5
Oct…………. 14,314.1 42,545.5 56,859.5 239,562.5
Nov………… 7,933.8 22,415.6 30,349.4 185,695.7
Dec………… 8,790.9 27,069.1 35,860.0 199,215.1
2021
Jan…………… 8,317.6 7,038.3 15,355.8 218,098.1
Feb…………… 9,507.8 28,513.7 38,021.5 177,878.2
Mar………….. 2,368.7 29,673.5 32,042.2 171,698.3
Apr………….. 6,308.8 19,820.8 26,129.7 160,151.3
May…………. 3,362.1 13,829.5 17,191.6 161,562.7
Jun…………… 10,530.4 34,254.0 44,784.4 163,830.2
July………… 17,951.5 9,857.6 27,809.1 204,325.7
Aug………… 18,053.0 8,839.2 26,892.2 154,552.2
Sep………… 12,809.5 8,332.7 21,142.3 196,599.1
Oct………… 16,876.6 20,705.8 37,582.3 213,193.7
Nov…………. 5,560.5 34,416.0 39,976.5 220,350.4
Dec…………. 13,285.0 68,878.0 82,162.8 284,499.2
2022
Jan………….. 2,095.2 33,662.5 35,757.7 157,071.3
Feb…………. 14,050.6 35,506.4 49,557.0 224,281.1
Mar…………. 42,728.8 40,283.6 83,012.4 282,348.9
Apr………….. 25,082.5 46,633.5 71,715.8 290,657.8
May…………. 10,341.7 93,017.2 103,358.9 310,670.8
Jun…………… 25,100.0 122,559.2 147,659.1 335,228.6
Jul…………… 9,860.9 52,056.5 61,917.4 233,615.6
Aug………….. 15,964.8 31,572.9 47,537.7 248,102.0
Sept…………. 9,430.6 29,140.8 38,571.3 218,005.2
Oct…………… 24,138.5 45,136.5 69,275.1 252,012.5
Nov…………… 11,670.6 67,998.0 79,668.6 282,966.8
Dec…………… 18,888.2 102,362.8 121,251.0 332,839.1
2023
Jan……………. 11,523.4 84,806.6 96,330.1 313,466.2
Feb……………. 9,453.8 53,808.0 63,261.8 227,919.7
Mar……………. 58,098.0 5,395.3 63,493.3 275,393.0
Apr……………… 9,321.0 59,416.0 68,647.0 314,452.5
May…………….. 34,439.7 98,628.9 133,068.6 385,575.9
Jun……………… 4,297.5 140,767.3 145,064.8 332,884.9
Jul……………… 37,505.6 29,679.1 67,184.7 371,458.8
Aug……………. 21,960.3 87,589.9 109,550.2 390,449.6
Sep…………….. 2,852.3 41,362.4 44,214.7 240,573.3
Oct…………….. 33,338.2 - 33,338.2 288,401.9
Nov……………. 1,951.6 - 1,951.6 238,567.5
Dec……………... 52,365.9 - 52,365.9 367,899.0
51
Table 2.7 Central Government Finance: Financing (K’ million)
Foreign
Less Net Foreign

Period Project. Loans Program and Project Loans Repayments Financing
2017……………… 94,701.0 177,005.7 -56,999.1 142,588.2
2018……………… 80,626.2 93,991.4 -31,150.1 57,306.2
2019……………… 73,331.2 59,414.6 -34,442.2 41,094.3
2020…………….. 96,141.2 67,678.7 -37,341.0 101,746.7
2021…………….. 142,304.6 6,382.6 -48,132.1 252,376.2
2022…………….. 252,943.7 177,219.2 -65,857.9 341,643.6
2023…………….. 286,293.3 88,082.7 -259,902.8 114,473.0
2020
Jan…………….. 6,643.9 0.0 -1,567.5 5,076.4
Feb……………. 16,338.5 0.0 -547.7 15,790.8
Mar……………. 10,961.8 0.0 -7,969.8 2,992.0
Apr……………. 4,768.1 66.5 -3,321.3 1,513.3
May…………… 2,324.1 0.0 -1,658.2 665.9
Jun……………. 10,762.2 45.6 -2,666.1 8,141.7
July…………… 8,148.6 6,593.1 -1,555.6 6,593.1
Aug……………. 1,766.5 1,040.6 -800.6 1,040.6
Sep……………. 4,507.6 -3,102.4 -7,882.8 -3,102.44
Oct……………. 3,722.3 1,419.9 -5,009.8 1,419.9
Nov……………. 7,138.6 7,263.5 -2.5 7,263.5
Dec……………. 19,059.0 54,351.9 -4,359.1 54,351.9
2021
Jan………………………….. 3,762.8 1,864.3 -1,282.1 4,344.9
Feb…………………………. 15,432.6 4,518.3 -1,055.1 18,895.8
Mar…………………………. 7,224.0 0.0 -10,415.2 -3,191.2
Apr…………………………. 15,009.3 0.0 -2,947.0 12,062.3
May………………………… 617.0 0.0 -3,073.1 -2,456.1
Jun…………………………. 23,747.3 0.0 -3,613.9 20,133.4
July…………… 9,171.1 0.0 -461.7 8,709.4
Aug……………. 18,924.7 151,821.0 -4,774.4 165,971.3
Sep…………….. 5,378.2 0.0 -10,727.7 -5,349.5
Oct……………….. 13,442.2 0.0 -3,030.6 10,411.6
Nov………………………. 20,461.9 0.0 -1,954.1 18,507.9
Dec………………………….. 9,133.7 0.0 -4,797.3 4,336.4
2022
Jan……………………….. 8,114.1 3,333.9 -4,780.3 3,333.9
Feb………………………… 4,008.6 1,877.1 -2,131.5 1,877.1
Mar……………………….. 8,260.0 6,078.9 -2,181.5 6,078.9
Apr…………………………. 30,507.5 27,198.0 -3,309.5 54,396.0
May………………………… 59,351.0 52,837.0 -6,514.1 105,673.9
Jun…………………………. 37,203.7 19,968.5 -17,235.2 39,937.0
Jul…………………………. 44,073.9 42,212.4 -1,861.5 84,424.8
Aug………………………… 10,218.3 4,623.3 -5,595.0 9,246.6
Sept………………………… 18,362.8 7,322.9 -11,040.0 14,645.7
Oct………………………….. 7,776.6 -2,090.6 -9,867,2 -5,686.0
Nov………………………….. 10,976.2 5,393.6 -5,582.5 10,787.3
Dec………………………….. 14,091.0 8,464.2 -5,626.8 16,928.4
2023
Jan……………………………….. 71,560.4 68,429.0 -3,131.5 136,857.9
Feb………………………………. 33,077.6 28,736.7 -4,340.9 57,473.4
Mar……………………………… 5,351.0 -9,083.0 -14,434.0 -18,166.0
Apr……………………………… 32,327.7 0.0 -7,711.0 24,616.7
May……………………………… 61,357.8 0.0 -74,644.5 -13,286.7
Jun………………………………. 26,533.9 0.0 -5,992.6 20,541.3
Jul………………………………. 22,830.0 0.0 -2,504.4 20,325.5
Aug……………………………… 12,332.2 0.0 -9,182.5 3,149.6
Sep………………………………. 20,922.7 0.0 -20,216.2 706.5
Oct………………………………. - 0.0 -6,206.2 -6,206.2
Nov……………………………… - 0.0 -9,238.7 -9,238.7
Dec……………………………… - 0.0 -102,300.3 -102,300.3
52
Table 2.8 Central Government Finance: Financing, continued (K’ million)
Period
Domestic Financing
Banking Non- banking

