RESERVE BANK OF MALAWI
Financial and Economic Review
VOLUME 53 - NUMBER 1 2019
TABLE OF CONTENTS
EXECUTIVE SUMMARY ...... 2 SECTION 1: EXTERNAL SECTOR DEVELOPMENTS ...... 3 (i) World Economic Outlook ...... 3 (a) Growth in Advanced Economies ...... 3 (b) Growth in Emerging and Developing Economies ...... 4 (c) Growth in Sub-Saharan Africa ...... 4 (d) Commodity Prices ...... 4 (ii) Overall Balance of Payments ...... 5 (a) Gross Official Reserves ...... 6 (b) Merchandise Trade Account ...... 6 (iii) Malawi Kwacha Exchange Rate ...... 7 SECTION 2: NATIONAL ACCOUNTS ...... 9 (i) Real Economic Activity ...... 9 (a) Agriculture ...... 9 (b) Mining and Quarrying ...... 10 (c) Manufacturing ...... 10 (d) Electricity, Gas and Water ...... 10 (e) Construction ...... 10 (f) Wholesale and Retail Trade ...... 11 (g) Transportation and Storage Services ...... 11 (h) Accommodation and Food Services ...... 11 (i) Information and Communication ...... 11 (j) Financial and Insurance Services ...... 11 (ii) Domestic Prices ...... 12 SECTION 3: PUBLIC FINANCE ...... 13 (i) Overall Budgetary Operations ...... 13 (a) Revenues ...... 13 (b) Expenditures ...... 14 (c) Financing ...... 14 SECTION 4: BANKING AND FINANCE ...... 16 (i) Broad Money and its Components ...... 16 (ii) Counterparts of Broad Money ...... 17
Financial and Economic Review, Volume 53-Number 1-2019 i
(iii) Domestic Credit ...... 17 (a) Credit to the Public Sector ...... 18 (b) Gross Credit to the Private sector ...... 19 (iv) Commercial Banks: Sources and Uses of Funds ...... 20 (v) Reserve Bank of Malawi: Sources and Uses of Funds ...... 21 SECTION 5: MONEY AND SECURITIES MARKETS ...... 23 6.1 Money Market Developments ...... 23 (a) Treasury Bills Primary Market ...... 23 (b) Inter-bank Money Market ...... 23 (c) Money Market Operations ...... 24 (d) Interest rates ...... 25 6.2 Capital Market Developments ...... 26 (a) Primary Share Market ...... 26 (b) Secondary Share Market ...... 26 (c) Developments in the Bond Market ...... 28 SECTION 6: STATISTICAL ANNEX TABLES ...... 29 1.0 THE BANKING SYSTEM...... 29 Table 1.1 Reserve Bank of Malawi: Liabilities (K' million) ...... 29 Table 1.2 Reserve Bank of Malawi: Assets (K’ million) ...... 30 Table 1.3 Monetary Authorities: Liabilities (K’ million) ...... 31 Table 1.4 Monetary Authorities: Assets (K’ million) ...... 32 Table 1.5 Commercial Banks: Liabilities (K’ million) ...... 33 Table 1.6 Commercial Banks: Assets (K’ million) ...... 35 Table 1.6 Commercial Banks: Assets (Cont’d) (K’ million) ...... 36 Table 1.7: Monetary Survey1 (K’ million) ...... 37 Table 1.7 Monetary Survey (Cont’d) (K’ million) ...... 38 Table 1.8 Foreign Exchange Reserves of the Banking System (K’ million) ...... 39 Table 1.8 Foreign Exchange Reserves of the Banking System (cont’d) ...... 40 Table 1.9 Commercial Banks: Advances by Main Sector (K’ million)...... 41 Table 1.10 Commercial Banks: Demand Deposits by Main Sector (K’ million) ...... 41 Table 1.11 Commercial Banks: Time Savings Deposits by Main Sector (K’ million) ...... 42 Table 1.12 Commercial Banks: Liquidity ratios (K’ million) ...... 42 Table 1.13 Commercial Banks: Composition of Sources and Uses of Funds (Percent) ...... 43
Financial and Economic Review, Volume 53-Number 1-2019 ii
Table 1.14 Principal Interest Rates: (End period averages) ...... 44 2.0 CENTRAL GOVERNMENT FINANCE ...... 45 Table 2.1 Summary of Central Government Budgetary Operations (K’mn) ...... 45 Table 2.1 Summary of Central Government Budgetary Operations, cont’d (K’mn) ...... 46 Table 2.3 Central Government Finance: Expenditures, Cont’d (K’mn) ...... 49 Table 2.4 Central Government Finance: Financing (K’mn) ...... 50 3.0 BALANCE OF PAYMENTS ...... 52 Table 3.1 Balance of Payments Summary (K’million) ...... 52 Table 3.2 Commodity Imports and Exports, (f.o.b) (K’ million) 1 ...... 53 Table 3.4 Selected Foreign Exchange Rates1 ...... 55 4.0 NATIONAL ACCOUNTS...... 56 Table 4.1 Gross Domestic Product by Economic Activity (K’mn)-2010 constant prices ...... 56 Table 4.2 Gross Domestic Product Growth rates by Economic Activity -2010 constant prices ...... 57 Table 4.3 National Consumer Price Index1 (1990=100)...... 58 Table 4.4a: National Consumer Price Indices (2012=100, 2017=100) ...... 59 Table 4.4b: National Consumer Price Indices (2017=100)1 ...... 60 Table 4.5 Agriculture: Tobacco, Tea and Sugar ...... 61 Table 4.6 Agriculture- Prices (Unit Values) ...... 62 Table 4.7a: Index of Industrial Production1 (1984=100) ...... 63
Financial and Economic Review, Volume 53-Number 1-2019 iii
LIST OF TABLES
Table 1: World Real GDP Growth (Percent) ...... 5 Table 2: Balance of Payments Summary (US$ million) ...... 7 Table 3: Composition of Exports and Imports (US$ million) ...... 9 Table 4: Real Output Growth by Type of Activity (at 2010 prices) ...... 10 Table 5: Central Government Operations - Revenues (K' million) ...... 13 Table 6: Central Government Operations Expenditure (K'million) ...... 14 Table 7: Central Government Operations Financing (K'million) ...... 14 Table 8: Monetary Survey (K' million) ...... 17 Table 9: Banking System Domestic Credit (K’million) ...... 18 Table 10: Commercial Banks' Sources and Uses of Funds (K' million) ...... 21 Table 11: Reserve Bank of Malawi Sources and Uses of Funds (K' million) ...... 21 Table 12: Banking System Liquidity (K' billion) ...... 23 Table 13: Open Market Operations (K' billion) ...... 25 Table 14: Interest Rate Structure (Percent) ...... 26 Table 15: Share Price Movements ...... 26
Financial and Economic Review, Volume 53-Number 1-2019 iv
LIST OF CHARTS
Chart 1: Official Gross Foreign Assets (US$ million)...... 8 Chart 2: Percentage Sectoral Contribution to GDP ...... 11 Chart 3: The Annual Growth in Broad Money and its components ...... 16 Chart 4: Distribution of Private Sector Credit by Sector ...... 19
Financial and Economic Review, Volume 53-Number 1-2019 v
GENERAL NOTES
This quarterly Financial and Economic Review is produced by the Reserve Bank of Malawi (RBM). 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 first quarter of 2019.
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, Economic Planning and Development, National Statistics Office and financial, commercial and industrial organizations in supplying data and background material.
1 Financial and Economic Review, Volume 53-Number 1-2019 EXECUTIVE SUMMARY
The global economic growth is expected to slow down, owing to slower global performance in the second half of 2018. Global growth estimates were revised downwards to 3.3 percent in 2019. This was 0.3 percentage points lower than 3.6 percent estimated in 2018. The revision was partly attributed to the trade tensions and tariff hikes between United States and China. In advanced economies, growth is projected to reduce from an estimated 2.2 percent in 2018 to 1.8 percent in 2019. Growth in developing economies is also projected to decline to 4.4 percent in 2019 from 4.5 percent estimated in 2018. Meanwhile, economic activity in sub-Saharan Africa is expected rise to 3.5 percent in 2019 from 3.0 percent in 2018.
Real Growth Domestic Product (GDP) in Malawi is estimated at 5.0 percent in 2019, a 1.0 percentage point increase from 4.0 percent estimated for 2018, due to increased agricultural production on account of favorable weather conditions. Real GDP growth for 2020 is projected at 5.1 percent.
Government budgetary operations in the reviewed quarter closed with a deficit of K120.0 billion, following a deficit of K96.4 billion recorded in the last quarter of 2018, also in comparison to a deficit of K76.4 billion recorded in the first quarter of 2018.
The overall balance of payments, as measured by the change in net official reserves, registered a surplus of US$17.9 million during the first quarter of 2019. This followed a surplus of US$ 52.5 million that was registered in the previous quarter. Foreign exchange reserves rose to US$760.1 million in the review quarter from US$750.1 million recorded in the last quarter of 2018. Meanwhile, the kwacha remained relatively stable against the US dollar and closed March 2019 at K738.79 per dollar from K733.69 per dollar in the preceding quarter. The stability was anchored by adequate levels of foreign exchange coupled with seasonal subdued demand for imports.
The rest of the report is organized as follows: Section 1 reviews developments in the global economy. Section 2 analyses developments in the Malawi economy. Section 3 discusses government finance activities. Sections 4 and 5 present developments in banking and finance, and operations in the money and securities markets, respectively. Section 6 is the statistical annex.
2 Financial and Economic Review, Volume 53-Number 1-2019 SECTION 1: EXTERNAL SECTOR DEVELOPMENTS
(i) World Economic Outlook
After strong growth in 2017 and early 2018, the global economic expansion decelerated in the second half of 2018. Activity softened amidst an increase in trade tensions and tariff hikes between the United States and China, a decline in business confidence, a tightening of financial conditions, and higher policy uncertainty across many economies. As a result of these developments, global growth is now projected to slow down to 3.3 percent in 2019 from 3.6 percent in 2018. The sluggish economic growth was attributed to the weak economic performance in Europe and Asia, a trend which started in the second half of 2018. Furthermore, trade tensions and tariff hikes between China and United States of America continued to weigh on global economic expansion. A combination of country and sector specific factors also contributed to the reduced momentum. Meanwhile, growth is projected to rebound to 3.6 percent in 2020 partly on account of improvements in the financial market sentiments and a gradual stabilization of conditions in stressed emerging market economies.
Table 1: World Real GDP Growth (Percent) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
World Output……………………………………………. 5.2 3.9 3.2 3.4 3.4 3.4 3.2 3.8 3.6 3.3 3.6
Advanced Economies…………………………………… 3.2 1.7 1.5 1.4 1.8 2.1 1.7 2.4 2.2 1.8 1.7
United States……………………………………………. 3.0 1.8 1.5 2.2 2.4 2.6 1.5 2.2 2.9 2.3 1.9
Euro Area……………………………………………….. 1.9 1.5 -0.6 -0.5 0.8 2.0 1.8 2.4 1.8 1.3 1.5
Japan…………………………………………………….. 4.4 -0.6 2.0 1.6 -0.1 1.1 0.9 1.9 0.8 1.0 0.5
Emerging Market & Developing Economies……………. 7.6 6.2 4.9 5.0 4.6 4.3 4.4 4.7 4.5 4.4 4.8
Emerging and Developing Asia…………………………. 9.6 7.9 7.0 6.9 6.8 6.8 6.5 6.5 6.4 6.3 6.3
China……………………………..……………………….. 10.6 9.5 7.9 7.8 7.3 6.9 6.7 6.9 6.6 6.3 6.1
Sub-Saharan Africa…………..…………………………… 5.3 5.5 4.9 5.2 5.0 3.4 1.4 2.9 3.0 3.5 3.7
Nigeria……………………..…………………………….. 8.4 6.3 7.2 5.4 6.3 2.7 -1.6 0.8 1.9 2.1 2.5
South Africa………………………………………………. 2.9 3.5 2.5 2.2 1.5 1.3 0.6 1.3 0.8 1.2 1.5
Middle East & North Africa……………………………… 4.3 3.9 4.6 2.3 2.7 2.7 4.9 2.2 1.4 1.3 3.2 Source: October 2018 IMF World Economic Outlook (a) Growth in Advanced Economies
Advanced economies are estimated to slow down to 1.8 percent in 2019 from 2.2 percent in 2018. The euro area is expected to slow down more than expected because of weakening consumer and business demand, disruption of the automobile industry in Germany, fiscal policy uncertainty in Italy, and street protests that disrupted retail sales and weighed on consumption spending in France. Further, the no-deal Brexit is also expected to contribute to the slowing down of growth in UK to 1.2 percent in 2019 from 1.4 percent in 2018. Similarly, Japan is estimated to grow by 1.0 percent in 2019 following a natural disaster that occurred in the third quarter of 2018. However, 3 Financial and Economic Review, Volume 53-Number 1-2019 prospects for the US remained positive, albeit at an estimated lower growth rate of 2.3 percent in 2019 than 2.9 percent in 2018. The growth is supported by strong consumer demand and robust labor market. Further, the trade tension between China and US seemed to ease up in the period under review.
(b) Growth in Emerging and Developing Economies
Growth is projected to slightly decline by 0.1 percentage points to 4.4 percent in 2019 from 4.5 percent in 2018. Specifically, there was a slowdown in domestic investment in China due to domestic regulatory tightening and emergency of shadow banking which weighed on China’s growth prospects. The Chinese economy is therefore expected to slow down to 6.3 percent in 2019 from 6.6 percent in 2018. Further, the economy faced weak demand in the second half of 2018 as the US tariffs sanctions on Chinese exports began to take hold. Meanwhile, policy tightening to combat financial and macroeconomic imbalances took effect in Turkey and Argentina, and these contributed to the sluggish growth of emerging and developing economies. Similarly, sentiments weakened in Mexico due to a number of reforms undertaken by the new administration. Further, geopolitical tensions continued to contribute to the weaker economic activities in the Middle East. Notwithstanding the slowdown in 2019, growth is projected to rise to 4.8 percent in 2020 on account of financial and economic reforms undertaken by most emerging markets.
(c) Growth in Sub-Saharan Africa
The Sub-Saharan Africa region growth is expected to rise to 3.5 percent in 2019 from 3.0 percent in 2018. Economic activity is expected to accelerate despite subdued commodity prices and somewhat civil strife in some cases. The South African economy is estimated to grow by 1.2 percent in 2019 and 1.5 percent in 2020. Similarly, Nigeria’s economic growth is projected at 2.1 percent in 2019 and 2.5 percent in 2020. Overall growth in the region is expected to rise to 3.7 percent in 2020.
(d) Commodity Prices1
After reaching levels of around US$86 per barrel at the beginning of October 2018, the price of Brent crude oil declined below US$50 per barrel at the end of December following the deteriorating global economic growth outlook, record production from major oil exporters, and temporary waivers from US sanctions for imports from Iran. Oil prices have since bounced back
1 Source: World Bank 4 Financial and Economic Review, Volume 53-Number 1-2019 to around US$66 per barrel as at end March 2019. The increase followed an agreement by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers (including Russia) to reduce oil production by 1.2 million barrels per day in the first six months of 2019. Firmer oil prices were also supported by the unexpected drawdown in US inventories as well as the implementation of US sanctions on Venezuela’s oil sector. Brent crude oil prices declined to an average of US$63.27 per barrel during the first quarter of 2019 from US$76.4 per barrel in the previous quarter. Tea prices on the Mombasa auction market slightly dropped to an average price of US$2.19 per kilogram during the reviewed quarter compared to US$2.36 per kilogram in the preceding quarter. The decline was on account of an increase in production in Kenya, one of the largest producers in the world. Meanwhile, sugar prices on the European market remained at US$0.37 per kilogram as in the preceding quarter.
(ii) Overall Balance of Payments
Overall balance of payments, as measured by the change in net official reserves registered a surplus of US$17.9 million during 2019 first quarter compared to surplus of US$52.5 million in the previous quarter and a deficit of US$98.5 million in 2018 first quarter.
Table 2: Balance of Payments Summary (US$ million)
2017 2018 2019
Merchandise trade transactions. I II III IV I II* III* IV* I
Exports (f.o.b)………………………………….. 195.5 129.2 262.0 301.2 286.4* 272.7* 281.7* 255.2* 247.3* Imports (c.i.f)…………………………………… 601.8 620.0 634.3 693.7 669.0* 692.3* 708.8* 725.3* 701.5*
Trade Balance………………………………….. -406.3 -490.8 -372.3 -392.5 -382.6* -419.6* -427.1* -470.1* 454.2*
Official Current and Capital Account transactions Project funds……………………………………. 16.9 37.7 24.4 25.5 20.4 29.8 45.7 28.3 42.3
Official Financial Account transactions BOP Support inflows……………………………... 16.2 27.0 0.0 0.0 0.0 15.9 0.0 15.4 0.0 Loan repayment………………………………….. 10.6 26.3 10.0 24.6 13.8 32.7 22.7 22.7 20.6 Principal…………………………………………. 8.9 20.2 9.0 18.4 10.7 25.2 17.4 15.8 12.1 Interest…………………………………………… 2.1 5.8 1.1 6.0 3.1 7.5 5.3 6.9 5.4
Change in net foreign assets……………………… -53.8 106.9 59.2 18.1 -98.5 93.4 -58.1 52.5 17.9
Source: National Statistical Office and Reserve Bank of Malawi
5 Financial and Economic Review, Volume 53-Number 1-2019 (a) Gross Official Reserves
Foreign exchange reserves rose to US$760.1 million at the end of first quarter of 2019 from US$750.1 million at the end of the previous quarter and was higher than US$663.2 million recorded in 2018 first quarter. Prospective months of import coverage remained at 3.6 months as in the previous quarter.
Inflows of foreign exchange amounted to US$409.7 million in the quarter under review compared to US$459.3 million in the previous quarter. The decline in inflows was explained by relatively lower purchases, reflective of the foreign exchange lean period. Outlays of foreign exchange were slightly lower during the quarter at US$361.0 million than US$432.5 million in the preceding quarter. The expenditures largely comprised sales to the market.
Chart 1: Official Gross Foreign Assets (US$ million)
Source: Reserve Bank of Malawi
(b) Merchandise Trade Account
The trade balance was estimated to improve to a deficit of US$454.2 million from a deficit of US$470.1 million registered in the previous period. Exports were projected at US$247.3 million in 2019 first quarter, lower than US$255.2 million in the preceding quarter, reflective of an agricultural lean season. Nevertheless, the projection indicates a growth rate of 4.6 percent from US$236.4 million recorded in a corresponding period in 2018. Similarly, imports were projected to decline to US$701.5 million from US$725.3 million in the preceding quarter but registered a growth of 4.9 percent from US$669.0 worth of goods imported in 2018 first quarter. The trade
6 Financial and Economic Review, Volume 53-Number 1-2019 balance was estimated to worsen to a deficit of US$454.2 million from a deficit of US$432.6 million in a corresponding period in 2018.
Table 3: Composition of Exports and Imports (US$ million) 2017 2018 2019 I II III IV I II III IV I* Exports (1) (fob)…… 195.5 129.2 262.0 301.2 236.4 272.7 281.7 255.2 247.3 Of which Re-Exports……. 5.8 3.1 9.2 37.3 ......
Domestic Exports 183.4 99.8 252.5 240.2 ......
Of which Tobacco…….. 130.2 32.9 167.7 169 141.4 38.9 165.8 .. ..
Tea ………… 19.4 12.1 15.7 12.6 22.2 16.3 8.2 .. ..
Sugar……… 6.3 10.5 11 8.8 7.3 ......
Imports (c.i.f) …….. 601.8 620.0 634.3 693.7 669.0 692.3 708.8 725.3 701.5 Of which Fuel…………… 22.8 29.0 32.1 31.4 25.0 ......
Fertiliser……… 28.8 21.2 46.6 58.6 31.6 ......
. Source: NSO, TCC and Illovo Sugar Company (for 2018 tobacco and sugar estimates)
(iii) Malawi Kwacha Exchange Rate
The kwacha remained relatively stable against the US dollar and closed March 2019 at K738.79 per dollar from K733.69 per dollar in the preceding quarter. The stability was anchored by adequate levels of foreign exchange coupled with seasonal subdued demand for imports. Meanwhile, the kwacha registered mixed performance against the rest of its major trading partners’ currencies in the reviewed period. Against the British pound, the kwacha fell by 3.9 percent to trade at K963.42 per pound. The depreciation was on account of a relatively stronger pound due to positive prospects of Brexit negotiations. However, the kwacha gained value by 1.1 percent against the euro and traded at K827.44 per euro as at end March 2019.
In the Asian region, the local currency depreciated by 2.6 percent and 1.5 percent against the Chinese yuan and Indian rupee, respectively, and traded at K108.84 per yuan and K10.59 per rupee. The depreciation of the kwacha against the Chinese yuan was explained by a stronger yuan resulting from expected ease on China-US trade war. Whilst against the Indian rupee, the kwacha depreciated due to strengthening of the rupee ahead of general elections in India. Meanwhile, the local currency remained stable against the Japanese yen and closed the quarter under review at K6.61 per yen.
7 Financial and Economic Review, Volume 53-Number 1-2019 Within the SADC bloc, the domestic currency gained value by 1.7 percent against Zambian kwacha and traded at K60.23 per Zambian kwacha. Similarly, the local currency remained stronger against the South African rand on account of a weaker rand due to strengthening of the dollar on the international market. Resultantly, the kwacha marginally appreciated by 0.6 percent against the South African rand to trade at K50.66 per rand.
8 Financial and Economic Review, Volume 53-Number 1-2019 SECTION 2: NATIONAL ACCOUNTS
(i) Real Economic Activity
The economic outlook is positive. Real Gross Domestic Product (GDP) growth is projected to rebound to 5.0 percent in 2019 from 4.0 percent estimated in 2018. This is on account of favorable weather conditions the country has experienced in 2019. This is expected to increase agricultural production in the 2018/2019 agricultural season. Growth is also expected to be observed in the Manufacturing, Electricity, Gas and Water Supply, Construction, Transportation and Storage and Information and Communication. Growth in 2020 is projected to grow by 5.1 percent.
Table 4: Real Output Growth by Type of Activity (at 2010 prices) 2014 2015 2016 2017* 2018* 2019* 2020* A. Agriculture………………………………………………………… 6.3 (1.0) (0.1) 6.1 0.9 3.9 5.1 B. Mining and Quarrying………...... ………. (4.6) 1.1 0.4 1.6 2.1 3.6 5.8 C. Manufacturing…………………...... 6.3 3.8 1.3 2.0 3.6 4.6 3.7 D. Utilities………………...... 3.0 2.4 0.1 2.6 4.3 5.1 5.4 E. Construction………...... 4.8 3.5 3.4 4.4 4.5 5.1 3.5 F. Wholesale and retail…...... ……….. 6.3 4.9 2.3 5.0 4.1 4.5 3.9 G. Transport and storage...... 4.5 4.3 4.9 6.0 4.9 5.5 4.4 H. Accommodation and food service activities…...... 5.9 5.1 5.7 4.2 5.9 4.0 3.8 I. Information and communication………...... 12.2 8.6 5.0 6.5 6.7 7.0 6.3 J. Financial and Insurance activities…...... 5.5 5.6 5.9 5.5 6.9 5.5 5.9 K. Real estate activities………….…...... 3.7 1.9 3.1 4.4 3.8 4.3 3.1 M. Public administration and defence…...... 5.1 6.3 6.2 5.7 7.0 6.3 7.4 GDP in 2010 constant prices...... 6.2 3.3 2.7 5.2 4.0 5.0 5.1 Source: Reserve Bank of Malawi, National Statistics Office, Ministry of Finance and Development Planning
(a) Agriculture
The agricultural sector continued to be the largest contributor to GDP at 28.0 percent (see chart 2). The agriculture sector is projected to grow by 3.9 percent in 2019 as compared to 0.9 percent estimated in 2018. The expected growth in the sector is premised on better rainfall patterns the country has received compared to the 2017/2018 agricultural season. Growth in the sector will mainly be driven by crop and animal production and fishing and aquaculture sub-sectors. The anticipated performance of the sector is expected to have a positive bearing on the general economic activity of the country. In 2020, growth in the Agricultural sector is projected at 5.1 percent.
In the first quarter of 2019, tea production was higher compared to the fourth quarter of 2018 at 21.2 million kilograms and 10.0 million kilograms, respectively. Year on year, production increased by 1.9 percent from 20.8 million kilograms produced in the first quarter of 2018. Of the total production 3.2 million kilograms of tea was sold through Limbe Auction market at an average price of US$1.53 per kilogram, slightly lower than US$1.54 per kilogram in the preceding quarter. Sales from the domestic market realized US$4.8 million in the review quarter.
9 Financial and Economic Review, Volume 53-Number 1-2019 Total domestic sugar sales were 39.0 million kilograms in the first quarter of 2019, slightly higher than 37.9 million kilograms sold in the preceding quarter and 37.5 million kilograms traded in a similar period of 2018. Meanwhile, Sugar exports amounted to 13.5 million kilograms in the review quarter, down from 16.7 million kilograms exported in the fourth quarter of 2018. This represents a 17.4 percent increase from 11.5 million kilograms exported in a similar period of 2018.
(b) Mining and Quarrying The mining and quarrying sector is estimated to grow by 3.6 percent, higher than 2.1 percent estimated for 2018. Growth in the sector is on account of increased revenue from Kasikizi coal mine and a limestone mine in Mangochi coupled with major exploration works that are currently in progress at Malingunde in Lilongwe. In addition, there is an expected growth in quarrying activities in line with increased construction works in the country. The 2020 growth is projected at 5.8 percentage points.
(c) Manufacturing The manufacturing sector is projected to register a growth of 4.6 percent in 2019, as compared to 3.6 percent growth registered in the preceding year. The estimated growth in the sector is as a result of expected improvements in electricity generation and supply. Electricity supply has improved in the country as the Malawi-Zambia project is currently in full production which translates to more activity and hence growth in the sector. On the other hand, growth in the sector will also be driven by the availability of raw materials due to a better agriculture season. In 2020, the sector is projected to grow by 3.7 percentage points.
(d) Electricity, Gas and Water Growth in the utilities sector is projected at 5.1 percent in 2019 from an estimated 4.3 percent growth in 2018. Growth in the sector is on account of new activities and expected new entrants into the sector including a total of 100MW grid solar photovoltaic project by Independent Power Producers (IPPs) and 8.2MW Hydro Electric Power by Mulanje Hydro Ltd. A total of 20MW is also expected to be produced from Kholombidzo Project in the medium term. Consequently, growth in 2020 is projected at 5.4 percent.
(e) Construction In 2019, growth in the construction is estimated to accelerate to 5.1 percent from an estimated growth of 4.5 percent recorded in the preceding year. Growth in the sector is expected to emanate from carry over construction works from 2018 by the Malawi government as well as the private
10 Financial and Economic Review, Volume 53-Number 1-2019 sector. Some of the ongoing projects include the dual carriage way in Lilongwe and Blantyre, the Cancer treatment Centre at Kamuzu Central Hospital, Kamuzu International Airport expansion project and the construction of secondary schools across the country by USAID. In 2020, the sector is expected to grow by 3.5 percent in 2020.
(f) Wholesale and Retail Trade The wholesale and retail trade sector is projected to record a growth of 4.5 percent, higher than 4.1 percent recorded in 2018 and lower than 5.0 percent growth recorded in 2017. The sector anticipates a slight growth in 2019 on account of a better agricultural season which translates into increased disposable income for the population. Consequently, in 2020 growth is estimated at 3.9 percent. However, competition from smuggled and counterfeit products on the market remains the major growth challenge in the sector.
(g) Transportation and Storage Services The transportation and storage sector is projected to register a growth of 5.5 percent, higher than 4.9 percent growth registered in 2018. Growth projection for 2019 has increased on account of increased travel across the country during the campaign period. In the year 2020, growth in the Transportation and Storage services sector is projected at 4.4 percent.
(h) Accommodation and Food Services The sector is estimated to expand by 4.0 percent in 2019, mainly attributed to the 2019 General Elections which are expected to boost demand for food and accommodation services during the campaign period. In 2020, growth is estimated at 3.8 percent.