System System Total Grand total Financing Statistical Adjustment
2017………….. 185,275.5 -3,924.8 130,521.8 249,880.0 71,628.3
2018………….. 167,248.3 252,265.9 419,514,40 394,970.7 -100,644.0
2019………….. 10,018.3 298,494.7 300,167.7 317,321.6 32,458.3
2020………….. 480,715.0 149,633.4 628,534.9 730,281.5 108,229.3
2021……………….. 539,212.9 23,982.8 563,215.4 821,462.3 -96,962.2
2022………………. 917,182.9 215,601.4 1,132,784.5 1,474,428.1 288,492.9
2023………………. 643,241.7 337,831.1 981,073.2 1,095,546.2 -45,478.5
2020
Jan…………… 17,213.6 -31,547.1 -14,333.5 -9,257.1 61,256.9
Feb………….. 61,784.7 3,062.7 63,034.0 78,824.8 -2,929.6
Mar………….. 3,630.2 46,882.3 50,512.5 53,504.5 11,203.5
Apr……………. 55,206.5 -227.4 54,979.0 56,492.3 -16,915.0
May………….. 73,237.9 -18,314.9 54,923.1 55,589.0 -10,517.5
Jun…………… 83,940.5 -13,348.6 70,591.9 78,733.5 -8,634.1
July………….. -28,003.9 74,797.0 46,793.1 53,386.2 27,488.0
Aug………….. 67,610.8 31,070.4 98,681.2 99,721.8 39,403.6
Sep………….. 1,797.7 2,888.8 4,686.4 1,584.0 40,812.1
Oct………….. -34,498.4 33,086.5 -1,411.9 8.0 -106,003.3
Nov…………. 48,941.9 20,923.7 69,865.6 77,129.1 4,896.7
Dec…………. 129,853.5 360.0 130,213.5 184,565.4 68,168.0
2021
Jan…………………… 73,849.9 -2,222.4 71,627.5 75,972.4 -55,662.9
Feb…………………… 43,884.8 26,333.4 70,218.2 89,114.0 -19,748.7
Mar………………….. 42,434.4 18,253.5 60,687.93 57,496.8 92,508.6
Apr………………….. -464.2 -5,594.6 -6,058.8 6,003.5 -38,579.9
May…………………. -3,298.6 14,263.0 10,964.4 8,508.3 -31,170.5
Jun…………………….. 45,172.2 43,267.5 88,439.7 108,573.1 21,680.7
July…………… 27,330.5 -12,465.7 14,864.7 23,574.1 -21,024.1
Aug……………. -92,756.8 5,540.5 -87,216.3 78,774.7 -28,321.8
Sep……………. 42,732.7 11,191.4 53,924.2 48,574.7 -19,033.9
Oct…………….. 167,112.5 -100,447.0 66,665.6 77,077.2 21,787.0
Nov……………….. 76,307.1 6,535.9 82,842.9 101,350.8 -29,651.8
Dec…………………… 116,908.5 19,327.1 136,235.6 146,442.7 10,255.1
2022
Jan…………………… 7,609.5 27,152.3 34,761.8 38,095.7 26,336.3
Feb…………………… 100,201.5 21,069.7 121,271.2 123,148.3 26,547.9
Mar………………….. 100,801.3 67,024.8 167,826.1 173,905.0 47,744.5
Apr………………….. 74,356.7 37,177.3 111,534.0 165,930.0 31,407.6
May…………………. -25,343.3 15,403.8 -9,939.5 95,734.4 -65,993.9
Jun…………………….. 89,732.1 42,849.8 132,581.9 172,518.9 55,437.7
Jul……………………… 45,268.0 7,494.0 52,762.0 137,186.8 62,236,6
Aug…………………… -11,544.1 112,142.9 100,598.9 109,845.5 24,447.7
Sepr…………………… 76,064.6 69,813.6 145,878.2 160,523.9 81,293.2
Oct……………………. 116,320.2 10,490.2 126,810.5 121,124.5 66,412.1
Nov…………………… 55,542.1 -57,947.0 -2,406.3 8,381.0 -93,809.0
Dec…………………….. 288,174.3 -137,070.0 151,105.7 168,034.1 88,668.8
2023
Jan……………………… 14,070.4 35,633.5 49,703.9 186,561.8 59,484.6
Feb……………………… 144,119.7 40,217.7 184,337.5 241,810.9 154,825.4
Mar……………….......... 89,563.7 44,381.1 133,944.8 115,778.8 -26,708.2
Apr…………………….. 75,691.9 -26,880.3 48,811.6 73,428.3 39,391.5
May……………………. 101,044.7 31,152.4 132,197.2 118,910.5 -66,999.6
Jun…………………….. -30,751.4 59,656.9 28,905.5 49,446.8 999.5
Jul……………………… 105,726.8 -4,235.1 101,491.8 121,817.3 -29,826.6
Aug……………………. 80,339.5 19,666.2 100,005.7 103,155.3 -46,201.6
Sep…………………….. 29,895.7 44,938.7 74,834.3 75,540.8 21,358.8
Oct……………………… 84,203.0 29,598.5 113,801.6 107,595.4 42,548.0
Nov……………………… 48,345.7 44,310.5 92,656.3 83,417.6 19,776.2
Dec……………………… -99,008.0 19,391.0 -79,617.0 -181,917.3 -214,126.5
53
3.0. BALANCE OF PAYMENTS
Table 3.1 Balance of Payments Summary (K’ million)
Description 2018 2019 2020 2021 2022
(1,255,648.18) (984,896.92) (1,228,235.3) (1,545,432.7) (2,159,551.2)
A. CURRENT ACCOUNT
(1,221,276.91) (1,292,218.59) (1,547,772.74) (1,757,342.37) (2,106,077.46)
Goods and Services
696,216.41 800,429.88 649,557.5 906,726.5 970,660.3
Goods: Credit (Exports f.o.b)
1,917,493.32 2,092,648.47 2,088,263.6 2,557,532.0 2,872,863.0
Goods: Debit (Imports c.i.f)
152,845.93 278,128.56 331,072.7 372,443.2 440,399.5
Services: Credit
286,583.40 342,024.39 440,139.5 478,980.2 644,274.3
Services: Debit
12,981.84 17,732.72 17,382.6 16,517.9 20,240.0
Primary Income: Credit
249,478.48 216,354.96 264,083.7 316,243.0 551,619.1
Primary Income: Debit
342,670.04 588,905.92 589,508.6 640,650.2 655,238.6
Secondary Income: Credit
6,807.20 19,066.17 23,270.2 129,015.4 177,333.2
Secondary Income: Debit
632,644.93 533,702.29 553,006.7 598,535.4 723,384.4
B. CAPITAL ACCOUNT
632,823.10 533,905.21 553,223.9 598,781.1 723,674.9
Capital account: Credit
178.17 202.92 217.2 245.7 290.5
Capital account: Debit
(494,632.50) (558,282.41) (674,548.7) (277,587.6) (907,794.3)
C. FINANCIAL ACCOUNT
(75,293.44) 17,337.59 (115,357.2) 22,265.4 35,110.7
Direct investment abroad
56,714.90 41,174.55 189,015.1 104,361.6 230,848.1
Direct investment in Malawi
137,567.79 355,859.65 (98,381.3) 63,377.1 90,310.1
Portfolio investment liabilities
(100,045.22) (4,091.47) 107,827.6 16,554.3 193,483.1
Other investment assets
146,473.49 235,304.33 171,835.8 135,881.5 695,042.4
Other investment liabilities
574.79 63,663.54 (193,112.4) (125,941.0) (292,995.1)
E. RESERVE ASSETS
Current Account Balance/ GDP (%) (17.4) (12.0) (13.9) (15.5) (18.3)
Source: National Statistical Office, Ministry of Finance, and Reserve Bank of Malawi
54
Table 3.2 Commodity Imports and Exports, (f.o.b) (K’ million) 4
Period Imports Domestic Exports Re-export Total Exports Visible trade
2017 1,864,050.3 577,914.7 33,236.9 611,151.6 (1,252,898.8)
2018 1,967,228.0 621,434.8 17,934.0 639,368.8 (1,327,859.3)
2019 2,152,355.8 719,101.0 23,650.9 742,751.8 (1,409,604.1)
2020 2,144,454.0 547,340.8 28,050.7 575,391.6 (1,569,062.5)
2021 2,625,764.9 772,476.5 36,481.9 808,958.4 (1,816,806.5)
2022 2,867,248.3 845,451.1 28,956.3 874,407.4 (1,992,840.9)
2023 3,668,569.0 1,074,527.3 61,808.7 1,136,336.0 (2,532,233.0)
2019
Jan 142,340.8 51,743.8 254.9 51,998.7 (90,342.1)
Feb 142,285.7 49,899.1 63.0 49,962.1 (92,323.6)
Mar 124,180.8 27,548.5 74.0 27,622.5 (96,558.4)
Apr 152,403.2 26,275.7 178.0 26,453.6 (125,949.6)
May 179,303.2 70,084.3 2.1 70,086.4 (109,216.8)
Jun 166,140.0 74,188.3 50.8 74,239.1 (91,901.0)
Jul 205,821.3 74,210.3 526.8 74,737.1 (131,084.2)
Aug 185,717.1 79,962.1 1,089.7 81,051.8 (104,665.3)
Sep 274,708.9 57,1 73.3 2,787.2 59,960.5 (214,748.4)
Oct 182,901.9 98,658.1 10,801.2 109,459.4 (73,442.5)
Nov 179,530.7 61,965.2 7,408.3 69,373.4 (110,157.2)
Dec 217,022.2 47,392.3 414.9 47,807.2 (169,215.0)
2020
Jan 166,195.3 50,148.4 3,201.4 53,349.8 (112,845.5)
Feb 172,480.7 27,944.7 251.5 28,196.2 (144,284.4)
Mar 169,945.7 34,927.8 37.1 34,964.9 (134,980.8)
Apr 106,811.2 34,376.0 1,368.7 35,744.7 (71,066.5)
May 132,739.9 26,951.0 52.8 27,003.8 (105,736.2)
Jun 149,141.0 46,357.8 0.0 46,357.8 (102,783.2)
Jul 211,507.9 58,230.5 12.8 58,243.3 (153,264.6)
Aug 236,095.9 57,971.2 140.9 58,112.2 (177,983.8)
Sep 208,346.9 54,133.3 1.8 54,135.2 (154,211.8)
Oct 194,955.5 67,918.0 8,808.7 76,726.7 (118,228.8)
Nov 196,834.2 58,505.4 13,512.6 72,018.1 (124,816.2)
Dec 199,399.6 29,876.7 662.3 30,539.1 (168,860.6)
2021
Jan 180,795.9 49,115.5 173.3 49,288.8 (131,507.1)
Feb 169,739.0 49,492.6 7.8 49,500.5 (120,238.5)
Mar 207,473.4 40,970.9 221.9 41,192.9 (166,280.5)
Apr 327,820.3 34,434.8 314.0 34,748.8 (293,071.6)
May 210,242.4 62,624.1 0.9 62,625.0 (147,617.4)
Jun 192,390.1 84,696.4 114.2 84,810.6 (107,579.5)
Jul 224,563.0 95,773.9 165.9 95,939.8 (128,623.3)
Aug 235,332.5 91,280.7 55.3 91,336.0 (143,996.5)
Sep 210,593.3 78,468.1 15,315.1 93,783.3 (116,810.1)
Oct 213,285.7 74,719.3 11,534.3 86,253.6 (127,032.1)
Nov 233,309.7 64,314.7 6,776.5 71,091.3 (162,218.4)
Dec 220,219.6 46,585.4 1,802.7 48,388.1 (171,831.5)
2022
Jan 167,283.1 38,916.1 671.4 39,587.5 (127,695.6)
Feb 158,721.7 46,660.1 2,762.3 49,422.4 (109,299.3)
Mar 188,806.4 33,624.5 165.3 33,789.8 (155,016.7)
Apr 197,754.9 35,832.5 46.5 35,878.9 (161,875.9)
May 228,635.5 39,614.6 75.4 39,690.0 (188,945.5)
Jun 285,445.2 75,676.6 244.1 75,920.8 (209,524.4)
Jul 274,016.3 87,472.7 156.2 87,628.9 (186,387.3)
Aug 278,102.8 104,518.4 596.1 105,114.5 (172,988.4)
Sep 253,435.5 124,001.9 779.1 124,781.0 (128,654.5)
Oct 252,735.8 104,672.8 5,492.7 110,165.5 (142,570.3)
Nov 300,716.1 99,682.6 17,915.1 117,597.7 (183,118.4)
Dec 281,595.0 54,778.2 52.3 54,830.5 (226,764.5)
2023
Jan 252,273.0 41,730.2 5,976.2 47,706.4 (204,566.6)
Feb 280,065.7 35,414.4 13,399.5 48,813.9 (231,251.8)
Mar 242,092.6 57,494.9 349.7 57,844.6 (184,247.9)
Apr 202,770.3 37,597.2 152.7 37,750.0 (165,020.4)
May 280,404.2 65,054.4 0.0 65,054.4 (215,349.8)
Jun 274,843.3 77,637.3 75.5 77,712.9 (197,130.4)
Jul 279,873.8 108,217.9 2.8 108,220.7 (171,653.1)
Aug 344,135.6 137,959.1 32.5 137,991.5 (206,144.1)
Sep 328,643.0 125,730.4 97.8 125,828.2 (202,814.8)
Oct 312,914.7 155,926.5 959.0 156,885.5 (156,029.2)
Nov 422,791.2 154,713.0 38,054.5 192,767.5 (230,023.8)
Dec 447,761.6 77,052.0 2,708.5 79,760.5 (368,001.1)