(i) Information and Communication The sector is estimated to register a growth of 7.0 percent in 2019 as compared to 6.7 percent growth in 2018. The slight growth increase in the sector is on account of the aforementioned general elections which are expected to contribute to increase in advertising and communication during the campaign period. Growth in 2020 is pegged at 6.3 percent.
(j) Financial and Insurance Services Financial and insurance activities are projected to increase by 5.5 percent in 2019 lower than 6.9 percent estimated in 2018. The slowdown in growth is on account of major developments that have taken place in the sector. In January 2019, the central bank reduced the Policy Rate by 150 basis points to 14.5 percent. Consequently, commercial banks reduced lending rates. This is expected to have a negative impact on commercial banks in the short to medium term. However, banks
11 Financial and Economic Review, Volume 53-Number 1-2019 continue to register above average returns from non-interest activities. In addition, the banks continue to intensify efforts in collecting all impaired loans and advances. In the long-run banks are expected to gain from the reduced interest rates on account of new customers that will be attracted by low interest rates. The sector is projected to grow by 5.9 percent in 2020.
Chart 2: Percentage Sectoral Contribution to GDP
Source: National Statistics Office, Reserve Bank, Ministry of Finance and Ministry of Economic Planning and Development
(ii) Domestic Prices Inflationary pressures remained in the first quarter of 2019. Headline inflation averaged 8.7 percent in the first quarter of 2019 lower than 9.9 percent recorded in the preceding quarter and 0.1 percentage points higher than 8.6 percent recorded in a similar period in 2018. The decrease in inflation was on account of subsidizing pressures in non-food prices as food prices remained elevated during the review quarter.
Non-food inflation decreased by 3.2 percentage points to 5.8 percent in the review quarter from 9.0 percent in the fourth quarter of 2018. The drop mirrors the relative stability in major determinants of non-food inflation such as exchange rate, utility tariffs and domestic fuel pump prices. On the other hand, following seasonal trends, pressure on food prices mounted during the review quarter as food inflation increased by 0.8 percentage points to 11.9 percent from 11.1 percent in the last quarter of 2018. Maize prices have been relatively higher in this period compared with maize prices during the same time in 2018, due to lower agriculture yield during last growing season.
12 Financial and Economic Review, Volume 53-Number 1-2019 SECTION 3: PUBLIC FINANCE
(i) Overall Budgetary Operations Central government budgetary operations for the first quarter of 2019 closed with a deficit of K120.0 billion (2.0 percent of GDP), compared to a deficit of K96.4 billion (1.8 percent of GDP) recorded in the previous quarter and a deficit of K76.4 billion (1.5 percent of GDP) recorded in the corresponding quarter of 2018. This deficit was equivalent to 2.0 percent of gross domestic product (GDP). Total expenditures amounted to K378.0 billion against revenues totaling K258.0 billion and the fiscal gap was financed using both domestic and foreign resources.
(a) Revenues Total revenues recorded another drop of K16.5 billion to K258.0 billion (4.3 percent of GDP), in the quarter under review, following a decrease of K11.8 billion to K274.5 billion (5.2 percent of GDP) registered in the previous quarter. Both domestic revenue collections and foreign receipts contributed to the drop in revenues recorded in the quarter. On year-on-year basis, revenues increased by K4.7 billion from K253.3 billion realized in the first quarter of 2018.
The drop in domestic revenues was as a result of a decrease in tax revenues by K11.9 billion to K236.2 billion. Non-tax revenues on the contrary, rose marginally by K216.4 million to K9.2 billion. Similarly, foreign receipts declined by K4.8 billion to K12.7 billion in the first quarter of 2019.
Table 5: Central Government Operations - Revenues (K' million) 2017 2018 2019 I II III IV I II III IV I Tax Revenue...... 184,038.3 194,680.1 206,395.9 194,116.2 207,577.5 221,715.4 258,835.5 248,023.8 236,171.0 PAYE……………………….. 49,910.4 54,352.9 53,493.1 52,901.0 58,719.5 63,583.7 63,272.7 65,453.7 68,914.9 Other………………… 5,737.9 6,811.4 5,096.9 4905.6 7,124.2 6,738.9 7,799.9 7,386.2 8,424.8 Corporate Tax1 .……….. 22,279.9 23,949.7 26,066.2 20,032.9 24,766.4 22,978.8 47,141.8 40,419.0 36,914.8 Provisional Tax…….. 18,015.5 14233.9 19,257.7 15,961.3 14,456.8 15,310.9 14,838.1 17,132.1 15,055.7 Withholding Tax…………… 15,458.8 16,774.1 17,876.5 14,014.3 19,701.4 21,246.8 26,109.2 18,524.0 18,431.5 Import Duty (Including surcharge)… 15,759.5 19,674.8 17,994.9 18,706.1 18,980.7 20,496.9 24,758.3 23,924.5 18,322.0 Value Added Tax………………….. 59,804.5 61,369.5 68,726.5 68,621.1 64,177.0 70,306.0 77,384.5 73,387.6 66,898.9 Miscellaneous Duties…………. 199.1 1,144.2 741.7 -24 -255.6 -49.5 211.2 197.4 166.7 Excise Duty………………………... 16,463.9 18,110.8 19,837.1 20,111.5 19,253.3 21,549.4 36,379.9 35,864.2 35,124.4 Other Taxes…………………..……. -1,377.3 -6,329.44 -2,685.1 -5,231.7 -5,163.7 -5,181.6 - - - Tax Refunds…………………… -2,711.9 -9,101.7 -5,947.2 -5,724.5 -6,251.4 -6,275.8 -7233.0 -7,372.5 -7,292.1 Other (non-tax) Revenues………...... 19,103.3 34,627.1 18,918.4 21,195.4 31,469.5 35,713.5 7,985.8 8,973.1 9,189.5 Total Domestic Revenue……...... 203,141.6 229,307.2 225,314.3 215,311.7 239,047.0 257,428.8 266,821.3 256,996.9 245,360.5 Grants………………………...... 24,934.3 82,502.4 23,458.9 17,739.9 14,286.8 11,379.6 19,444.0 17,503.4 12,676.4 Total Revenues & Grants…...... 228,076.0 311,809.6 248,773.2 233,051.6 253,333.8 268,808.4 286,265.3 274,500.3 258,036.9 Source: Ministry of Finance 1Includes provisional tax and company assessments
13 Financial and Economic Review, Volume 53-Number 1-2019 (b) Expenditures Government total expenditures in the first quarter of 2019 rose by K7.1 billion to K378.0 billion (7.2 percent of GDP) following a marginal decrease of K807.9 million to K370.9 billion (7.0 percent of GDP) registered in the preceding quarter. On a year-on-year basis, total expenditures increased by K48.3 billion from K329.7 billion recorded in the corresponding quarter of 2018.
The increase in total expenditures resulted from an increase in the development expenditure component as recurrent expenditures registered a marginal decrease in the quarter. Development expenditures rose by K7.9 billion to K74.9 billion, and was largely in respect of the foreign financed component. On the other hand, recurrent expenditures declined by K838.5 billion to
K303.1 billion in the quarter.
Table 6: Central Government Operations Expenditure (K'million) 2019 2017 2018 I II III IV I II III IV I
1. Recurrent Expenditure…… 227,913.5 206,680.1 311,688.8 293,752.7 279,303.0 247,788.2 299,646.1 303,986.0 303,147.5 1.1 Wages and Salaries …. 65,686.8 68,335.1 76,107.0 79,390.9 81,460.3 79,223.7 93,811.8 97,267.7 98,374.8 1.2 Interest payments ……. 44,685.9 52,169.4 44,539.0 39,195.2 57,423.2 49,163.7 52,204.0 38,456.2 56,007.9 1.3 Other expenditures …… 117,540.8 86,175.7 191,042.8 175,166.6 140,419.5 119,400.8 84,821.3 94,439.7 72,306.8 1.4 Other current transfers… 54,262.7 54,776.9 125,508.3 115,849.9 66,241.5 64,302.0 49,579.6 50,028.8 34,436.7 1.5 Pensions and Gratuities..... 14,943.9 12,077.6 15,246.5 15,246.5 15,246.5 15,246.5 17,518.0 17,319.2 20,570.1
2. Development Expenditure...... 49,814.8 128,254.4 63,347.2 59,566.8 48,614.7 48,758.3 72,090.6 66,942.8 74,865.6 2.1 Domestically Financed..... 8,323.56 7,983.7 21,258.5 19,531.6 19,187.7 18,266.7 26,626.9 30,797.4 32,115.9 2.2 Foreign Financed.…….... 41,491.3 120,270.7 42,088.7 40,035.2 29,426.9 30,491.6 45,463.8 36,145.4 42,749.7 3. Net Lending...... - - 2,200.0 - 1,800.0 - - - 4. Total Expenditure………...... 277,728.3 334,934.6 377,236.0 353,319.5 329,717.6 296,546.5 371,736.8 370,928.8 378,013.1 Source: Ministry of Finance
(c) Financing The overall fiscal deficit in the first quarter of 2019 was financed through both domestic and foreign resources. Total financing amounted to K294.0 billion (5.5 percent of GDP), of which K272.7 billion were domestic resources whilst K21.2 billion were foreign resources. Of the total domestic financing, K90.1 billion was borrowing from the banking system while K182.6 billion comprised net lending from the non-bank sector. Total foreign financing amounted to K30.1 billion of which K28.4 billion were project loans, while programme loans amounted to K1.7 billion. Amortization of external debt totaled K8.8 billion in the quarter.
14 Financial and Economic Review, Volume 53-Number 1-2019 Table 7: Central Government Operations Financing (K'million) End Quarter Balances
2017 2018 2019 I II III IV I II III IV I
1. Net Foreign Financing (1.1+1.2-1.2). 21,927.2 38,171.52 78,516.1 13,188.8 18,482.4 15,341.5 16,567.8 12,449.6 21,264.1 1.1 Programme 15,618.7 61,135.8 4,126.1 3,824.6 1,760.1 4,674.7 3,105.7 1,658.0 Loans...... 1,424.2 1.2 Project 32,897.7 19,968.7 18,390.3 17,968.0 25,776.8 21,345.1 15,536.3 28,415.3 Loans...... 23,444.2 1.3 Less: Loan 10,344.9 19,502.9 42,895.7 15,865.4 16,587.6 9,452.0 6,192.4 8,809.2 repayment...... 2,941.2 2. Domestic Financing (2.1+2.2)……………….. 43,590.1 27,911.3 15,601.8 106,230.6 99,114.7 67,411.6 65,122.9 187,865.2 272,733.7 2.1 Banking System...... 55,187.8 63,127.8 6,605.0 69,870.9 52,574.8 -62,578.5 53,332.9 123,919.2 90,110.4 2.2 Non-Bank Sector...... -11,597.7 -35,216.5 8,996.8 36,359.8 46,539.9 129,990.1 11,790.0 63,945.9 182,623.2 3. Other Financing…..…...... ….... ------3. Total Financing……...... 66,082.8 94,117.9 119,419.5 117,597.0 82,753.1 81,690.7 200,314.8 293,997.7 . 65,517.3 4. Errors and omissions...... 11,524.9 3,552.9 35,871.7 31,767.3 -34,484.8 -52,306.2 -37,445.1 23,190.5 20,675.3 Source: Ministry of Finance
15 Financial and Economic Review, Volume 53-Number 1-2019 SECTION 4: BANKING AND FINANCE
(i) Broad Money and its Components Broad money supply (M2) registered an annual growth rate of 15.0 percent in the first quarter of 2019 compared 11.4 percent and 17.0 percent in the preceding quarter and first quarter of 2018, respectively. The growth was supported by annual increases in currency in circulation and all deposit liabilities of the banking system.
On a quarterly basis, M2 declined by K22.4 billion (1.9 percent) to K1, 174.1 billion in the first quarter of 2019. The downturn was entirely on account of narrow money (M1) which decreased by K22.6 billion to K532.0 billion, following a slowdown in currency in circulation. In particular, currency in circulation went down by K24.4 billion to K165.0 billion, following a decrease in transactional demand for cash balances associated with seasonal slowdown in economic activity in the first three months of the year. Meanwhile, demand deposits grew by K1.8 billion to K366.9 billion. In contrast, quasi money (QM) increased by only K277.2 million to K642.2 billion in the quarter. This outturn was on account of an upsurge in term (time and savings) deposits of K4.0 billion to K446.1 billion. However, foreign currency denominated deposits fell by K3.7 billion, thereby offsetting the rise in term deposits.
Despite the quarterly drop, the contribution of M1 to the M2 annual growth rate remained unchanged at 6.7 percentage points in the quarter. In the corresponding quarter of 2018, however, M1 contributed 10.4 percentage points to M2 annual growth rate. In contrast, QM explained 8.3 percentage points of the M2 annual growth rate, up from 4.7 percentage points and 6.6 percentage points in the preceding quarter and corresponding quarter of 2018.
Chart 3: The Annual Growth in Broad Money and its Components
Source: Reserve Bank of Malawi
16 Financial and Economic Review, Volume 53-Number 1-2019 (ii) Counterparts of Broad Money On the asset side, the 15.0 percent annual growth rate in M2 was driven by creation of both Net Foreign Assets (NFA) and Net Domestic Assets (NDA) amounting to 18.0 percent (US$85.5 billion) and 12.4 percent (K83.7 billion) in the twelve months to March 2019, respectively. Consequently, NFA contributed 6.8 percentage points to the annual growth rate of M2 in the first quarter of 2019 compared to minus 7.7 percentage points and 6.5 percentage points in the preceding quarter and first quarter of 2018, respectively. Meanwhile, the contribution of NDA to the annual growth rate of M2 decreased to 8.2 percentage points from 19.1 percentage points and 10.5 percentage points in the preceding quarter and corresponding quarter of 2018, respectively.
On a quarterly basis, the decline in M2 was explained entirely by NDA, which dropped by K63.1 billion to K760.8 billion in the quarter, mainly due to a decrease in the banking system’s net credit to government in the quarter. In contrast, NFA grew by K40.8 billion (US$51.7 million) to K413.4 billion (US$559.5 million). The outturn in NFA reflected accumulation of reserve assets by the monetary authorities and reduction of foreign liabilities by the commercial banks during the quarter.