Source: National Statistical Office, Monthly Statistical Bulletin.
4
Due to adjustments for balance of payments purposes the figures in the table may not be equal to the corresponding figures in Table
4.1. Imports are reported on c.i.f. basis while exports are reported on f.o.b. basis at point of dispatch *Preliminary
55
Table 3.3 Domestic Exports by Main Commodities, (f.o.b) (K’ million)
Uranium
End of Tobacco Tea Cotton Sugar
2014.......................................... 156,392.7 23,089.3 3,502.9 19,512.1 30,335.3
2015…………………………. 231,930.6 31,081.3 11,782.4 45,325.9 ..
2016.......................................... 349,563.8 43,524.2 7,247.7 65,378.9 ..
2017.......................................... 354,734.3 56,399.2 2,587.9 29,596.9 ..
2018.......................................... 342,238.3 63,744.4 4,478.3 27,605.2 ..
2019.......................................... 343,230.3 58,655.0 29,641.8 62,622.5 ..
2020.......................................... 274,580.0 54,865.3 1,522.7 55,962.0 ..
2021........................................ 327,298.2 58,168.2 3,643.7 59,971.4 ..
2022………………………… 367,374.6 73,880.2 10,526.2 22,135.3 ..
2023………………………… 484,453.1 78,736.3 4,557.6 51,717.5
2019 ..
Jan………………………….. 35,557.8 3,919.9 .. 3,956.8 ..
Feb………………………….. 23,580.6 5,904.7 230.9 5,511.6 ..
Mar………………………….. 4,387.3 7,057.1 .. 597.2 ..
Apr…………………………. 5,723.1 7,535.3 .. 2,299.0 ..
May…………………………. 16,165.2 7,450.7 1,282.0 4,029.2 ..
Jun………………………….. 8,156.8 5,191.3 27,301.0 5,174.1 ..
July…………………………. 35,091.2 5,010.0 304.4 11,390.3 ..
Aug………………………… 40,978.7 4,165.7 19.7 8,021.3 ..
Sep…………………………. 35,084.3 3,360.0 27.4 3,000.5 ..
Oct…………………………. 73,654.3 3,427.7 286.2 8,423.7 ..
Nov………………………… 36,019.2 3,838.7 .. 7,599.4 ..
Dec…………………………. 28,831.8 1,794.0 190.2 2,619.4 ..
2020
Jan………………………….. 23,596.8 5,502.3 118.9 8,509.4 ..
Feb…………………………. 12,262.3 4,631.8 0.0 1,576.1 ..
Mar………………………… 17,923.1 6,858.3 .. 1,267.2 ..
Apr………………………… 10,319.5 7,473.2 .. 6,886.1 ..
May………………………... 4,142.3 7,473.2 .. 2,717.4 ..
Jun…………………………. 19,545.8 3,959.7 135.4 6,907.0 ..
Jul…………………………. 36,755.3 2,987.0 366.9 2,909.9 ..
Aug………………………… 40,854.1 12.5 341.1 2,041.7 ..
Sep………………………… 35,307.7 2,808.6 256.2 4,893.0 ..
Oct………………………… 25,882.9 3,563.0 .. 10,601.8 ..
Nov………………………… 36,190.6 2,697.1 .. 4,326.1 ..
Dec………………………… 11,799.5 1,534.1 304.1 3,326.2 ..
2021
Jan………………………….. 21,984.7 4,066.8 360.3 8,229.0 ..
Feb…………………………. 16,642.1 5,108.0 - 3,897.2 ..
Mar………………………… 9,340.3 5,769.7 111.8 7,137.2 ..
Apr………………………… 6,700.2 4,733.2 - 1,350.6 ..
May………………………... 8,053.1 6,638.5 517.5 5,006.9 ..
Jun…………………………. 33,382.8 6,164.2 2,097.6 3,801.5 ..
Jul…………………………. 44,493.3 4,380.6 239.3 8,693.5 ..
Aug………………………… 42,703.0 4,621.4 317.1 4,245.7 ..
Sep………………………… 43,987.5 3,996.7 - 2,667.3 ..
Oct………………………… 42,519.6 4,291.7 - 5,438.2 ..
Nov……………………….. 35,418.6 4,325.5 - 6,644.9 ..
Dec……………………….. 22,591.1 4,070.9 - 2,856.7 ..
2022
Jan………………………….. 15,318.7 4,903.6 0.0 4,861.4 -
Feb…………………………. 19,394.6 6,469.8 0.2 608.7 -
Mar………………………… 6,889.6 7,049.1 210.8 1,716.4 -
Apr………………………… 6,122.4 5,790.3 249.5 1,842.3 -
May……………………….. 4,468.3 7,690.3 231.8 841.4 -
Jun………………………… 15,215.2 7,569.0 2,457.1 6,134.3 -
Jul…………………………. 32,869.7 7,728.3 2,602.8 1,089.0 -
Aug………………………... 44,977.6 7,269.0 1,941.0 3,871.0 -
Sep……………………..….. 76,921.7 4,142.9 1,603.0 943.5 -
Oct………………………… 62,235.1 5,011.6 356.1 0.6 -
Nov………………………... 51,855.1 7,583.7 874.1 77.4 -
Dec………………………… 31,106.6 2,672.8 0.0 149.3 -
2023
Jan………………….. 15,514.9 5,409.2 0.0 56.9 ..
Feb………………... 5,890.3 5,849.3 0.0 87.9 ..
Mar………………... 5,518.3 9,736.8 0.0 566.1 ..
Apr……………….… 1,208.2 6,638.9 0.0 61.8 ..
May……………….. 7,906.3 10,747.9 339.5 2,636.5 ..
Jun…………………. 34,755.6 7,959.2 1,482.2 9,377.3 ..
Jul………………….. 44,840.6 5,187.0 393.2 3,980.4 ..
Aug………………… 78,755.5 6,998.9 1,173.6 7,696.5 ..
Sep………………… 83,990.4 5,145.8 370.2 5,122.3 ..
Oct………………… 76,932.5 3,709.5 799.0 8,749.5 ..
Nov………………… 96,657.0 5,304.2 - 3,092.1 ..
Dec………………… 32,483.5 6,049.6 - 10,290.4 ..
Source: National Statistical Office, Monthly Statistical Bulletin.
56
Table 3.4 Selected Monthly Average Foreign Exchange Rates5
US dollar Euro British pound Chinese yuan SA rand ZMK
Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell
2019
Jan 733.463 738.449 831.468 845.497 933.840 954.533 106.019 108.854 52.390 53.608 60.402 62.017
Feb 731.909 739.743 827.082 839.898 948.727 963.568 106.845 109.815 52.701 53.883 60.471 62.152
Mar 734.635 740.669 825.030 837.653 961.860 977.338 107.324 110.329 50.745 51.786 60.018 61.698
Apr 739.444 745.369 825.152 837.926 958.331 972.991 107.814 110.899 51.799 52.874 59.134 60.826
May 747.349 754.837 830.806 844.502 952.922 970.197 106.641 109.704 51.329 52.512 55.357 56.947
Jun 773.912 780.894 866.595 878.689 971.914 988.050 109.620 112.694 52.541 53.842 58.010 59.636
Jul 763.498 772.922 852.960 867.230 947.255 967.427 109.858 112.899 54.385 55.442 59.370 61.013
Aug 734.731 743.437 815.403 828.210 888.600 906.030 102.554 105.576 48.383 49.339 55.661 57.301
Sep 735.331 741.418 847.705 861.349 959.553 976.147 108.056 110.930 53.408 54.912 65.163 66.890
Oct 734.453 741.465 819.410 827.400 948.604 959.293 103.354 105.421 48.731 49.532 54.841 55.938
Nov 737.612 742.782 813.044 821.276 947.025 958.290 103.740 105.825 49.621 50.386 49.621 50.386
Dec 739.767 743.580 818.123 826.583 966.357 977.493 103.900 105.987 51.052 51.793 50.541 51.556
2020
Jan 740.428 744.049 818.835 827.213 963.457 974.356 105.326 107.433 51.164 51.984 50.771 51.786
Feb 739.846 743.334 806.536 813.750 958.564 966.578 104.195 106.278 46.658 49.845 49.766 50.761
Mar 740.201 743.916 819.609 826.055 913.027 924.138 103.945 106.024 44.378 45.180 44.707 45.601
Apr 740.483 743.315 805.739 813.704 917.419 926.552 103.054 105.115 40.231 40.662 39.385 40.173
May 740.412 743.545 811.154 819.291 911.351 921.297 102.655 104.704 36.772 41.928 40.060 40.860
June 740.066 743.857 841.025 848.634 930.078 940.641 103.007 105.041 43.931 44.730 40.213 41.007
July 741.323 745.905 862.339 869.930 947.531 957.744 104.365 106.447 45.058 46.080 40.425 41.231
Aug 748.034 752.432 910.229 917.297 998.642 1010.10 106.544 108.673 42.945 45.939 39.519 40.309
Sep 754.412 757.714 919.987 927.488 998.392 1010.04 109.072 111.254 46.765 48.070 37.550 38.301
Oct 758.149 760.591 927.437 934.616 1009.71 1023.07 110.874 113.091 48.659 49.396 37.012 37.752
Nov 762.360 765.045 939.898 945.153 1036.85 1045.23 113.598 115.870 51.773 52.615 36.070 36.791
Dec 767.905 771.339 971.202 978.689 1059.48 1075.61 115.587 117.899 49.145 55.231 35.911 36.629
2021
Jan 775.032 778.859 987.607 995.416 1091.394 1107.314 118.055 120.416 54.272 55.150 35.899 36.617
Feb 779.918 783.123 996.374 1005.208 1122.404 1135.449 118.854 121.225 56.143 56.994 35.597 36.307
Mar 785.518 789.838 988.278 1000.540 1132.514 1146.215 118.918 121.296 55.577 56.419 35.260 35.965
Apr 792.033 795.708 1007.182 1016.514 1143.174 1154.255 119.630 122.009 35.152 35.851 35.152 35.851
May 798.852 802.983 1031.617 1046.010 1175.029 1187.382 122.498 124.922 60.649 61.482 35.146 35.841
Jun 803.753 809.187 1035.206 1046.177 1183.364 1197.961 123.537 125.982 61.585 62.792 35.184 35.881
Jul 812.514 817.610 1032.530 1043.674 1187.484 1198.408 123.819 126.270 60.178 61.183 36.886 37.616
Aug 817.111 820.588 1035.207 1046.799 1186.418 1203.134 124.224 126.676 56.742 60.477 44.404 45.280
Sep 819.225 821.853 1042.597 1055.718 1184.755 1196.074 124.785 127.255 60.235 61.463 49.402 50.380
Oct 821.251 823.795 1045.509 1055.692 1186.039 1198.708 125.769 128.258 59.631 60.668 47.515 48.456
Nov 821.897 824.188 1042.016 1071.955 1190.698 1197.762 126.452 128.967 58.137 59.198 46.172 47.090
Dec 822.429 824.327 1081.639 1104.630 1188.919 1208.746 126.955 129.494 58.038 59.571 48.220 49.184
2022
Jan 821.966 824.644 1111.349 1138.146 1229.63 1251.814 127.202 129.746 60.969 62.357 46.966 47.906
Feb 822.271 824.609 1140.441 1174.349 1266.716 1280.903 127.403 129.951 63.769 64.980 44.767 45.664
Mar 822.394 824.824 1145.879 1194.880 1234.969 1266.074 127.411 129.959 65.624 66.863 45.195 46.099
Apr 823.059 824.714 995.485 1003.299 1188.589 1199.615 125.823 128.266 63.835 65.103 46.589 47.494
May 854.988 857.207 1000.490 1009.073 1169.045 1184.547 125.459 127.886 60.099 62.112 49.291 50.245
Jun 1027.142 1031.696 1148.506 1164.198 1337.538 1354.995 151.291 154.170 69.672 70.539 59.627 60.761
Jul 1031.668 1036.189 1078.455 1087.896 1269.110 1281.171 150.999 153.896 62.357 63.407 62.013 63.203
Aug 1033.907 1033.191 1071.273 1081.232 1268.374 1280.498 149.499 152.374 62.889 63.970 63.222 64.437
Sep 1033.205 1036.219 1050.194 1058.621 1204.122 1212.907 145.065 147.865 57.271 60.944 65.196 66.454
Oct 1033.462 1036.189 1,043.531 1051.008 1196.899 1206.300 141.383 144.113 58.321 59.129 64.002 65.237