Table 8: Monetary Survey (K' million) End Period Balances Changes During Period
2018 2019 2018 2019 Jun Sep Dec Mar Jun Sep Dec Mar A. Broad Money (B+C+D) 1,141,703.2 1,140,580.7 1,196,475.5 1,174,124.5 120,654.5 -1,122.5 55,894.8 -22,351.0 B. Net domestic credit (1+2+3) 934,912.7 1,027,181.0 1,097,989.3 1,034,174.0 -29,253.0 92,268.3 70,808.3 -63,815.3 1. Government……...... 494,624.2 546,348.5 606,782.4 547,383.2 -67,232.5 51,724.3 60,433.9 -59,399.2 2. Statutory Bodies…...... 11,965.6 33,558.9 34,469.5 44,525.5 7,615.5 21,593.4 910.5 10,056.1 3. Credit to Private sector 428,322.9 447,273.6 456,737.4 442,265.3 30,364.0 18,950.7 9,463.8 -14,472.2
C. Net Foreign Assets (4+5)…... 407,544.1 330,121.9 372,572.5 413,354.3 63,544.9 -77,422.2 42,450.6 40,781.8 4. Official……………………. 315,332.5 273,710.4 313,998.1 329,435.9 67,787.9 -41,622.1 40,287.6 15,437.9 5. Commercial Banks…………. 92,211.6 56,411.4 58,574.4 83,918.4 -4,243.0 -35,800.1 2,163.0 25,344.0 D. Other Items (net)………….. -200,753.6 -216,722.2 -274,086.3 -273,403.8 86,362.6 -15,968.5 -57,364.1 682.5 Source: Reserve Bank of Malawi
(iii) Domestic Credit Banking system recorded a contraction in its claims on the domestic economy of 5.8 percent (K63.8 billion) to K1, 034.2 billion in the quarter. In contrast, domestic credit increased by 6.9 percent and 7.3 percent in the preceding quarter and first quarter of 2018, respectively. The development in the quarter under review was on account of declines in net credit to the government and credit to the private sector amounting to K59.4 billion and K14.5 billion, respectively. Meanwhile, credit to statutory bodies increased by K10.1 billion in the quarter.
17 Financial and Economic Review, Volume 53-Number 1-2019 (a) Credit to the Public Sector The public sector’s (government and state-owned enterprises) indebtedness to the banking system dropped by K49.3 billion to K591.9 billion as at the end of the quarter. Net credit to central government declined by K59.4 billion to K547.4 billion in the quarter. RBM’s net claims on the central government went down by K175.7 billion to K144.5 billion, following central government repayment of Ways and Means advances amounting to K25.8 billion and maturity of Treasury bills held by the central bank to the tune of K1.7 billion in the quarter. Meanwhile, government accumulated deposits at RBM amounting to K148.2 billion in the quarter, thereby increasing its stock of deposits with the central bank to K364.4 billion in the quarter. This resulted into a further reduction in RBM’s net claims on central government.
In contrast, commercial banks registered an increase in claims on the public sector amounting to K126.3 billion to K447.4 billion in the quarter. Net credit to central government surged by K116.3 billion to K402.8 billion and represent the largest share of domestic credit from the commercial banks. In particular, commercial banks’ holding of Treasury notes and Treasury bills increased by K87.6 billion and K30.0 billion to K258.1 billion and K215.1 billion, respectively. Meanwhile, central government deposits at the commercial banks increased by K1.3 billion to K70.4 billion in the quarter and this partly reduced the growth momentum in net credit to government from the commercial banks. Furthermore, commercial banks extended K10.1 billion credit to statutory corporations, bringing the outstanding credit stock to the state-owned enterprises to K44.5 billion as at the end of the quarter.
Table 8: Banking System Domestic Credit (K’million)
2017 2018 2019 1.0 Government III IV I II III IV I 1.1 Monetary authorities 1.1.1 Gross Credit……………...... …………. 548,947.3 563,925.1 564,649.3 446,571.9 432,338.9 536,419.3 508,928.2 1.1.2 Deposits………………...... 208,337.3 167,031.9 145,763.9 151,783.0 152,595.4 216,212.9 364,389.3 1.1.3 Net Credit (1.1.1-1.1.2)…...... 340,610.0 396,893.2 418,885.4 294,788.9 279,743.5 320,206.4 144,539.0 1.2 Commercial Banks 1.2.1 Gross Credit………………...... …... 183,463.2 183,535.8 217,180.0 268,212.6 335,778.5 355,617.3 473,218.8 1.2.2 Deposits………………...... …...…… 65,258.6 72,088.8 74,208.7 68,377.3 69,173.5 69,041.3 70,374.6 1.2.3 Net Credit (1.2.1-1.2.2)...... …...... 118,204.6 111,447.0 142,971.3 199,835.3 266,605.0 286,576.0 402,844.2 1.3 Total net credit to govt (1.1+1.2). 458,814.6 508,340.2 561,856.8 494,624.2 546,348.5 606,883.1 547,383.2 2. Statutory Bodies 2.1 Monetary authorities……...... ……….... 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.2 Commercial Banks 2.2.1 Gross Credit………...... ……….... 9,739.4 8,102.0 4,350.1 11,965.6 33,558.9 34,469.5 44,525.5 2.2.2 Deposits……………...... …..…...... 41,312.4 44,803.8 31,633.0 31,470.3 29,079.5 28,638.2 49,863.6 2.2.3 Net Credit (2.2.1-2.2.2)...... …….... -31,573.0 -36,237.5 -27,282.9 -19,504.7 4,479.4 5,831.3 -5,338.1 2.3 Total Net Credit to Stat. Bodies …...... -31,573.0 -36,237.5 -27,282.9 -19,504.7 4,479.4 5,831.3 -5,338.1 3. Net domestic credit to official sector.(1.3 + 2.3) 427,241.6 472,102.7 534,573.9 475,119.5 550,827.9 612,714.4 542,045.1
4. Private sector gross credit by Commercial banks... 411,611.6 409,812.3 397,958.9 428,322.9 447,273.6 456,737.4 442,265.3 5. Total net domestic credit (3+4)1…...... …… 838,853.2 881,915.0 932,532.8 903442.4 998,101.5 1,069,451.8 984,310.4 1 Net of deposits of statutory bodies Source: Reserve Bank of Malawi
18 Financial and Economic Review, Volume 53-Number 1-2019 (b) Gross Credit to the Private sector Credit to the private sector grew at an annual rate of 11.1 percent, slightly lower than the 11.5 percent recorded in the preceding quarter but higher than the 0.4 percent in the first quarter of 2018. On a quarterly basis, private sector credit contracted by 3.2 percent (K14.5 billion) to K442.3 billion. Similarly, private sector credit declined in the first quarter of 2018 by 2.9 percent. The quarterly contraction mirrored the seasonal decline in economic activity in the first quarter of the year. Further, the political uncertainty as the country is heading towards elections in May 2019 is also negatively affecting credit uptake by economic agents as they are taking a wait and see approach before making huge investments in their businesses. In contrast, credit to the private sector grew by 2.1 percent in the preceding quarter.
The slowdown in the quarter under review was largely supported by a net repayment in the commercial and industrial loans category and individual household loan category amounting to K15.9 billion and K817.9 million, respectively. This decreased the outstanding loan stocks in these categories to K162.1 billion and K127.1 billion, respectively. In contrast, mortgages and foreign currency denominated loans rose by K4.2 billion and K2.4 billion to K45.3 billion and K133.9 billion, respectively. Meanwhile, reflecting deterioration of commercial bank’s loan book, the banks increased their provisions for loan losses by K4.4 billion to K26.2 billion. This added to the decline in private sector credit.
In terms of economic sectors, credit contractions amounting to K7.5 billion, K6.7 billion, K3.7 billion and K761.4 million, were observed in Electricity, gas, water, and energy, Manufacturing and Financial services sectors. In contrast, Community, social and personal services, Restaurants and hotels, Transport, storage and communication and Construction sectors recorded credit expansions of K2.1 billion, K1.9 billion, K1.7 billion and K1.3 billion, respectively. This notwithstanding, the distribution of private sector credit across the sectors in the quarter remained generally similar to the preceding quarter. Wholesale and retail trade sector continued to represent the largest share of the total private sector credit, at 26.1 percent. Agriculture; manufacturing; and community, social and personal services sectors constituted 21.5 percent, 17.9 percent and 11.3 percent of the total outstanding credit stock, respectively. The shares of credit for the rest of the sectors are as shown in Chart 6.
19 Financial and Economic Review, Volume 53-Number 1-2019 Chart 4: Distribution of Private Sector Credit by Sector
Source: Reserve Bank of Malawi
(iv) Commercial Banks: Sources and Uses of Funds Commercial banks’ resources declined by K2.9 billion (0.2 percent) to K1, 667.6 billion in the first quarter of 2019. The downturn was on account of liabilities to non-residents and private sector deposits which dropped by K22.0 billion and K19.1 billion during the first quarter of 2019. The drop in private sector deposits reflected the slowdown in economic activity as the economy was in lean period. Meanwhile, official (government and statutory bodies) sector deposits, capital accounts and unsectored liabilities grew by K22.6 billion, K11.9 billion and K3.8 billion in the quarter.
In line with the contraction in the resource envelope, commercial banks reduced credit to the private sector, deposits with the Reserve Bank of Malawi and vault cash and miscellaneous asset items by K14.5 billion, K11.1 billion and K108.3 billion, respectively. Nevertheless, credit to government, credit to statutory bodies and claims on the foreign sector surged by K117.6 billion, K10.1 billion, K3.3 billion, respectively.
20 Financial and Economic Review, Volume 53-Number 1-2019 Table 109: Commercial Banks' Sources and Uses of Funds (K' million) End Period Balances 2017 2018 2019 III IV I II III IV I A. Sources of Funds 1. Private sector Deposits……...... 786,943.7 864,190.4 842,834.8 902,832.0 919,636.7 978,375.0 959,232.8 2. Official sector deposits...... 106,571.0 116,892.5 105,841.7 99,847.6 98,253.0 97,679.5 120,238.2 3. Liabilities to non-residents...... …………… 50,148.7 52,975.6 22,446.2 43,674.3 49,077.0 53,287.2 31,286.1 4. Capital accounts…...... ………………… 250,411.2 254,001.4 250,555.7 256,525.8 260,360.6 267,058.6 278,914.1 5. All other liabilities1……...... ……….……… 247,254.5 280,225.5 242,128.9 212,059.5 224,605.8 274,143.2 277,962.6 6. Total sources……...... ………………… 1,441,329.0 1,572,331.0 1,463,807.3 1,514,939.2 1,551,933.2 1,670,543.5 1,667,633.8 B. Uses of Funds 8. Gross Domestic Credit to: 8.1 Private sector……...... ……………….. 411,611.6 413,857.8 397,958.9 428,322.9 447,273.6 456,737.4 442,265.3 8.2 Central Government…...... …..…..……… 183,463.2 183,535.8 217,180.0 268,212.6 335,778.5 355,617.3 473,218.8 8.3 Statutory Bodies……...... ……..…..…...... 9,739.4 8,102.0 4,350.1 11,965.6 33,558.9 34,469.5 44,525.5 8.4 Total Domestic Credit.....…..…..…..…….. 604,814.2 601,450.1 619,489.0 708,501.1 816,611.0 846,824.2 960,009.6 9. Deposits with RBM plus currency in banks.. 96,052.9 117,170.6 115,406.3 96,800.4 114,148.8 117,965.0 106,868.2 10. Foreign sector claims on non-residents…... 149,033.4 189,499.4 118,900.8 135,885.9 105,488.5 111,861.7 115,204.5 11. All other assets2……...... …….……….. 591,428.5 660,165.4 610,011.3 573,751.7 515,684.8 593,892.6 485,551.4 12. Total Uses……...... ………………… 1,441,329.0 1,572,331.0 1,463,807.3 1,514,939.2 1,551,933.2 1,670,543.5 1,667,633.8 Source: Commercial Bank Balance Sheets 1Includes interbank accounts 2Premises, equipment, interbank accounts etc.
(v) Reserve Bank of Malawi: Sources and Uses of Funds The RBM saw a quarterly increase in its resources amounting to K27.3 billion (2.2 percent) and closed the quarter at K1, 273.8 billion. The outturn was explained by official sector deposits and deposits of commercial banks plus till money which rose by K148.2 billion and K8.8 billion to K364.4 billion and K108.8 billion, respectively. Meanwhile, currency in circulation, liabilities to the foreign sector and unsectored liabilities went down by K24.4 billion, K1.7 billion and K103.6 billion to K165.0 billion, K232.6 billion and K403.0 billion, respectively. The decline in currency in circulation was on account of seasonal reduction in transactional demand for cash balances witnessed in the first three months of the year.
Table 10: Reserve Bank of Malawi Sources and Uses of Funds (K' million) End Period Balances 2017 2018 2019 III IV I II III IV I A. Sources of Funds 1. Currency outside Banks……………...... … 159,675.2 165,365.9 146,580.9 207,401.0 191,864.5 189,452.0 165,028.1 2. Com banks Deposits plus till money……...... 95,307.7 113,564.7 108,410.4 93,391.2 106,663.8 99,977.3 108,755.6 3. Deposits of official sector……………...... 208,337.3 167,031.9 145,763.9 151,783.0 152,595.4 216,112.3 364,389.3 4. Sub-total (1+2+3)………………..….…...... 463,320.1 445,962.6 400,755.2 452,575.1 451,123.7 505,541.5 638,173.0
5. Foreign Sector…………………....…..…...... 234,371.1 230,949.6 233,719.6 231,059.5 227,507.9 234,230.4 232,567.1 6. All other Liabilities……………..…..…...... 580,417.6 625,911.1 600,512.7 478,052.4 433,083.1 482,663.1 403,046.2 7. Total Sources (4+5+6)….……………...... 1,278,108.8 1,302,823.4 1,234,987.5 1,161,687.1 1,111,714.8 1,222,435.0 1,273,786.3 B. Uses of Funds 8. Statutory bodies…………………....…...... 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9. Central Government……………...... ….... 548,947.3 563,925.1 564,649.3 446,571.9 432,338.9 536,419.3 508,928.2 10. Sub-total (8+9)…..……….....…...... ……… 548,947.3 563,925.1 564,649.3 446,571.9 432,338.9 536,419.3 508,928.2 11. Foreign Sector…………..…...... ….….....…. 540,419.4 549,899.3 481,264.2 546,392.0 501,218.4 548,228.5 562,003.1 12. Other assets…………..………...... …… 188,742.1 188,999.0 189,074.0 168,723.2 178,157.5 161,872.1 202,855.0 13. Total Uses (10+11+12)…………...... … 1,278,108.8 1,302,823.4 1,234,987.5 1,161,687.1 1,111,714.8 1,246,519.9 1,273,786.3 Source: Reserve Bank of Malawi
21 Financial and Economic Review, Volume 53-Number 1-2019 In terms of usage of funds, RBM increased its investments in the foreign sector and miscellaneous asset items by K13.8 billion and K41.0 billion to K562.0 billion and K202.9 billion as at the end of the quarter, respectively. Meanwhile, credit to the central government declined by K27.5 billion to K508.9 billion in the quarter.