Nov 1033.818 1036.241 1078.390 1088.059 1242.116 1252.466 141.725 144.461 60.347 61.072 59.841 60.996
Dec 1034.173 1036.192 1120.431 1128.901 1290.940 1300.764 145.655 148.467 60.840 61.765 58.048 59.169
2023
Jan 1033.186 1036.227 1141.353 1150.428 1296.139 1305.877 149.719 152.609 61.565 62.487 55.063 56.126
Feb 1033.232 1036.222 1134.950 1144.299 1283.116 1290.998 148.758 151.630 58.811 59.765 52.539 53.554
Mar 1033.501 1036.233 1134.676 1143.871 1287.069 1297.892 147.463 150.310 57.497 58.353 49.535 50.491
Apr 1033.908 1036.196 1158.511 1170.322 1316.686 1327.704 147.614 150.464 57.784 58.757 55.106 56.170
May 1032.647 1036.220 1152.671 1161.259 1323.572 1332.246 145.440 148.248 55.243 56.124 54.929 55.990
Jun 1041.480 1045.732 1158.058 1167.961 1351.296 1360.691 143.298 146.100 56.532 57.454 55.070 56.149
Jul 1059.707 1063.854 1204.436 1213.092 1404.923 1412.747 145.146 148.047 59.331 60.344 56.335 57.461
Aug 1092.068 1095.220 1222.487 1232.142 1424.214 1433.834 148.087 151.041 59.167 60.211 55.449 56.555
Sep 1124.557 1126.748 1229.771 1240.618 1428.657 1441.337 151.438 154.450 60.187 61.187 53.368 54.430
Oct 1177.902 1180.214 1277.007 1285.125 1469.859 1481.415 158.385 161.536 62.488 63.779 53.883 54.955
Nov 1555.532 1558.097 1723.876 1737.213 1985.605 1995.259 211.590 215.810 83.867 86.507 66.462 67.788
Dec 1697.587 1699.995 1893.867 1910.023 2201.858 2217.510 233.023 237.674 90.832 93.999 67.761 69.113
5
Averages of daily rates quoted by commercial banks in Malawi
57
Table 3.5 Selected End Period Foreign Exchange Rates6
US dollar Euro British pound Chinese yuan SA rand ZMK
Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell
2019
Jan 732.370 739.562 836.579 851.686 951.557 970.087 107.457 110.465 53.700 55.856 60.327 62.015
Feb 735.092 740.643 828.388 843.213 976.919 987.717 107.756 110.749 51.950 53.359 60.192 61.864
Mar 735.196 742.392 820.768 834.118 956.008 970.825 107.320 110.368 49.983 51.338 59.386 61.073
Apr 743.279 750.207 825.257 833.675 950.311 971.627 107.733 110.815 51.192 52.288 57.167 58.802
May 759.885 764.550 841.159 851.446 946.121 962.734 107.081 110.232 51.406 51.821 55.201 56.825
Jun 783.369 787.077 876.775 893.522 983.860 996.011 111.318 114.503 54.904 55.846 59.520 61.222
Jul 741.203 754.904 819.373 841.750 896.864 918.665 106.653 109.725 52.176 53.461 57.063 58.707
Aug 736.513 742.310 810.419 818.887 883.176 906.793 100.919 103.868 47.432 48.633 55.257 56.871
Sep 737.201 741.318 805.507 810.750 899.819 912.429 102.123 104.166 48.518 49.092 55.240 56.345
Oct 734.453 741.464 819.410 827.400 948.604 959.293 103.354 105.421 48.731 49.532 54.841 55.938
Nov 738.811 744.540 813.436 821.032 955.743 962.301 103.657 105.751 49.977 51.008 50.273 51.288
Dec 736.547 741.200 821.322 829.973 961.104 977.285 104.600 106.691 51.985 52.884 52.079 53.121
2020
Jan 740.185 742.021 816.758 821.675 964.577 975.829 105.131 107.233 50.114 50.637 49.419 50.407
Feb 739.780 742.417 813.706 819.967 951.987 964.495 104.125 106.207 47.076 48.143 48.733 49.708
Mar 738.276 743.757 819.410 820.439 913.647 918.683 102.930 104.988 41.294 41.940 40.752 41.566
Apr 737.692 744.341 806.253 813.495 923.852 933.217 103.420 105.488 41.324 41.955 39.097 39.878
May 739.118 743.638 829.515 837.248 916.003 924.882 102.090 104.070 42.629 43.645 40.045 40.822
Jun 742.328 743.769 841.638 848.853 922.885 925.365 103.219 105.283 43.600 44.443 40.281 41.087
Jul 740.709 748.765 898.201 908.319 982.766 1005.90 105.181 107.284 45.506 46.872 40.354 41.161
Aug 754.333 755.086 925.817 945.312 1017.89 1031.88 108.114 110.276 47.014 48.042 38.006 38.766
Sep 754.204 759.650 927.255 929.455 996.184 1003.57 109.156 111.339 46.553 48.113 37.197 37.940
Oct 755.889 763.057 923.908 926.552 1009.41 1020.80 111.815 114.051 48.558 49.803 36.420 37.149
Nov 762.459 769.391 957.926 958.755 1060.35 1063.16 114.319 116.606 52.658 53.530 35.900 36.618
Dec 769.187 777.038 987.809 997.774 1082.29 1104.50 116.764 119.099 56.166 56.909 36.111 36.833
2021
Jan 773.082 779.892 988.168 995.399 988.168 995.399 118.216 120.580 53.715 55.477 35.698 36.411
Feb 786.348 787.719 999.718 1013.714 999.718 1013.714 119.462 121.851 55.242 56.136 35.520 36.231
Mar 788.431 792.161 991.211 994.865 991.211 994.865 118.355 120.722 55.406 56.855 35.192 35.896
Apr 794.728 800.589 1027.20 1043.755 1027.197 1043.755 121.215 123.614 58.966 59.688 35.219 35.916
May 798.740 801.610 1033.92 1051.132 1188.227 1194.933 123.765 126.214 62.035 62.534 35.041 35.735
Jun 809.942 813.956 1026.23 1037.861 1183.780 1202.099 123.588 126.034 61.450 61.657 35.289 35.987
Jul 813.878 820.977 1045.20 1051.919 1196.753 1210.727 124.462 126.926 59.072 61.394 41.795 42.622
Aug 820.113 820.677 1043.88 1045.315 1194.013 1199.321 124.570 127.036 60.407 61.389 50.719 51.723
Sep 820.433 823.898 1019.82 1032.455 1168.722 1172.224 124.868 127.339 58.381 59.409 48.311 49.267
Oct 819.103 823.583 1029.77 1045.712 1190.110 1212.318 126.351 128.852 58.494 59.587 46.909 47.837
Nov 820.812 824.947 1094.59 1105.222 1190.698 1197.762 126.857 129.394 56.309 58.112 45.462 46.371
Dec 819.308 819.576 1137.95 1138.863 1201.649 1214.361 126.823 129.359 57.180 58.180 48.617 49.589
2022
Jan 820.823 824.797 1047.393 1097.602 1155.254 1268.244 127.084 129.625 61.235 62.401 44.907 45.805
Feb 819.832 824.365 1140.654 1199.955 1280.473 1287.372 128.089 130.650 64.479 65.204 45.629 46.542
Mar 822.425 824.781 1025.643 1037.007 1211.289 1217.144 128.107 130.669 66.282 67.509 45.714 46.628
Apr 822.363 824.981 960.383 972.407 1146.329 1154.022 122.271 124.642 57.602 61.079 47.613 48.536
May 1028.542 1031.250 1173.148 1188.773 1375.474 1385.943 152.099 155.018 71.470 72.612 58.749 59.876
Jun 1030.481 1036.246 1101.496 1115.442 1281.628 1296.894 151.941 154.856 64.325 65.714 59.397 60.536
Jul 1034.023 1036.029 1078.610 1091.408 1291.054 1302.664 150.799 153.691 63.346 64.909 62.373 63.570
Aug 1034.615 1036.218 1060.749 1071.630 1234.284 1247.248 147.482 150.329 61.831 63.146 63.738 64.969
Sep 1031.339 1036.249 1046.311 1048.660 1177.105 1183.618 143.338 146.105 58.195 59.375 64.343 65.585
Oct 1029.517 1036.249 1062.178 1063.056 1228.058 1240.041 139.646 142.342 58.105 58.618 63.066 64.283
Nov 1032.633 1036.205 1105.357 1106.284 1272.588 1281.039 142.256 145.003 62.114 62.942 61.709 62.900
Dec 1033.100 1036.249 1124.902 1136.934 1279.152 1286.058 146.211 149.034 61.711 63.665 56.425 57.514
2023
Jan 1027.511 1036.228 1147.365 1157.236 1293.379 1317.768 150.461 153.366 60.154 61.294 53.648 54.683
Feb 1031.101 1036.249 1126.439 1130.075 1271.864 1288.560 146.430 149.257 57.018 57.837 51.409 52.402
Mar 1031.351 1036.249 1149.727 1163.590 1307.715 1322.944 148.077 150.936 59.746 59.773 47.558 48.477
Apr 1033.472 1036.249 1166.749 1175.270 1317.262 1333.181 147.017 149.855 57.630 58.238 57.274 58.380
May 1032.677 1036.249 1129.399 1141.014 1314.553 1319.914 143.194 145.959 53.094 54.062 52.341 53.352
Jun 1058.262 1059.369 1175.564 1190.728 1371.746 1383.798 143.785 146.658 57.351 58.491 59.772 60.966
Jul 1059.483 1063.852 1200.684 1206.832 1393.326 1408.510 145.997 148.915 61.088 62.311 55.776 56.891
Aug 1094.160 1095.320 1221.167 1232.060 1424.084 1434.321 147.339 150.281 60.336 60.301 53.560 54.629
Sep 1126.235 1126.770 1222.206 1228.225 1407.159 1417.180 151.321 154.331 60.000 61.339 52.861 53.912
Oct 1179.369 1180.290 1282.851 1288.770 1469.146 1478.118 158.168 161.315 63.600 64.291 52.603 53.650
Nov 1698.624 1700.000 1893.557 1921.679 2212.434 2226.068 233.855 238.523 91.800 93.647 70.326 71.730
Dec 1695.957 1700.000 1896.036 1938.862 2213.962 2234.640 234.940 239.629 93.604 94.739 65.109 66.409
6
End period daily rates quoted by commercial banks in Malawi
58
4.0. NATIONAL ACCOUNTS
Table 4.1 Gross Domestic Product by Economic Activity (K’ million)7
2017 2018 2019 2020 2021 2022 2023* 2024*
Agriculture, forestry and fishing 1,497,364 1,501,799 1,590,381 1,656,101 1,705,940 1,721,942 1,734,918 1,767,361
Crop and animal production 1,405,027 1,404,984 1,490,492 1,566,286 1,622,862 1,631,536 1,645,877 1,675,507
Forestry and logging 8,760 8,966 9,006 8,234 8,750 9,030 9,253 9,649
Fishing and aquaculture 83,577 87,848 90,884 81,582 74,329 81,376 79,788 82,205
Mining and quarrying 45,129 49,096 52,748 53,946 52,449 53,832 55,699 58,930
Manufacturing 737,836 787,879 848,144 880,023 919,761 907,252 910,683 950,319
Electricity, gas & water 176,901 191,812 206,444 217,427 211,867 205,713 222,173 231,507
Construction 199,293 213,651 230,378 238,748 245,532 253,096 273,746 289,016
Wholesale and retail trade 830,463 857,719 909,559 908,122 938,401 916,452 899,088 911,930
Transportation and storage 291,632 311,044 338,419 314,237 331,890 339,236 350,805 366,696
100,252 104,265 107,858 81,641 84,035 89,465 97,180 106,763