22 Financial and Economic Review, Volume 53-Number 1-2019 SECTION 5: MONEY AND SECURITIES MARKETS
6.1 Money Market Developments
(a) Treasury Bills and Notes Primary Market
i. Treasury Bills Market
Treasury bill auctions on the primary market attracted total subscriptions of K306.9 billion during the first quarter of 2019. This represented a 148.70 percent increase from total subscriptions of K123.4 billion registered during the fourth quarter of 2018. Allotment of Treasury bills from the total subscriptions of the first quarter of 2019 were K195.2 billion constituting 63.6 percent of the subscribed resources compared to 59.8 percent in the fourth quarter of 2018. The K195.2 billion funds allotted during the quarter under review represented a 164.0 percent increase in allotment from the fourth quarter of 2018 position.
There were no conversions of Ways and Means advances into Treasury bills during the first quarter of 2019. Treasury bill maturities amounted to K193.8 billion and all maturities were issued on the primary market and with issuances of K195.2 billion there was a resultant net issuance of K1.5 billion. Consequently, the stock of Treasury bills for the first quarter of 2019 closed at K571.7 billion from the preceding quarter’s position of K570.2 billion during.
ii. Treasury bill Yields
The average Treasury bill yields across all tenors continued to decrease during the first quarter of 2019 to 10.6 percent compared to 12.9 percent recorded in the fourth quarter of 2018. The continued decline in the average yields across all Treasury bill tenors is somewhat reflective of the downward revision of the policy rate by 1.50 percentage points to 14.5 percent earlier in the quarter. Treasury bill yields for all tenors, 91-day, 182-day and 364-day respectively declined by 1.7 percentage points, 3.1 percentage points and 2.5 percentage points to 9.7 percent, 10.5 percent and 11.5 percent during the first quarter of 2019.
(b) Inter-bank Money Market Banking system liquidity conditions increased in the first quarter of 2019 as the daily average excess reserves increased to K21.1 billion from K10.8 billion recorded during the fourth quarter of 2018. Further-more, un-borrowed excess reserves increased to K16.8 billion in the first quarter of 2019 from K6.4 billion that was recorded in the fourth quarter of 2018.
23 Financial and Economic Review, Volume 53-Number 1-2019
Owing to the excess liquidity conditions, there was a marginal decrease in activity on the interbank market and decreased access on the Lombard Facility during the review period. The daily average interbank traded volume decreased to K7.7 billion in the first quarter of 2019 from K8.3 billion recorded in the fourth quarter of 2018.This influenced the significant drop in the interbank market rate (IBR) by 802 basis points to 6.8 percent from 16.8 percent recorded in the fourth quarter of 2018. Similarly, the daily average Lombard Facility access decreased to K4.3 billion in the first quarter of 2019 from K4.4 billion recorded during the preceding quarter.
Table 11: Banking System Liquidity (K' billion) (K’bn) 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 Daily Average Total Reserves…………………… 75.66 81.48 81.56 86.65 88.96 81.16
Daily Average Required Reserves……………….. 69.97 74.77 74.59 77.19 78.13 60.09
Daily Average Excess Reserves………………….. 5.67 6.71 6.97 9.47 10.83 21.07
Daily Average Lombard Facility Access…………. 11.99 4.02 7.83 8.53 4.41 4.29
Un-borrowed Excess Reserves ……………………. -5.81 2.69 -0.86 0.93 6.42 16.78
Daily Average Inter-bank Market Trading ………… 8.50 8.05 8.03 8.02 8.33 7.69
Inter-bank Market Rate (End Period, Percentage)…. 14.97 14.15 16.23 14.45 14.83 6.81 Source: Reserve Bank of Malawi
(c) Money Market Operations Net government operations resulted into a net injection of K42.5 billion during the first quarter of 2019. This was a net result of an injection of K104.5 billion through net Government revenue and expenditure as well as a withdrawal of K61.7 billion through net issuances of Government domestic debt securities. Net Forex operations and Open Market Operations (OMO) resulted into net withdraw of K37.1 billion and a net injection of K146.7 billion, respectively. Overall therefore, K155.1 billion was injected into the financial system during the first quarter of 2019.
24 Financial and Economic Review, Volume 53-Number 1-2019 Table 12: Open Market Operations (K' billion)
(K’bn) (Net operations supplying 2018Q1 liquidity +) 2018Q2 2018Q3 2018Q4 2019Q1 2017Q3 2017Q4 Net Government Operations (+=injection) 98.58 100.92 -44.72 -101.48 31.67 62.26 42.54 Government deficit excluding grants 53.09 71.39 11.76 -33.09 69.92 52.92 104.51 Revenue 226.99 217.77 229.14 249.24 260.38 280.38 244.55 MRA 218.48 207.66 207.07 225.44 248.84 256.29 233.18 Other, not including grants 8.50 10.11 22.07 23.79 11.53 24.09 11.37 Expenditure 280.07 289.16 240.89 216.14 330.30 333.30 349.06 Net Government Domestic Borrowing 45.49 29.53 -56.48 -68.39 -38.25 9.34 -61.67 TB issues 92.40 64.85 220.16 247.15 222.77 90.43 284.13 TB/PN maturity 137.89 94.38 163.69 178.76 184.52 99.77 222.16 Net Forex Operations -18.92 7.27 -23.61 130.31 -1.30 2.66 -37.12 Sales 92.09 80.00 168.48 173.08 254.80 74.86 40.79 Purchases 73.18 87.27 144.86 303.39 253.50 77.52 3.67 Net OMO -21.10 44.56 -36.54 46.67 166.64 46.10 149.69 Injections 1,006.70 966.89 578.69 696.30 675.33 417.68 318.88 RBM bill maturities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Maturity of 3-YR RBM bond 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Purchase of securities 0.00 0.00 0.00 0.83 0.00 0.00 0.00 Maturity of OMO T-bills 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Maturing Deposits on Deposit Facility 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Discount window accommodation 282.10 754.62 234.55 455.09 425.60 250.75 52.80 Repo maturities 724.60 212.27 344.14 240.38 249.73 166.93 266.08 Withdrawals 1027.79 922.33 615.23 649.63 508.69 371.58 169.19 RBM bill issues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Frozen T-Bill Issues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Issue of RBM bond 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Sale of securities 21.43 0.00 0.00 0.00 0.00 0.00 0.00 Deposits on Deposit Facility 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Maturing Discount window 273.47 780.90 241.17 441.77 433.78 251.70 65.17 accommodation Repos 732.90 138.88 334.88 95.29 60.18 119.88 104.02 Net Operations 58.57 152.75 -104.87 75.49 197.01 111.02 155.11 Note: Positive figures imply supply of, while negative figures imply withdraw of liquidity Source: Reserve Bank of Malawi
(d) Interest rates The Monetary Policy Committee (MPC) meeting of the 29th and 30th January 2019 resolved to cut the Policy rate to 14.5 percent from 16.00 percent. Subsequently, commercial banks revised their interest rate structure. In particular, the commercial banks’ average base lending and savings deposit rates went down to 14.9 percent and 4.6 as at the close of the quarter from 24.8 percent and 4.9 percent reported in the preceding quarter, respectively. Similarly, money market rates declined in the quarter. The All Type Treasury Bill yield closed the first quarter of 2019 at 10.6
25 Financial and Economic Review, Volume 53-Number 1-2019 percent, 242 basis points below its preceding quarter’s position. Similarly, the end-period interbank rate decreased to 5.0 percent from 14.6 in the preceding quarter.
Table 13: Interest Rate Structure (Percent) 2017 2018 2019 III IV I II III IV I Policy Rate…………………...... 18.00 16.00 16.00 16.00 16.00 16.00 14.50 Base Rate……………………… 27.55 26.90 24.78 24.78 24.78 24.78 14.90 3-mon Fixed Rate…………….... 8.44 8.88 8.13 8.13 8.13 8.13 6.77 Savings Rate*……………...... 5.72 5.74 4.96 4.96 4.96 4.96 4.58 Interbank Rate Minimum……………………..... 15.93 14.41 13.60 13.60 13.48 14.22 4.57 Maximum………………………. 17.14 16.47 14.15 14.15 15.14 14.74 6.35 All Type Treasury bill Yield1 15.41 15.10 14.50 14.50 14.51 13.00 10.58 91 Days………………………... 15.25 14.69 14.00 14.00 13.97 11.42 9.74 182 Days ………………………. 15.27 14.98 14.50 14.50 14.57 13.56 10.50 364 Days……………………...... 15.71 15.64 15.00 15.00 15.00 14.02 11.50 Mortgage (min) ………………... 25.00 25.00 25.00 25.00 25.00 25.00 21.50 Source: Reserve Bank of Malawi 1\ End of period average
6.2 Capital Market Developments
(a) Primary Share Market The Malawi Stock Exchange listed one company, Icon Properties plc, on the main equity board, as such the number of counters on the Exchange increased to fourteen (14).
(b) Secondary Share Market On the secondary market, turnover declined despite traded volume increasing during the review period. A total of 420.7 million shares were traded for a total consideration of K14.2 billion compared to 207.9 million shares traded for a total consideration of K16.7 billion during the preceding quarter. The decline in turnover was due to low-value shares accounting for a larger proportion of shares traded when compared to the previous quarter. Most of the traded shares (73.1 percent) during the quarter under review were for NBS Bank plc which had the least valued counter at K9.902 per share.
The Malawi All Share Index (MASI) lost 1,679.9 points and closed off lower at 27,303.7 points from 28,983.5 points recorded in the previous quarter. The decline in MASI was on account of downward movements in both the Domestic Share Index (DSI) and the Foreign Share Index (FSI). The DSI closed lower at 20,483.3 points from 21,318.1 points whereas the FSI closed lower at 4,521.9 points from 5,265.1 points (See Chart 7). The downward movement in the DSI was driven by share price losses registered on eight domestic counters, namely: BHL, MPICO, NBM, NBS,
2 The counter’s price as at 29 March 2019. 26 Financial and Economic Review, Volume 53-Number 1-2019 NICO, STANDARD, SUNBIRD and TNM despite share price gains registered on two counters, namely: ICON3 and PCL. In terms of FSI, the downward movement was driven by a share price loss registered on FMBCH counter. However, when compared to the corresponding quarter last year, MASI has gained 2,016.9 points from 25,286.8 points recorded in the quarter ending March 2018.
Chart 5: Share Price Movements
Source: Malawi Stock Exchange
Total market capitalization declined from K1.285 trillion to K1.276 trillion. There was an increase in the domestic market capitalization and a decline in the foreign market capitalisation during the review period. Domestic market capitalization closed higher at K1.1 trillion from K1.0 trillion in the previous quarter, . despite a decline in the DSI. This was due to the listing of Icon Properties plc, which offset the drop in domestic market capitalisation. On the other hand, foreign market capitalisation closed lower at K0.2 trillion from K0.2 trillion, on account of the share price loss registered on FMBCH plc counter.
In dollar terms, total market capitalisation slightly declined to US$1.7 billion from US$1.8 billion registered in the previous review period. In the corresponding quarter of the previous year, total market capitalisation stood at US$17.6 billion (K12.7 trillion). The significant decline in total market capitalization between the two periods was on account of delisting of Old Mutual plc
3 Icon Properties plc (ICON) listed on the Malawi Stock Exchange on 21 January 2019 at a price of K8.75 per share. 27 Financial and Economic Review, Volume 53-Number 1-2019 (OML) counter which, as at end of first quarter of 2019, had a market capitalization of US$16.0 billion (K11.6 trillion).
Table 14: Share Price Movements 2018 Fourth Quarter 2019 First Quarter Counter Closing Price (K) Closing Price (K) % Price change BHL 13.0 12.96 –0.31 FMBCH 100.0 85.00 –15.00 ICON N/a 11.0 +25.714 ILLOVO 200.0 200.00 ] 0.00 MPICO 13.2 13.07 –0.98 NBM 332.02 315.01 –5.12 NBS 10.0 9.90 –1.00 NICO 43.0 41.97 –2.40 NITL 75.0 75.00 0.00 PCL 1140.0 1,200.00 +5.26 STANDARD 670.0 569.00 –15.07 SUNBIRD 145.0 138.00 –4.83 TNM 28.0 25.05 –10.54 OMU 2513.25 2513.23 0.0 Source: Malawi Stock Exchange
(c) Developments in the Bond Market The market listed three treasury notes during the period under review. The notes have a total nominal value of K110.9 billion, with maturities in 2021, 2023 and 2025. Listing of the three treasury notes brings the total number of debt instruments on the market to ten, one corporate instrument and nine treasury notes.