Accommodation and food service activities
Information and communication 341,015 373,271 407,822 430,324 461,461 468,590 483,658 516,462
Financial and insurance activities 383,576 409,822 430,698 450,638 479,508 505,387 523,824 555,904
Real estate activities 464,962 451,270 463,730 476,266 499,509 507,049 518,269 537,317
Professional, scientific and tech. activities 78,093 84,397 92,406 96,079 92,371 95,422 97,454 103,076
Public administration and defence 202,355 214,474 227,559 236,884 242,944 254,799 263,908 276,829
Education 280,920 293,927 307,894 292,040 301,089 314,578 324,715 345,155
Human health and social work activities 385,232 405,563 408,847 396,456 427,418 436,430 447,733 467,354
Other services 111,032 121,191 132,002 127,337 137,593 143,709 151,290 158,718
GDP in constant prices 6,531,224 6,818,055 7,189,515 7,255,126 7,593,420 7,663,364 7,775,839 8,025,287
GDP at current prices 6,531,224 7,235,940 8,219,853 8,815,340 9,975,522 11,795,663 14,593,983 17,949,929
Sources: Ministry of Economic Planning and Development, National Statistical Office, Treasury and Reserve Bank of Malawi. *Projections
7
For years 2015 to 2018; 2010=100
For years 2019 to 2021; 2017=100
59
Table 4.2 National Consumer Price Index1 (1990=100)
Beverages and Clothing and Household
All items Food costs Tobacco Foot wear Housing operation Transportation Miscellaneous
Overall Weight 100.0 58.1 5.9 8.5 12.1 4.1 5.1 6.2
Period
1990…….....….. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
1991…….....….. 108.2 108.4 106.5 104.8 114.1 104.4 112.1 105.9
1992…….....….. 133.4 138.9 137.4 114.4 136.7 131.7 130.5 116.7
1993…….....….. 163.8 175.7 180.1 126.2 159.0 158.4 149.4 149.9
1994…….....….. 220.5 242.9 259.8 149.3 191.7 219.3 197.3 206.3
1995…….....….. 404.2 408.6 463.6 231.9 325.9 385.2 332.4 337.1
1996…….....….. 556.2 680.7 598.0 278.0 429.6 444.9 440.4 403.3
1997…….....….. 607.1 736.8 701.2 296.6 480.9 504.6 486.6 435.1
1998…….....….. 787.7 941.2 1,178.3 333.7 607.2 751.3 666.1 530.9
1999…….....….. 1,140.5 1,346.0 1,734.0 417.7 991.5 981.5 971.5 1,015.1
2000…….....….. 100 100 100 100 100 100 100 100