4 ICON listed on 21 January 2019 at a price of K8.75 per share. Hence, the movement is calculated from K8.75 to K11.00 per share. 28 Financial and Economic Review, Volume 53-Number 1-2019
SECTION 7: STATISTICAL ANNEX TABLES
1.0 THE BANKING SYSTEM
Table 1.1 Reserve Bank of Malawi: Liabilities (K' million)
Foreign Private Official Sector Banks Sector Sector Capital reserves Allocati Total Deposits Central and on of liabilities of Statutory govern- Deposits Currency Total Currency undistribu special (1+4+8+9+ interna- bodies Total (2+3) Loans ment with RBM in Banks2 (5+6+7) outside banks ted net drawing 10+11) etc. tional deposits income3 rights agencies1 deposits
End of 1 2 3 4 5 6 7 8 9 10 11 12 2015 Sept...... 94,088.1 126,853.0 - 126,853.0 60,484.1 18,985.1 10,700.0 90,169.2 118,486.8 118,591.8 51645.1 599,834.0 Oct………… 94,367.1 126,846.5 - 126,846.5 45,811.0 15,991.4 62,492.6 124,295.0 113,668.0 123,236.1 51743.6 634,156.4 Nov……….. 100,452.9 133,144.1 133,144.1 57,919.4 16,319.1 53,461.1 127,699.6 107,756.8 138,467.9 55140.4 662,661.8 Dec……….. 107,788.7 150,839.6 150,839.6 66,018.0 29,390.4 99,707.6 195,116.0 110,575.3 170,673.2 61146.9 797,395.6
2016 Jan...... 115,563.1 155,895.6 - 155,895.6 53,829.0 17,170.1 98,840.9 169,839.9 93,604.5 190,058.5 66837.5 791,799.1 Feb...... 117,778.3 185,187.8 - 185,187.8 52,354.1 17,293.7 85,848.2 155,496.0 94,763.8 177,818.4 68533.3 799,577.6 Mar...... 108,268.5 221,551.3 - 221,551.3 68,225.9 21,746.4 100,622.2 190,594.5 103,459.7 194,912.9 63893.7 882,680.7 Apr...... 109,310.5 240,365.9 - 240,365.9 53,838.4 16,852.2 122,209.5 192,900.1 117,785.0 202,746.9 64406 927,514.5 May...... 112,289.8 236,654.0 - 236,654.0 52,575.6 24,395.8 93,444.3 170,415.7 134,291.7 203,762.3 66165.3 923,578.7 Jun...... 162,262.0 260,346.7 - 260,346.7 57,003.3 26,116.4 111,571.3 194,690.9 142,930.2 191,841.6 66048.1 1,018,119.6 Jul...... 160,093.7 267,313.2 - 267,313.2 57,914.7 22,797.2 101,888.6 182,600.5 152,503.8 179,439.0 66479.5 1,008,429.7 Aug...... 160,383.5 255,891.1 - 255,891.1 57,201.7 27,139.1 102,196.3 186,537.2 150,305.9 199,250.9 66799.4 1,019,167.9 Sept...... 159,937.3 248,887.3 - 248,887.3 63,403.5 21,470.0 144,744.1 229,617.6 153,613.9 206,743.2 66942.7 1,065,742.0 Oct...... 156,836.6 242,239.0 - 242,239.0 62,512.7 22,417.6 183,088.2 268,018.4 147,567.5 204,190.6 65639.9 1,084,492.0 Nov...... - 65071.8 Dec...... 149,568.7 191,073.6 - 191,073.6 56,173.3 38,439.5 227,269.4 321,882.2 146,005.4 194,029.7 64483.9 1,067,043.5
2017 148,658.0 204,684.9 204,684.9 47,385.1 24,584.8 241,401.3 313,371.2 117,906.6 186,583.5 1,036,424.8 Jan...... - 65220.7 Feb...... 147,841.5 169,216.4 - 169,216.4 65,567.6 22,153.3 253,237.3 340,958.1 114,878.1 156,991.4 65161.6 995,047.1 Mar...... 147,960.0 180,696.4 - 180,696.4 68,363.4 19,656.1 242,811.0 330,830.5 126,735.9 184,191.9 65505.1 1,035,919.8 Apr...... 149,069.5 168,092.2 - 168,092.2 57,139.3 16,068.7 275,847.2 349,055.2 131,771.1 180,404.9 65997.1 1,044,389.9 May...... 150,125.3 163,198.5 - 163,198.5 58,392.5 23,238.0 294,954.8 376,585.3 141,982.2 198,037.6 66531.8 1,096,460.7 Jun...... 167,297.4 169,659.1 - 169,659.1 67,945.9 26,721.0 332,320.1 426,987.0 168,764.0 186,120.4 66954.3 1,185,782.8 Jul...... 165,754.5 160,003.7 160,003.7 86,433.0 25,887.3 385,942.5 498,262.8 170,896.0 169,848.6 67645.7 1,232,411.2 Aug...... 166,612.4 158,947.9 158,947.9 78,971.4 28,606.4 369,924.1 477,502.0 161,715.2 187,349.9 68288.1 1,220,415.4 Sep...... 166,208.0 208,337.3 208,337.3 70,146.8 25,160.9 404,459.3 499,767.0 159,675.2 175,958.3 68163.2 1,278,108.8 Oct...... 164,783.7 208,715.6 - 208,715.6 77,456.3 26,885.9 374,478.2 478,820.4 157,126.1 205,910.1 67578.7 1,282,934.6 Nov...... 167,838.0 183,597.7 - 183,597.7 75,880.9 26,408.6 378,772.6 481,062.0 158,585.6 206,101.3 68835.9 1,266,020.7 Dec...... 162,536.5 167,031.9 - 167,031.9 78,157.5 35,407.2 401,338.2 514,902.9 165,365.9 224,573.0 68413.2 1,302,823.4
2018 Jan...... 165,199.6 168,011.0 - 168,011.0 78,491.7 26,035.9 449,609.2 554,136.8 142,383.8 189,764.9 70066.2 1,289,562.4 Feb...... 161,114.5 153,625.0 - 153,625.0 81,549.8 27,010.0 404,577.1 513,136.9 140,838.0 234,946.1 69903.4 1,273,563.8 Mar...... 163,521.2 145,763.9 - 145,763.9 81,261.7 27,148.7 395,173.7 503,584.1 146,580.9 205,339.0 70198.4 1,234,987.5 Apr………. 161,307.0 150,352.8 - 150,352.8 77,175.3 20,940.0 325,761.2 423,876.5 155,060.6 192,290.6 69282.8 1,152,170.4 May……….. 170,137.6 140,313.3 - 140,313.3 78,545.8 29,526.6 268,799.4 376,871.7 182,013.2 220,613.2 68146.3 1,158,095.3 Jun………… 163,388.8 151,783.0 - 151,783.0 69,521.2 23,869.9 283,010.4 376,401.5 207,401.0 195,042.1 67670.7 1,161,687.1 Jul…………. 160,083.6 171,497.4 - 171,497.4 79,495.0 31,955.2 241,561.6 353,011.8 196,362.8 194,331.4 67615.4 1,142,902.5 Aug………... 159,604.5 153,299.5 - 153,299.5 96,511.2 28,882.5 240,230.2 365,623.8 198,800.3 256,639.5 67584.6 1,201,552.2 Sep………… 159,827.8 152,595.4 - 152,595.4 81,204.6 25,459.2 200,612.1 307,275.8 191,864.5 232,471.1 67680.1 1,111,714.8 Oct………… 156,639.8 150,918.5 - 150,918.5 79,353.6 29,990.5 202,596.7 311,940.9 182,110.8 228,631.0 66876.8 1,097,117.8 Nov………… 157,488.3 153,315.1 - 153,315.1 100,110.0 28,810.7 198,662.9 327,583.7 185,940.7 249,036.2 67243.0 1,140,607.0 Dec………… 166,922.5 216,212.9 - 216,112.3 59,589.8 40,387.4 213,786.5 313,763.8 189,452.0 292,880.7 67307.9 1,246,519.9
2019 Jan…………. 164,277.9 382,627.1 - 382,627.1 84,801.4 32,191.9 172,084.9 289,078.2 157,892.7 298,732.7 67,673.0 1,360,281.6 Feb………… 163,643.8 381,833.7 - 381,833.7 56,232.1 31,292.6 149,716.0 237,240.6 151,400.6 315,041.0 67,703.7 1,316,863.4 Mar………… 164,503.9 364,389.3 - 364,389.3 82,869.4 25,886.2 91,155.6 199,911.2 165,028.1 311,890.6 68,063.2 1,273,786.3 Source: Monthly Statements of Assets and Liabilities of the Reserve Bank of Malawi. 1Non-resident deposits and, including foreign loans. 2RBM Currency in circulation less cash held by commercial banks. 3Capital, General Reserve Funds plus other liabilities.
29 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.2 Reserve Bank of Malawi: Assets (K’ million) Other End of Foreign Sector Official Sector Banks Total Assets Assets Treasury Balances Bills and Holding of LRS and bills, loans Total Assets with non- Other Special Total loans to Total Loans and Other and (16+19+20+2 resident Securitie Drawing (13+14+15) Statutory (17+18) advances3 Assets advances to 1) Banks s1 Rights 2 bodies Govt 13 14 15 16 17 18 19 20 21 22 2015 Sep...... 364,034.6 3,955.6 367,990.2 131,426.5 29,247.8 160,674.3 0.0 71,169.5 599,834.0 Oct………….. 357,066.2 - 3,963.2 361,029.4 161,802.4 29,247.8 191,050.2 0.0 82,076.8 634,156.4 Nov………….. 369,332.8 7,955.5 377,288.3 89,223.0 122,247.8 211,470.8 73,902.8 662,661.8 Dec………….. 439,679.2 5,625.1 445,329.6 94,582.8 156,467.9 251,050.7 99,918.8 797,395.6
2016 Jan …. ……… 430,529.0 - 3,466.5 433,995.5 85,780.0 176,097.5 261,877.0 0.0 95,926.0 791,799.0 Feb ….……… 394,429.5 - 7,992.7 402,422.2 115,643.9 176,097.5 291,741.0 0.0 105,414.0 799,578.0 Mar ….……… 421,136.6 - 5,860.4 426,997.0 123,298.4 218,463.5 341,762.0 0.0 113,922.0 882,681.0 Apr….………. 420,781.2 - 5,907.3 426,688.5 122,284.9 248,463.5 370,748.4 0.0 130,077.5 927,514.4 May…………. 413,520.3 - 11,042.9 424,563.2 121,892.5 248,463.5 370,356.0 0.0 128,659.5 923,578.7 Jun ………….. 452,183.1 - 6,879.5 459,062.6 101,439.9 325,453.5 426,893.4 0.0 132,163.7 1,018,119.7 Jul…………… 458,597.9 - 4,256.8 462,854.7 74,198.9 330,640.3 404,839.2 0.0 140,735.8 1,008,429.7 Aug…………. 451,246.9 - 7,899.0 459,145.9 87,886.8 330,640.3 418,527.1 0.0 141,495.0 1,019,167.9 Sep …………. 445,708.1 - 6,742.9 452,451.0 88,303.5 375,640.3 463,943.7 0.0 149,347.3 1,065,742.0 Oct……….…. 431,440.6 - 6,611.7 438,052.3 106,069.0 375,640.3 481,709.2 -0.2 164,730.7 1,084,492.0 Nov…………. 407,513.8 - 6,543.5 414,057.3 103,751.0 375,640.3 479,391.3 0.0 162,006.0 1,055,454.7 Dec…………. 436,166.9 - 2,438.7 438,605.6 75,120.6 371,640.3 449,043.2 0.0 181,676.3 1,067,043.5
2017 Jan…….…….. 432,731.1 - 6,728.3 439,459.4 41,732.7 381,476.4 425,491.5 0.0 173,756.3 1,036,424.8 Feb…….……. 422,528.3 - 6,003.0 428,531.3 93,303.7 369,742.5 465,328.6 0.0 103,469.6 995,047.1 Mar…………. 393,807.8 - 5,375.3 399,183.1 93,445.6 369,742.5 465,470.4 0.0 173,548.6 1,035,919.8 Apr…….……. 394,563.7 - 5,415.7 399,979.3 77,933.1 369,742.5 447,675.6 0.0 196,735.0 1,044,389.9 May…….…… 435,729.4 - 5,399.3 441,128.7 104,354.7 399,114.9 503,469.6 0.0 151,862.4 1,096,460.7 Jun………….. 489,147.3 - 8,294.6 497,441.8 74,611.6 433,314.4 507,926.0 0.0 180,414.9 1,185,782.8 Jul………….. 494,943.7 - 5,665.8 500,610.0 102,935.5 442,385.7 545,321.3 0.0 186,480.4 1,232,411.2 Aug…………. 467,307.8 - 4,913.2 472,221.0 73,683.1 470,997.3 544,680.3 0.0 203,514.1 1,220,415.4 Sep………….. 535,515.2 - 4,904.2 540,419.0 53,763.2 477,718.6 531,481.7 0.0 206,207.7 1,278,108.8 Oct………….. 566,102.5 - 4,862.2 570,964.7 89,846.7 477,718.6 567,565.3 0.0 144,404.6 1,282,934.6 Nov…………. 483,481.7 57,254.4 4,858.3 545,594.3 62,408.4 491,901.7 554,310.1 0.0 166,116.2 1,266,020.7 Dec…………. 483,459.7 57,347.7 9,091.8 549,899.3 52,872.2 521,901.7 574,773.9 0.0 178,150.1 1,302,823.4