2001…….....….. 122.7 117.6 131.0 130.5 132.9 129.3 129.7 122.1
2002…….....….. 140.8 136.4 136.8 153.6 156.6 143.9 143.9 134.4
2003…….....….. 154.3 143.6 165.8 166.8 180.0 172.9 172.1 148.3
2004…….....….. 172.0 154.4 196.5 179.5 211.7 218.3 202.8 169.1
2005…….....….. 198.5 181.0 240.6 192.8 236.9 269.0 230.1 182.6
2006………....... 226.1 209.1 273.5 208.8 266.9 313.5 261.6 197.5
2007………...... 244.1 224.7 302.6 221.2 291.4 336.2 289.2 211.6
2008…............... 265.4 240.3 332.0 237.6 319.1 383.5 338.9 232.3
2009…............... 287.7 258.0 369.0 259.1 328.3 452.8 308.1 263.1
2010…............... 319.8 276.1 436.9 294.6 375.3 525.1 442.7 305.7
2011…............... 332.6 279.8 460.7 307.9 392.4 564.4 501.2 329.8
2012………….. 100 100 100 100 100 100 100 100
2013
Jan………......… 121.6 122.5 114.1 118.7 128.7 116.7 109.9 114.3
Feb……….....… 129.7 136.1 118.2 121.3 130.7 118.6 114.2 116.2
Mar………....… 129.9 134.4 120.2 123.4 134.2 120.6 115.7 118.6
Apr…............... 127.2 127.9 126.0 122.6 134.9 120.8 118.7 119.8
May…................ 127.0 122.2 129.4 124.1 142.8 124.7 120.3 122.9
Jun…................ 122.3 112.8 130.0 124.5 143.0 124.8 120.3 121.9
Jul…................ 119.8 107.7 130.1 124.3 143.6 124.2 119.5 121.8
Aug….............. 119.1 105.7 129.5 124.3 143.8 124.4 119.5 122.8
Sep…................. 126.0 117.1 130.5 126.8 145.2 127.7 120.2 125.8
Oct…................. 129.1 122.2 131.0 127.6 146.9 128.5 120.2 128.1
Nov…................ 135.1 131.4 132.6 127.4 150.7 131.7 121.5 131.7
Dec…................ 140.6 139.3 132.0 125.6 153.0 137.7 126.9 137.5
2014
Jan………......… 153.1 152.0 134.3 135.0 171.7 152.7 129.9 141.7
Feb……….....… 161.6 163.9 137.9 137.2 181.6 163.3 134.4 143.9
Mar………....… 161.2 160.7 139.6 138.2 185.6 165.1 135.5 147.8
Apr…............... 157.7 152.9 140.3 139.9 186.4 166.4 137.2 150.0
May…................ 155.7 145.9 140.4 150.5 189.8 166.7 137.9 150.7
Jun…................ 149.9 135.2 140.4 151.8 183.7 167.3 137.9 151.0
Jul…................ 146.6 129.6 140.4 151.8 180.2 167.8 138.5 150.9
Aug….............. 148.3 131.1 141.2 152.5 183.8 169.0 140.8 151.8
Sep…................. 155.9 143.7 142.6 153.7 187.7 170.4 142.6 152.3
Oct…................. 159.2 148.5 143.2 155.7 191.2 171.2 143.2 153.6
Nov…................ 167.1 159.4 149.8 159.6 198.3 176.3 146.2 159.0
Dec…................ 174.5 170.1 154.3 162.5 205.8 178.2 149.2 161.3
Source: National Statistical Office, Monthly Statistical Bulletin. 1A
weighted average of the urban and Rural Composite Price Indices
Annual indices from 2000 are based on 2000 base year.
Annual indices from 2012 are based on 2012 base year
60
Table 4.3: National Consumer Price Indices (2012=100, 2017=100)
Food Alcohol Clothing Furnishing Comm Recreati
All Bevera & & Housing & Transpo unicati on & Restaurants
items ges Tobacco Footwear & Utilities Household Health rtation on Culture Education & Hotels Miscellaneous
Overall
Weight 100 45.2 2.5 2.9 23.1 4.6 2.9 8.4 3.7 0.9 2.1 2.0 1.6
Period
2014 157.6 149.4 142.0 149.0 187.2 167.9 139.4 151.2 170.7 193.5 132.0 231.7 132.3
2015 192.0 185.1 156.7 174.4 241.9 192.1 159.6 176.1 183.9 223.4 169.1 262.0 158.2
2016 233.7 234.4 181.3 199.1 294.1 225.7 184.4 201.2 195.9 268.8 205.6 297.6 176.0
2017 260.7 258.4 209.3 224.6 346.2 246.7 225.3 211.9 205.1 321.9 224.5 329.9 191.9
2018 104.7 104.1 105.9 105.5 106.2 105.0 104.3 105.2 102.0 103.5 100.9 103.7 106.0
2019 114.5 119.0 114.1 113.4 110.2 112.8 114.4 112.2 104.6 107.7 106.1 108.3 115.8
2020 124.4 134.6 122.0 120.6 112.8 124.7 122.2 119.0 107.5 110.2 111.5 113.1 125.0
2021 136.0 149.9 128.0 128.0 122.0 134.2 130.6 132.1 110.4 112.8 114.4 118.4 132.6
2020
Jan 126.3 141.1 118.8 117.8 111.3 122.2 119.7 116.8 105.6 109.7 111.5 111.7 121.5
Feb 127.9 143.8 119.1 118.8 112.1 123.0 120.7 117.1 106.2 109.7 111.5 111.9 122.6
Mar 126.9 141.6 119.5 119.2 112.1 123.2 121.0 116.9 106.3 109.7 111.5 112.2 122.9
Apr 121.6 129.6 120.2 119.4 112.2 123.7 121.1 116.1 107.3 110.0 111.5 112.5 123.4
May 119.8 125.6 120.5 119.8 112.2 124.0 121.5 115.9 107.6 110.1 111.5 112.7 124.0
Jun 119.4 124.5 121.8 120.5 112.2 124.4 121.8 116.1 107.7 110.2 111.5 112.9 124.1
Jul 119.9 125.0 122.2 121.1 112.3 124.6 122.4 118.1 107.8 110.3 111.5 113.2 124.8
Aug 121.3 127.6 122.8 121.5 112.8 125.1 122.6 119.0 107.8 110.5 111.5 113.8 125.3
Sep 123.0 130.3 123.6 121.7 113.3 125.5 122.9 121.2 107.9 110.5 111.5 113.8 127.0
Oct 126.1 136.5 124.5 122.2 114.0 126.3 123.4 121.7 107.9 110.5 111.5 114.0 127.3
Nov 128.6 141.5 125.2 122.5 114.5 127.4 123.9 122.7 108.4 110.8 111.5 114.1 127.9
Dec 131.9 147.6 125.9 122.8 114.9 127.6 125.5 126.1 109.6 110.8 111.6 114.2 129.4
2021
Jan 136.0 154.7 126.4 124.1 117.2 128.4 126.2 127.7 109.6 110.9 113.2 115.5 130.2
Feb 138.5 158.7 127.3 125.8 119.1 130.6 128.8 127.9 109.7 111.7 114.0 116.7 130.3
Mar 139.8 160.7 128.0 126.2 119.7 130.8 129.3 129.7 110.0 112.4 114.1 117.0 130.9
Apr 132.8 144.6 128.2 126.3 120.3 131.2 129.4 129.8 110.1 112.6 114.1 117.4 131.1
May 130.4 139.3 128.2 126.9 120.3 131.7 129.5 130.2 110.1 112.7 114.3 117.7 130.3
Jun 130.2 138.3 128.2 127.5 120.7 133.0 130.0 130.5 110.3 112.9 114.3 117.8 131.4
Jul 130.3 137.9 128.2 127.8 121.1 133.9 130.4 131.3 110.3 112.9 114.3 118.7 131.8
Aug 131.5 140.0 128.0 128.5 121.6 134.9 130.9 131.7 110.5 113.1 114.4 119.4 132.4
Sep 134.0 144.5 128.3 129.2 122.7 136.0 131.1 132.4 110.5 113.3 115.0 119.6 132.8
Oct 138.4 152.6 128.6 129.8 124.0 137.5 131.9 136.3 110.5 113.3 115.0 119.9 134.5
Nov 143.0 159.6 128.6 131.9 127.7 140.7 133.7 138.7 111.3 113.6 115.0 120.4 136.6
Dec 147.1 167.6 128.4 132.3 129.2 142.0 136.4 139.0 111.4 113.6 115.0 120.4 139.4
2022
Jan 103.6 105.5 100.3 100.6 102.3 100.6 101.4 100.8 100.0 100.0 100.5 100.0 101.8
Feb 106.4 109.2 100.6 100.9 104.9 102.3 102.9 101.4 100.0 100.0 101.7 100.3 102.5
Mar 108.4 112.2 100.7 101.4 106.2 103.8 104.7 102.1 100.0 100.1 101.8 100.5 104.0
Apr 104.4 103.1 100.7 102.4 108.3 104.6 105.5 110.2 100.3 100.2 101.8 100.7 104.7
May 105.6 104.3 102.5 103.9 109.5 105.1 106.2 112.6 100.6 100.8 101.8 101.2 105.9
Jun 109.3 108.2 105.2 106.2 112.8 107.6 109.7 125.8 100.6 100.9 101.8 104.3 112.2
Jul 110.3 109.0 106.1 108.9 113.6 110.2 112.2 128.4 101.4 101.5 101.8 108.4 114.5
Aug 112.2 114.4 108.5 109.5 114.4 112.7 113.1 130.4 101.4 101.8 101.8 114.0 116.1
Sep 114.6 115.2 116.3 110.2 114.9 113.9 114.1 129.2 101.4 102.9 101.8 116.0 116.7
Oct 119.2 122.5 117.1 111.9 116.8 115.1 114.5 130.4 101.4 103.1 105.1 118.7 117.4
Nov 122.3 127.0 117.9 113.8 118.4 117.5 115.8 132.7 101.4 103.9 105.2 119.2 119.2
Dec 125.4 131.3 120.6 115.6 118.8 119.8 124.1 138.6 101.7 104.7 105.2 126.1 126.4
2023
Jan 130.4 137.6 128.1 118.1 123.2 121.2 127.2 138.7 104.2 105.9 108.1 127.4 130.9
Feb 134.7 143.8 129.8 119.4 126.7 124.1 127.7 139.0 104.4 106.4 108.2 127.5 132.8
Mar 137.7 148.6 134.3 120.1 127.4 124.7 128.2 139.7 104.4 107.9 108.2 127.5 134.5
Apr 134.5 142.1 136.3 120.5 127.6 125.2 129.0 140.7 106.1 107.9 108.2 128.2 136.1
May 136.4 144.8 139.1 121.2 128.8 126.5 129.8 141.7 107.2 107.9 108.2 129.0 136.7
Jun 139.1 148.5 139.1 122.0 131.7 126.7 129.9 142.2 107.2 108.0 108.2 129.2 137.4
Jul 141.6 151.9 141.0 123.8 133.5 127.6 132.6 142.6 108.0 108.4 108.2 131.0 138.5
Aug 144.2 155.4 142.7 125.4 135.7 128.5 134.4 143.0 108.3 109.2 108.7 131.4 139.5
Sep 146.4 157.6 143.7 126.2 138.9 128.9 134.5 143.2 108.3 109.3 113.1 133.5 140.2
Oct 151.3 164.7 149.8 127.2 142.0 130.8 135.2 143.4 108.6 109.4 113.8 134.8 141.9
Nov 162.8 180.0 162.6 129.7 148.2 135.7 142.0 161.2 113.3 118.6 113.8 143.4 147.8
Dec 168.7 188.5 164.1 131.9 152.5 137.8 143.1 163.8 114.6 119.6 113.8 143.9 153.5
Source: National Statistical Office (NSO)
61
Table 4.4 Agriculture: Tobacco, Tea and Sugar
Tobacco Auction Sales Tea Sugar Production
Period Volume (millions of Kg) Value (K’mn) Production (millions of Kgs) Limbe Auction Price (MWK) Volume (millions of tonnes)
2018……………. 202.0 247,159.7 50.6 11,738.4 250.3
2019…………….. 166.1 180,119.3 48.0 9,386.7 ..
2020…………….. 114.0 130,043.2 45.2 6,083.6 ..
2021…………….. 123.7 159,078.6 50.6 16,426.9 ..
2022……………..
2019
Jan……………….. .. .. 7.4 1169.5 ..
Feb………………. .. .. 7.3 1114.9 ..
Mar………………. .. .. 6.4 1098.8 ..
Apr…..................... 3.4 3,360.7 7.3 1066.2 6.4
May…................... 33.8 35,411.7 4.5 1149.3 38.8
Jun……………….. 38.8 45,400.6 1.6 1260.3 33.4
Jul……………… 44.3 52,543.4 1.3 1039.9 35.7
Aug……………… 27.4 27,650.5 1.7 959.6 34.7
Sept……………. 18.4 15,752.4 2.1 1441.1 35.7
Oct………………. .. .. 2.3 976.0 34.6
Nov……………… .. .. 1.1 1022.6 28.8
Dec………………. .. .. 5.0 950.7 5.1
2020
Jan……………….. .. .. 6.3 1040.1 ..
Feb………………. .. .. 7.6 1024.3 ..
Mar………………. .. .. 6.7 981.1 ..
Apr….................... 6.2 7,159.9 6.4 861.6 5.6
May…................... 26.4 29,692.8 2.8 677.6 33.3
Jun……………….. 40.1 44,910.5 1.4 820.2 39.7
Jul………………. 27.2 31,316.0 1.1 783.9 41.6
Aug……………… 12.9 15,920.1 1.3 1085.8 40.6
Sep………………. 1.1 1,043.9 2.8 1228.2 38.8
Oct………………. .. .. 2.1 1253.9 35.6
Nov……………… .. .. 1.4 1210.0 27.0
Dec……………… .. .. 5.3 1245.0 7.5
2021
Jan……………….. .. .. 7.0 1189.6 ..
Feb………………. .. .. 7.2 1156.8 ..
Mar………………. .. .. 8.0 1163.5 ..
Apr………………. 8.9 12,010.4 6.4 1183.9 14.1
May……………… 31.9 42,062.4 3.8 1128.7 37.2
Jun……………….. 36.9 48,810.2 2.2 1147.7 37.8
Jul………………. 34.7 44,979.0 1.8 1128.8 40.7
Aug……………… 9.0 9,068.6 2.1 1148.4 42.1
Sep………………. 1.9 1,771.5 4.0 1054.3 37.8
Oct………………. .. .. 2.9 1057.4 35.7
Nov……………… .. .. 1.4 1085.6 22.9
Dec……………… .. .. 3.8 1063.9 6.7
2022
Jan……………….. .. .. 4.8 1132.2 ..
Feb………………. .. .. 7.0 1146.3 ..
Mar……………… .. .. 7.1 1165.9 ..
Apr………………. 2.9 4,562.4 7.1 1272.4 ..
May……………… 20.9 37,236.3 4.5 1335.3 ..
Jun……………….. 43.9 95,241.2 1.9 1518.1 ..
Jul……………….. 16.2 39,081.7 1.3 1500.7 ..
Aug……………… 1.2 2,784.1 1.9 1260.7 ..
Sep………………. .. .. 3.6 1162.3 ..
Oct………………. .. .. 2.1 1421.5 ..
Nov……………… .. .. 1.7 1380.9 ..
Dec……………… .. .. 4.6 1353.9 ..
2023
Jan……………….. .. .. 6.4 1060.3 ..
Feb………………. .. .. 6.2 1424.4 ..
Mar……………… .. .. 6.5 1617.3 ..
Apr………………. 13.9 29,360.1 5.9 1579.6 ..
May……………… 42.9 102,132.8 3.9 1474.9 ..
Jun……………….. 46.5 118,610.2 1.6 1351.8 ..
Jul………………... 16.1 42,523.30 1.3 1095.5 ..
Aug……………… 1.2 3,234.53 0.9 1222.3 ..
Sep………………. .. .. 1.9 1444.7 ..
Oct……………… .. ... 2.1 1365.5 ..
Nov……………… .. … 2.7 1733.5 ..
Dec………………. .. … 4.0 1844.6 ..
Source: National Statistical Office, Tea Broke29.4rs Central African Limited, Tea Association of Malawi, ILLOVO
62
Table 4.5 Agriculture- Prices (Unit Values)
Tobacco Tea Groundnuts Cotton Maize Rice
Malawi
Period U.S1 Flue cured Burley Fire cured2a U.S3 Malawi3 a U.S4 Malawi8 U.S5 Malawi8 U.S6 Malawi8 U.S7 Malawi8
2019……….. 4,579.4 1,667.1 998.3 1,022.4 256.3 1,104.1 1,337.8 690.3 171.8 403.5 171.0 195.2 418.0 711.2
2020……….. 4,336.3 1,682.4 1,074.0 1,118.6 269.3 1,033.3 1,838.7 703.7 158.6 354.3 165.5 217.4 496.8 718.6
2021……….. 4,170.1 1,924.9 1,254.7 1,397.3 268.8 1,126.2 1,555.0 .. 223.1 .. 259.6 155.4 458.3 ..
2020
Mar………. 4,686.9 .. .. .. 200.0 981.1 1,868.2 703.6 150.0 .. 162.4 308.2 494.00 756.0
Jun………… 4399.6 1,602.6 1,068.4 1,105.52 284.0 806.4 2,050.0 680.6 149.0 350.0 147.9 164.5 520.00 645.8
Sep………… 4512.8 1,761.6 1,058.5 1,118.97 308.0 1,229.4 1,663.6 698.5 156.0 .. 166.1 180.0 507.00 701.0
Dec………… 4435.9 … … … 341.0 1,163.2 1,607.0 680.0 179.0 .. 198.8 199.0 496.6 762.5
2021
Jan…………. 4,163.5 .. .. .. 267.0 1,189.6 1,892.9 470.9 192.0 .. 234.5 195.5 517.8 775.2
Feb………… 4,198.7 .. .. .. 255.5 1,156.8 1,875.0 430.9 205.0 .. 245.2 179.0 531.0 771.9
Mar………... 4,368.6 .. .. .. 243.0 1,163.5 1,623.0 444.5 202.0 .. 250.0 164.5 525.0 739.4
Apr………… 4,218.8 1,881.5 1,317.8 1,659.2 266.7 1,183.9 1,426.8 403.2 200.0 320.0 268.6 150.0 495.0 733.8
May……… 4,168.0 1,978.3 1,265.4 1,389.6 271.2 1,128.7 1,450.0 510.4 200.0 320.0 305.3 131.0 493.0 677.3
Jun…………. 4,139.0 2,072.6 1,250.0 1,350.8 269.9 1,147.7 1,450.0 491.7 208.0 360.0 291.9 127.0 466.0 711.7
Jul…………. 4,078.1 1,952.9 1,241.3 1,336.7 265.3 1,128.8 1,456.8 504.7 215.0 360.0 278.4 131.0 414.0 715.8
Aug……….. 3,973.2 1,838.6 1,227.6 1,337.2 271.5 1,148.4 1,443.2 584.4 223.0 .. 256.6 140.0 403.0 724.9
Sep………… 4,089.2 1,830.4 1,223.1 1,340.0 272.7 1,054.3 1,476.1 649.1 229.0 .. 235.6 147.0 400.0 726.3
Oct………… 4,241.8 .. .. .. 278.0 1,057.4 1,539.3 .. 258.8 .. 239.7 148.0 400.0 736.1
Nov……….. 4,224.5 .. .. .. 283.1 1,085.6 1,552.3 .. 279.0 .. 248.7 146.0 400.0 762.0
Dec………… 4,213.3 .. .. .. 281.9 1,069.5 1,475.0 .. 264.6 .. 264.5 152.0 400.0 ..
2022
Jan…………. 4,184.6 .. .. .. 268.0 1,113.3 1,479.6 1,063.8 291.0 .. 276.6 191.0 427.0 791.0
Feb………… 4,187.1 .. .. .. 273.0 1,127.0 1,479.3 1,151.1 305.0 .. 292.6 188.0 427.0 825.7
Mar……… 4,176.2 .. .. .. 254.0 1,146.0 1,491.3 1,177.2 311.0 .. 335.5 185.0 422.0 875.0
Apr………. 4,263.3 2,231.9 1,388.2 .. 1,256.0 1,443.8 1,127.3 342.0 400.0 348.2 199.2 431.0 898.2
May……… 4,163.5 2,282.4 1,663.4 1,735.3 238.0 1,268.7 1,482.9 1,085.4 361.0 400.0 344.8 203.5 464.0 832.5
Jun……….. 4,153.7 2,737.2 2,066.0 1,997.1 211.0 1,852.4 1,607.1 1,250.0 340.0 400.0 335.7 255.0 444.0 900.0
Jul…………. .. .. .. .. .. 1,481.5 .. .. .. .. .. .. .. ..
Aug……….. .. .. .. .. .. 1,243.3 .. .. .. .. .. .. .. ..
Sep………… .. .. .. .. .. 1,142.8 .. .. .. .. .. .. .. ..
Oct………… .. .. .. .. .. 187.8 .. .. .. .. .. .. .. ..
Nov………. .. .. .. .. .. 1,361.8 .. .. .. .. .. .. .. ..
Dec……….. .. .. .. .. .. 1,335.0 .. .. .. .. .. .. .. ..
2023
Jan…………. 4,184.6 .. .. .. 268.0 1,113.3 1,479.6 1,063.8 291.0 .. 276.6 191.0 427.0 791.0
Feb………… 4,187.1 .. .. .. 273.0 1,127.0 1,479.3 1,151.1 305.0 .. 292.6 188.0 427.0 825.7
Mar……… 4,176.2 .. .. .. 254.0 1,146.0 1,491.3 1,177.2 311.0 .. 335.5 185.0 422.0 875.0
Apr………. 4,263.3 2,231.9 1,388.2 .. 1,256.0 1,443.8 1,127.3 342.0 400.0 348.2 199.2 431.0 898.2
May……… 4,163.5 2,282.4 1,663.4 1,735.3 238.0 1,268.7 1,482.9 1,085.4 361.0 400.0 344.8 203.5 464.0 832.5
Jun……….. 4,153.7 2,737.2 2,066.0 1,997.1 211.0 1,852.4 1450.0 1,250.0 340.0 400.0 514.0 525.0 444.0 1724.2
Jul…………. ... .. .. .. … 1,076.1 1456.8 1716.2 … … 547.0 575.8 570.3 1491.8
Aug………... .. .. .. .. … 1,200.1 1443.2 1475.3 … … 635.0 716.3 600.0 1664.0
Sep………… .. .. .. .. … 1,417.7 1476.1 1610.78 … … 620.0 683.2 587.0 1754.4
Oct .. .. .. .. … 1,340.2 … …
Nov .. .. .. .. … 1,515.4 … …
Dec .. .. .. .. … 1,809.7 … …
Source: International Monetary Fund, International Financial Statistics, Tea Brokers Central African Limited, Tobacco Control Commission, Ministry of Agriculture, World Bank, IFPRI.
1
US$/MT, (all markets)
2
MK/kg
2a
Northern Division
3
US Cents/kg (average auction London)
3a
MK/kg
4
US$/MT -Nigeria (London)
5
US Cents/pound
6
US$/MT-United States (US Gulf Pts)
7
US$/MT –Thailand (Bangkok)
8
t/lb; average unit value of ADMARC pay-outs
Cotton prices are minimum prices set by
government
63