2018 Jan…………… 453,239.3 55,390.5 8,102.6 516,732.5 58,968.0 518,346.7 577,314.7 0.0 195,515.2 1,289,562.4 Feb………….. 435,647.8 57,331.8 4,261.9 497,241.6 92,566.4 508,895.1 601,461.5 0.0 174,860.7 1,273,563.8 Mar…………. 419,660.4 57,323.8 4,279.9 481,264.2 77,702.4 497,711.5 575,413.9 0.0 178,309.4 1,234,987.5 Apr…………. 395,632.0 57,374.0 4,224.1 457,230.1 46,070.9 467,203.0 513,273.9 0.0 181,666.5 1,152,170.4 May…………. 425,659.3 57,500.7 4,153.7 487,313.7 71,763.2 430,111.6 501,874.8 0.0 168,906.7 1,158,095.3 Jun………….. 481,126.3 57,671.5 7,594.2 546,392.0 92,638.4 353,933.5 446,571.9 0.0 168,723.2 1,161,687.1 Jul………….. 481,408.8 56,156.6 4,714.9 542,280.2 92,638.4 333,146.8 425,785.3 0.0 174,837.0 1,201,552.2 Aug………….. 480,216.3 57,717.5 3,855.8 541,789.6 154,501.8 338,245.4 492,747.3 0.0 167,015.3 1,142,902.5 Sep………….. 439,556.9 57,800.2 3,861.3 501,218.4 94,093.5 338,245.4 432,338.9 0.0 178,157.5 1,111,714.8 Oct………… 385,758.3 57,927.8 12,581.0 456,267.2 134,784.8 341,652.1 476,436.9 0.0 164,413.6 1,097,117.8 Nov………… 373,644.6 58,467.1 12,491.3 444,464.8 169,149.9 365,132.5 534,282.4 0.0 161,721.6 1,140,468.8 Dec………… 482,890.8 58,377.8 6,960.0 546,933.2 171,284.8 365,134.5 536,419.3 0.0 161,872.1 1,246,519.9
2019 Jan…………… 604,839.7 59,403.3 6,997.7 671,240.7 122,745.5 365,134.5 487,880.0 0.0 201,160.9 1,360,281.6 Feb…………... 573,753.9 59,503.4 6,127.4 639,384.8 99,201.0 365,134.5 464,335.5 0.0 213,143.2 1,316,863.4 Mar………….. 496,203.2 59,639.9 6,159.9 562,003.1 143,793.7 365,134.5 508,928.2 0.0 202,855.0 1,273,786.3 Source: Monthly Statements of Assets and Liabilities of the Reserve Bank of Malawi. 1Including share of proceeds from Gold sales by the IMF 2Including the Reserve Position in the Fund, formerly a Treasury holding. 3Including internal bills purchased and discounted
30 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.3 Monetary Authorities: Liabilities (K’ million) Total liabilities Foreign Private End of Official Banks (23+28+ Sector sector Capital 31+32+ reserves 33)3 etc plus Deposits Statutory Central Government SDR of bodies Currenc Deposits Currency allocation Internatio Total y in Total Deposits Deposits with outside (10+11) nal with Treasury Total with (26+27) Banks (29+30) RBM (5) banks (9) agencies Reserve holdings (24+25) Reserve (6) etc1 Bank (2) Bank 2(3) 23 24 25 26 27 28 29 30 31 32 33 34 2016 Jan…. 182,400.6 155,895.6 - 155,895.6 - 155,895.6 17,170.1 53,829.0 70,999.1 93,604.5 256,895.9 791,799.1 Feb…. 186,311.6 185,187.8 - 185,187.8 - 185,187.8 17,293.7 52,354.1 69,647.8 94,763.8 246,351.7 799,577.6 Mar… 172,162.2 221,551.3 - 221,551.3 - 221,551.3 21,746.4 68,225.9 89,972.3 103,459.7 258,806.6 882,680.7 Apr…. 173,716.5 240,365.9 240,365.9 240,365.9 16,852.2 53,838.4 70,690.6 117,785.0 267,152.9 869,710.9 May… 178,455.0 236,654.0 236,654.0 236,654.0 24,395.8 52,575.6 76,971.4 134,291.7 269,927.6 896,299.7 Jun…. 228,310.1 260,346.7 260,346.7 260,346.7 26,116.4 57,003.3 83,119.7 142,930.2 257,889.7 972,596.4 Jul…. 226,573.2 267,313.2 267,313.2 267,313.2 22,797.2 57,914.7 80,711.9 152,503.8 245,918.4 973,020.5 Aug... 227,182.9 255,891.1 255,891.1 255,891.1 27,139.1 57,201.7 84,340.9 150,305.9 266,050.3 983,771.1
Sept… 226,880.1 248,887.3 248,887.3 248,887.3 21,470.0 63,403.5 84,873.5 153,613.9 273,685.9 987,940.7 - - Oct…. 222,476.5 242,239.0 242,239.0 242,239.0 22,417.6 62,512.7 84,930.3 147,567.5 269,830.5 819,476.3 - - Nov… 220,305.7 212,031.3 212,031.3 212,031.3 24,589.3 57,190.7 81,780.0 140,042.0 280,888.8 795,005.8 - - Dec… 214,052.6 191,073.6 191,073.6 191,073.6 38,439.5 56,173.3 94,612.8 146,005.4 259,850.4 759,589.4
2017 Jan….. 213,878.7 204,684.9 - 199,622.7 - 199,622.7 24,584.8 47,385.1 71,969.9 117,906.6 259,610.1 862,988.0 Feb…. 213,003.1 169,216.4 - 169,216.4 - 169,216.4 22,153.3 65,567.6 87,720.8 115,025.5 265,711.5 850,677.3 Mar…. 213,465.0 180,696.4 - 180,696.4 - 180,696.4 19,656.1 68,363.4 88,019.5 126,735.9 252,323.1 861,239.9 Apr…. 215,066.5 168,092.2 - 168,092.2 - 168,092.2 16,068.7 57,139.3 73,208.0 131,771.1 246,402.0 834,539.8 May… 216,657.1 163,198.5 - 163,198.5 - 163,198.5 23,238.0 58,392.5 81,630.4 141,982.2 264,569.4 868,037.6 June… 234,251.7 169,659.1 - 169,659.1 - 169,659.1 26,721.0 67,945.9 94,666.8 168,764.7 253,074.7 920,417.0 Jul….. 233,400.2 160,003.7 - 160,003.7 - 160,003.7 25,887.3 86,433.0 112,320.3 170,896.0 237,494.3 914,114.5 Aug… 234,900.5 158,947.9 - 158,947.9 - 158,947.9 28,606.4 78,971.0 107,577.9 161,715.2 255,638.0 918,779.5 Sept… 234,371.1 208,337.3 - 208,337.3 - 208,337.3 25,160.9 70,146.8 95,307.7 159,675.2 244,121.4 941,812.7 Oct…. 232,362.4 208,715.6 - 208,715.6 - 208,715.6 26,885.9 77,456.3 104,342.2 157,126.1 273,488.7 976,035.0 Nov… 236,674.0 183,597.7 - 183,597.7 - 183,597.7 26,408.6 75,880.9 102,289.5 158,585.6 274,937.2 956,084.0 Dec… 230,949.6 167,031.9 - 167,031.9 - 167,031.9 35,407.2 78,157.5 113,564.7 165,365.9 292,986.1 969,898.3
2018 Jan….. 235,265.8 168,011.0 - 168,011.0 - 168,011.0 26,035.9 78,491.7 104,527.6 142,383.8 259,831.2 910,019.4 Feb…. 231,017.9 153,625.0 - 153,625.0 - 153,625.0 27,010.0 81,549.8 108,559.8 140,838.0 304,849.5 938,890.2 Mar… 233,719.6 145,763.9 - 145,763.9 - 145,763.9 27,148.7 81,261.7 108,410.4 146,580.9 275,537.4 910,012.2 Apr…. 230,589.8 150,352.8 - 150,352.8 - 150,352.8 20,940.0 77,175.3 98,115.3 155,060.6 261,573.4 895,691.9 May… 238,283.9 140,313.3 - 140,313.3 - 140,313.3 29,526.6 78,545.8 108,072.3 182,013.2 288,759.5 957,442.2 Jun…. 231,059.5 151,783.0 - 151,783.0 - 151,783.0 23,869.9 69,521.2 93,391.2 207,401.0 262,712.8 946,347.5 Jul…. 227,699.0 171,497.4 0.0 171,497.4 0.0 171,497.4 31,955.2 79,495.0 111,450.2 196,362.8 261,946.9 968,956.4 Aug… 227,189.0 153,299.5 0.0 153,299.5 0.0 153,299.5 28,882.5 96,511.2 125,393.7 198,800.3 324,224.1 1,028,906.6 Sep…. 227,507.9 152,595.4 0.0 152,595.4 0.0 152,595.4 25,459.2 81,204.6 106,663.8 191,864.5 300,151.2 978,782.9 Oct…. 223,516.6 150,918.5 0.0 150,918.5 0.0 150,918.5 29,990.5 79,353.6 109,344.2 182,110.8 295,507.8 961,397.9 Nov… 224,731.3 153,315.1 0.0 153,315.1 0.0 153,315.1 28,810.7 100,110.0 128,920.7 185,940.7 316,141.1 1,009,048.8 Dec… 234,230.4 216,112.3 0.0 216,112.3 0.0 216,112.3 40,387.4 59,589.8 99,977.3 189,452.0 336,184.5 1,100.071.7
2019 Jan… 231,950.9 382,627.1 0.0 382,627.1 0.0 382,627.1 32,191.9 84,801.4 116,993.3 157,892.7 366,405.7 1,255,869.6 Feb… 231,347.5 381,833.7 0.0 381,833.7 0.0 381,833.7 31,292.6 56,232.1 87,524.6 151,400.6 382,744.7 1,234,851.1 Mar… 232,567.1 364,389.3 0.0 364,389.3 0.0 364,389.3 25,886.2 82,869.4 108,755.6 165,028.1 379,953.9 1,250,694.0 Source: Monthly Statements of Assets and Liabilities of the Reserve Bank and Treasury data. 1Non-resident deposits with Reserve Bank including foreign loans. 2Includes Special Account balance 3 The total liabilities are plus SDR allocation and less repurchase agreements
31 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.4 Monetary Authorities: Assets (K’ million) Total End of Foreign Sector Official Sector Banks Other Assets Assets Treasury Reserve Bank RBM credit Other assets Reserve Bills and RBM credit balances Total credit to to other Reserve Position other to Stat. Total assets with Crown (35+36+37) central domestic 21 Bank (13) In IMF Securities Bodies Agents1 government banks (20) 35 36 37 38 39 40 41 42 43 44 2015 Nov…………. 369,332.8 7,955.5 0.0 - 377,288.3 211,470.8 - 0.0 73,902.8 662,661.8 Dec…………. 439,679.2 5,625.1 0.0 - 445,304.3 248,708.2 - 0.0 103,383.1 796,299.1
2016 Jan………….. 430,529.0 3,466.5 0.0 - 433,995.5 261,877.4 - 0.0 95,926.1 791,799.1 Feb…….……. 394,429.5 7,992.7 0.0 - 402,422.2 291,741.4 - 0.0 105,414.0 799,577.6 Mar…………. 421,136.6 5,860.4 0.0 - 426,997.0 341,761.9 - 0.0 113,921.8 882,680.7 Apr…….……. 420,781.2 5,907.3 0.0 - 426,688.5 370,748.4 - 0.0 130,077.5 927,514.5 May…….…… 413,520.3 11,042.9 0.0 - 424,563.2 370,356.0 - 0.0 128,659.5 923,578.7 Jun………….. 452,183.1 6,879.5 0.0 - 459,062.6 426,893.4 - 0.0 132,163.7 1,018,119.6 Jul………….. 458,597.9 4,256.8 0.0 - 462,854.7 404,839.2 - 0.0 140,735.8 1,008,429.7 Aug…………. 451,246.9 7,899.0 0.0 - 459,145.9 418,527.1 - 0.0 141,495.0 1,019,167.9 Sep………….. 445,708.1 6,742.9 0.0 - 452,451.0 463,943.7 - -0.2 149,347.3 1,065,742.0 Oct………….. 431,440.6 6,611.7 0.0 - 438,052.3 481,709.2 - 0.0 164,730.7 1,084,492.0 Nov…………. 407,513.8 6,543.5 0.0 - 414,057.3 479,391.3 - 0.0 162,006.0 1,055,454.7 Dec…………. 436,167.7 2,438.7 0.0 - 438,606.4 449,043.2 - 0.0 181,676.3 1,069,323.7
2017 Jan…….…….. 432,731.1 6,728.3 0.0 - 439,459.4 425,491.5 - 0.0 174,217.6 1,039,168.5 Feb…….……. 422,528.3 6,003.0 0.0 428,531.3 465,328.6 - 0.0 144,893.2 1,038,753.1 Mar…………. 393,807.8 5,375.3 0.0 - 399,183.1 465,470.4 - 0.0 173,893.1 1,038,546.7 Apr…….……. 394,563.7 5,415.7 0.0 - 399,979.3 447,675.6 - 0.0 196,735.0 1,044,389.9 May…….…… 435,729.4 5,399.3 0.0 - 441,128.7 503,469.6 - 0.0 151,862.4 1,096,460.7 Jun………….. 489,147.3 8,294.6 0.0 - 497,441.8 507,926.0 - 0.0 180,414.9 1,185,782.8 Jul………….. 494,943.7 5,665.8 0.0 - 500,609.5 545,321.3 - 0.0 186,480.4 1,232,411.2 Aug…………. 467,307.8 4,913.2 0.0 - 472,221.0 544,680.3 - 0.0 203,514.1 1,220,415.4 Sep………….. 535,515.2 4,904.2 0.0 - 540,419.4 531,481.7 - 0.0 206,207.7 1,278,108.8 Oct………….. 566,102.5 4,862.2 0.0 - 570,964.7 567,565.3 - 0.0 144,404.6 1,282,934.6 Nov…………. 483,481.7 4,858.3 57,254.4 - 545,594.3 554,310.1 - 0.0 166,116.2 1,266,020.7 Dec…………. 483,459.7 9,091.8 57,347.7 - 549,899.3 574,773.9 - 0.0 178,150.1 1,302,823.4