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RESERVE BANK OF MALAWI

Financial and Economic Review

.. Means not available

- Means nil or less than one half the significant digit

+ Means revised figure

^ Means preliminary figure

Central government budgetary operations resulted in an overall deficit of K160.9 billion,

Table 1: Real Output Growth by Type of Activity (at 2017 prices)

(a) Agriculture, Forestry and Fishing

(b) Mining and Quarrying

(d) Electricity, Gas and Water

(f) Wholesale and Retail Trade

(g) Transportation and Storage Services

(h) Accommodation and Food Services

(i) Information and Communication

(j) Financial and Insurance Services

2021 2022 2023*

II. Domestic Prices

(b) Merchandise Trade

Table 2: Merchandise Trade (US$ million)

2022Q4 2023Q1 2023Q2 2023Q3 2023Q4

Total Exports (f.o.b) 273.4 149.4 174.1 340.4 304.1

Tobacco 140.5 26.1 42.2 189.1 146.6

Tea 14.8 20.3 24.5 15.9 10.1

Sugar 0.2 0.7 11.6 15.4 15.5

Total Imports (c.i.f) 805.9 747.4 729.1 869.0 799.9

Fuel 154.0 119.0 128.3 154.4 154.8

Fertiliser 110.5 99.3 23.4 98.7 114.2

Overall Trade (532.50) (597.97) (554.99) (528.59) (495.78)

(c) Malawi Kwacha Exchange Rate

(d) World Economic Outlook

Table 3: World Real GDP Growth (Percent)

Source: January 2024 IMF World Economic Outlook Update

i. Growth in Advanced Economies

ii. Growth in Emerging Market and Developing Economies

iii. Growth in Sub-Saharan Africa

(e) Commodity Prices1

Table 4: Central Government Operations - Revenues (K' million)

PAYE…………………….. 71,813.1 77,677.9 89,001.6 90,617.2 99,187.0 112,101.7 101,759.7 112,403.8

Other………………… 15,841.4 12,794.9 21,031.5 11,846.8 14,762.0 19,496.1 24,019.8 17,899.5

Other (non-tax) revenues….

Grants………………….......... 24,065.0 135,147.6 40,115.2 218,509.9 34,021.0 165,477.0 102,546.6 135,661.1

Table 5: Central Government Operations Expenditure (K' million)

3. Net Lending............................ … … 2,666.7 4,000.0 6,666.7

Source: Ministry of Finance

The forgoing developments resulted in an increase in the contribution of foreign currency

Source: Reserve Bank of Malawi

(ii) Counterparts of Broad Money

Table 6: Monetary Survey (K' million)

2022 2023 2022 2023

Source: Reserve Bank of Malawi

(a) Credit to the Public Sector

(b) Credit to the Private sector

Table 7: Distribution of Private Sector Credit by Industry (Percent)

Wholesale and retail trade 17.7 17.3 17.4 17.2 15.7

Community, social and

Provisions for losses -3.8 -5.3 -4.9 -6.1 -5.1

TOTAL 100 100 100.0 100.0 100.0

2022 2023 2022 2023

1. Government IV I II III IV IV I II III IV

1.1 Monetary authorities

(iv) Commercial Banks: Sources and Uses of Funds

(v) Reserve Bank of Malawi: Sources and Uses of Funds