2018 Jan…….…….. 453,239.3 8,102.6 55,390.5 - 516,732.5 577,314.7 - 0.0 195,515.2 1,289,562.4 Feb….………. 435,647.8 4,261.9 57,331.8 - 497,241.6 601,461.5 - 0.0 174,860.7 1,273,563.8 Mar…………. 419,660.4 4,279.9 57,323.8 - 481,264.2 575,413.9 - 0.0 178,309.4 1,234,987.5 Apr………….. 395,632.0 4,224.1 57,374.0 - 457,230.1 513,273.9 - 0.0 181,666.5 1,152,170.4 May…………. 425,659.3 4,153.7 57,500.7 - 487,313.7 501,874.8 - 0.0 168,906.7 1,158,095.3 Jun………….. 481,126.3 7,594.2 57,671.5 - 546,392.0 446,571.9 - 0.0 168,723.2 1,161,687.1 Jul………….. 481,408.8 4,714.9 56,156.6 .. 542,280.2 425,785.3 0.0 0.0 174,837.0 1,142,902.5 Aug…………. 480,216.3 3,855.8 57,717.5 .. 541,789.6 492,747.3 0.0 0.0 167,015.3 1,201,552.2 Sep………….. 439,556.9 3,861.3 57,800.2 .. 501,218.4 432,338.9 0.0 0.0 178,157.5 1,111,714.8 Oct………….. 385,758.3 12,581.0 57,927.8 .. 456,267.2 476,436.9 0.0 0.0 164,413.6 1,097,117.8 Nov…………. 373,644.6 12,491.3 58,467.1 .. 444,464.8 534,282.4 0.0 0.0 161,721.6 1,140,468.8 Dec…………. 482,890.8 6,960.0 58,377.8 .. 548,228.5 536,419.3 0.0 0.0 161,872.1 1,246,519.9
2019 Jan………… 604,839.7 6,997.7 59,403.3 .. 671,240.7 487,880.0 0.0 0.0 201,160.9 1,360,281.6 Feb…………. 573,753.9 6,127.4 59,503.4 .. 639,384.8 464,335.5 0.0 0.0 213,143.2 1,316,863.4 Mar…………. 496,203.2 6,159.9 59,639.9 .. 562,003.1 508,928.2 0.0 0.0 202,855.0 1,273,786.3
32 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.5 Commercial Banks: Liabilities (K’ million) Foreign Sector Official Sector Domestic Deposits of Statutory bodies, etc Total Deposits of Liabilities Deposits of Liabilities Total Time and (48+51) End of non- to non- Central Total to Reserve (45+46) Demand Savings residents residents Government (49+50) Bank deposits 45 46 47 48 49 50 51 52 53 2015 Sep……….….. 5,413.8 12,281.0 17,694.8 12,978.3 11,023.8 7,621.7 18,645.5 31,623.8 0.0 Oct……….….. 6,689.0 12,813.2 19,502.2 17,728.7 13,529.6 11,174.0 24,703.5 42,432.2 6,303.4 Nov…….……. 8,287.2 14,295.6 22,582.8 16,516.8 11,844.8 15,046.7 26,891.5 43,408.2 0.0 Dec…….……. 9,384.6 31,404.7 40,789.3 23,599.9 18,620.8 11,033.6 29,654.3 53,254.2 0.0
2016 Jan……..…….. 13,712.6 8,968.2 22,680.8 29,749.4 15,402.2 11,093.4 26,495.6 56,245.0 0.0 Feb……..……. 15,072.9 6,651.4 21,724.2 33,778.9 13,691.5 9,918.5 23,610.0 57,388.9 2.4 Mar……..……. 15,054.7 13,049.3 28,104.0 35,982.6 14,854.4 9,616.8 24,471.2 60,453.8 2,800.0 Apr……..……. 18,218.0 10,585.8 28,803.8 37,542.2 11,454.2 8,845.6 20,299.8 57,842.0 1,564.3 May…………. 15,472.1 15,000.1 30,472.2 39,993.8 16,479.4 8,786.7 25,266.1 65,259.9 6,500.5 Jun…………… 16,624.5 13,679.5 30,304.0 45,616.4 18,275.7 7,101.4 25,377.1 70,993.5 2,711.7 Jul……………. 19,975.2 18,367.8 38,343.0 45,788.7 17,908.9 6,741.2 24,650.1 70,438.7 4,889.3 Aug………….. 19,222.7 11,027.1 30,249.7 47,131.3 17,379.0 7,039.5 24,418.4 71,549.7 6,553.1 Sep…………… 24,066.4 4,762.8 28,829.3 43,751.2 17,103.7 5,411.3 22,515.0 66,266.2 3,950.0 Oct…………… 14,973.0 6,111.7 21,084.6 45,798.5 14,732.7 6,130.5 20,863.1 66,661.6 4,581.2 Nov………….. 8,783.0 14,738.2 23,521.3 37,233.5 14,427.0 5,069.2 19,496.2 56,729.7 5,753.2 Dec…………- 8,313.7 8,527.1 16,840.9 49,470.7 16,614.3 4,979.9 21,594.2 71,064.9 16,074.2
2017 Jan…….……… 11,116.6 13,954.6 25,071.2 49,647.6 16,853.4 6,299.0 23,152.4 72,800.0 14,258.2 Feb…….…….. 8,378.1 19,941.1 28,319.3 50,723.1 16,111.6 4,697.4 20,809.0 71,532.1 2,100.0 Mar………….. 11,051.8 26,603.7 37,655.5 49,842.3 22,680.3 7,109.7 29,790.0 79,632.3 4,300.0 Apr…….…….. 8,444.9 43,483.4 51,928.3 41,862.8 18,079.9 6,436.3 24,516.1 66,379.0 8,600.3 May…….……. 8,371.4 29,512.8 37,884.2 41,275.6 17,559.3 9,596.1 27,155.5 68,431.0 160.0 Jun…………… 9,203.6 28,691.8 37,895.4 49,830.6 26,379.7 9,927.8 36,307.5 86,138.1 8,452.8 Jul…………… 8,912.8 31,937.5 40,850.3 58,131.0 29,446.6 8,729.8 38,176.4 96,307.4 1,930.0 Aug………….. 9,354.6 19,590.3 28,944.9 61,834.7 30,406.5 11,717.8 42,124.3 103,959.0 0.0 Sep…………… 9,527.0 40,621.6 50,148.7 65,258.6 26,577.9 14,734.5 41,312.4 106,571.0 935.0 Oct…………… 9,402.8 32,599.6 42,002.4 54,789.2 33,677.8 12,833.5 46,511.3 101,300.4 1,750.0 Nov………….. 12,746.4 23,960.7 36,707.1 58,712.7 34,344.7 14,708.2 49,052.9 107,765.7 4,010.7 Dec………….. 14,438.7 38,536.9 52,975.6 72,088.8 34,065.7 10,738.0 44,803.8 116,892.5 7,292.5
2018 Jan…………… 11,765.7 26,412.0 38,177.7 80,290.4 35,593.4 11,428.3 47,021.7 127,312.0 14,542.6 Feb…………… 11,655.6 21,575.3 33,230.9 76,032.5 40,985.4 16,780.0 57,765.4 133,797.9 0.0 Mar………...… 10,637.9 11,808.3 22,446.2 74,208.7 22,583.6 9,049.4 31,633.0 105,841.7 1,820.0 Apr…………… 15,771.7 10,180.1 25,951.8 68,785.1 18,647.9 7,964.0 26,612.0 95,397.1 9,600.0 May………….. 12,413.7 16,534.3 28,948.0 73,676.7 17,362.8 11,042.3 28,405.0 102,081.7 1,850.0 Jun…………… 10,442.9 33,231.4 43,674.3 68,377.3 21,307.6 10,162.6 31,470.3 99,847.6 2,301.1 Jul…………… 11,431.3 53,105.4 64,536.7 60,124.8 8,631.6 6,516.7 33,618.0 93,742.8 600.1 Aug………….. 18,907.3 36,748.7 55,656.0 65,989.1 3,920.6 6,323.0 31,390.4 97,379.5 7,263.7 Sep…………… 12,296.2 44,761.5 57,057.7 67,373.4 6,588.2 5,601.1 23,184.8 90,558.3 8,242.6 Oct…………… 16,128.9 32,948.1 49,077.0 69,173.5 7,948.0 5,834.0 29,079.5 98,253.0 14,511.4 Nov………….. 12,193.2 41,751.7 53,944.9 62,245.5 5,348.3 5,869.5 21,814.9 84,060.4 7,404.9 Dec………….. 12,074.3 41,213.0 53,287.2 69,041.3 11,020.6 5,601.2 28,638.2 97,679.5 9,023.7
2019 Jan…………… 12,465.0 28,514.5 40,979.5 72,660.3 16,943.5 8,258.7 42,348.2 115,008.5 7,702.8 Feb…………… 11,922.0 22,454.1 34,376.0 67,630.5 17,801.7 8,757.0 41,626.7 109,257.2 2,557.4 Mar…………... 14,099.0 17,187.1 31,286.1 70,374.6 33,936.2 8,765.6 49,863.6 120,238.2 0.0
33 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.5 Commercial Banks: Liabilities (Cont’d) (K’ million) Banks Domestic Private Sector Liabilities to Deposits of private residents acceptances, Capital Other Total other Total guarantees, Time and Total (56) + accounts liabilities liabilities domestic (53+54) Demand etc. banks Savings (57) 54 55 56 57 58 59 60 61 62 2015 Sep…………… 4,251.7 4,251.7 167,684.6 254,701.0 589,967.2 166,459.3 94,474.3 904,471.1 0.0 Oct…………… 4,530.8 10,834.2 167,095.0 240,810.4 568,319.6 168,999.7 96,367.4 906,455.3 0.0 Nov………….. 6,853.4 6,853.4 176,196.3 243,045.7 585,734.3 171,758.8 95,509.7 925,847.3 0.0 Dec………….. 12,245.7 12,245.7 188,593.4 248,453.7 638,578.2 175,401.3 107,654.0 1,027,922.7 0.0
2016 Jan…….……… 6,203.2 6,203.2 185,734.4 241,326.2 427,060.6 179,200.4 138,193.7 1,035,493.7 233,539.0 Feb…….…….. 9,095.1 9,097.5 186,026.2 229,925.0 415,951.2 181,266.6 139,933.0 1,027,316.5 231,288.4 Mar………….. 2,451.9 5,251.9 216,779.2 232,721.0 449,500.3 185,632.6 129,941.5 1,026,464.8 193,801.6 Apr…….…….. 1,066.7 2,631.0 204,171.4 237,153.4 441,324.8 188,977.5 132,325.1 1,030,723.1 207,282.8 May…….……. 6,817.9 13,318.4 194,715.8 244,709.9 439,425.7 192,965.9 124,152.0 1,050,123.1 208,703.7 Jun…………… 14,367.8 17,079.5 221,438.3 253,431.9 474,873.8 196,830.5 144,468.2 1,128,448.5 224,225.0 Jul…………… 82.9 4,972.2 204,636.8 247,875.0 452,511.8 196,347.1 151,425.2 1,112,146.1 227,335.6 Aug………….. 3,395.3 9,948.4 210,661.7 253,720.7 464,382.4 199,094.1 151,923.8 1,128,738.8 233,312.3 Sep…………… 5,006.3 8,956.3 222,487.7 273,891.6 496,379.3 199,539.5 161,137.9 1,153,441.9 268,100.1 Oct…………… 5,318.9 9,900.1 225,109.3 268,473.2 493,582.6 203,372.9 173,081.5 1,179,503.8 244,472.2 Nov………….. 892.6 6,645.8 226,736.8 275,064.0 501,800.7 206,470.0 176,997.9 1,180,733.1 248,458.3 Dec………….. 12,876.7 28,950.9 233,247.1 280,702.3 513,949.4 210,387.6 182,714.9 1,239,625.2 263,703.0
2017 Jan…………… 7,707.5 21,965.8 237,027.0 271,159.5 508,186.5 216,120.9 171,750.0 1,209,355.5 249,404.0 Feb…………… 1,302.8 3,402.8 245,596.3 272,832.9 518,429.3 218,504.4 169,766.3 1,224,380.0 264,339.0 Mar………….. 3,154.5 7,454.5 230,597.3 278,628.6 509,225.8 225,073.3 151,279.4 1,217,384.6 287,119.6 Apr…………… 11,065.0 19,665.2 234,857.2 276,914.1 511,771.3 228,062.5 158,244.9 1,258,401.4 283,033.4 May………….. 793.2 953.2 258,352.8 286,722.6 545,075.4 230,105.5 149,611.3 1,242,020.7 275,551.0 Jun…………… 4,544.9 12,997.7 284,260.2 292,412.2 576,672.4 245,752.8 191,632.0 1,368,825.9 310,042.1 Jul……………. 1,147.2 3,077.2 287,633.7 309,423.6 597,057.2 248,957.5 217,667.5 1,416,918.6 318,361.8 Aug………….. 3,628.5 3,628.5 287,806.2 311,139.5 598,945.7 252,009.4 215,841.6 1,428,266.8 297,612.5 Sep…………… 13,497.7 14,432.7 290,448.9 310,594.6 601,043.5 250,411.2 232,821.7 1,441,329.0 296,623.1 Oct…………… 11,218.3 12,968.3 296,629.8 319,206.3 615,836.1 251,443.4 257,202.6 1,478,721.4 299,757.3 Nov………….. 12,146.0 16,156.6 290,904.3 319,193.0 610,097.3 253,447.0 240,828.6 1,483,208.1 323,155.8 Dec………….. 28,441.0 35,733.5 303,228.8 340,613.8 643,842.5 254,001.4 244,492.0 1,568,285.4 301,697.0
2018 Jan……………. 60,897.5 75,440.1 313,132.9 344,666.6 657,799.6 242,675.0 184,545.1 1,514,214.4 334,180.6 Feb…………… 12,817.8 12,817.8 315,783.9 361,311.8 677,095.8 246,413.6 212,877.4 1,472,585.5 360,941.6 Mar………….. 9,789.1 11,609.1 307,755.3 366,020.3 673,775.6 250,555.7 230,519.8 1,463,807.3 363,530.9 Apr…………… 17,505.8 27,105.8 316,171.2 339,020.4 655,191.7 261,494.5 207,442.7 1,483,987.9 338,530.3 May………….. 16,079.0 17,929.0 336,494.2 365,372.7 701,867.0 258,969.4 208,321.3 1,516,626.9 369,814.1 Jun…………… 6,171.2 8,472.3 322,323.7 378,561.5 700,885.2 256,525.8 203,587.2 1,514,939.2 378,557.1 Jul…………… 8,668.1 9,268.2 327,808.8 385,167.6 712,976.4 259,065.7 182,260.3 1,511,263.4 398,850.6 Aug………….. 4,023.8 11,287.5 344,494.1 377,770.5 722,264.6 261,662.6 189,323.3 1,525,849.2 413,684.6 Sep…………… 4,247.3 18,758.7 302,660.9 403,984.2 706,645.0 260,360.6 205,847.1 1,551,933.2 407,527.7 Oct…………… 2,823.0 11,065.6 348,973.1 388,891.0 737,864.0 264,818.5 228,993.3 1,577,305.1 374,061.1 Nov………….. 2,172.7 9,577.6 372,635.8 418,044.9 790,680.7 264,828.1 243,729.8 1,616,780.5 385,039.7 Dec………….. 16,930.1 25,953.8 354,095.4 436,517.3 790,612.7 267,058.6 248,189.4 1,670,543.5 402,211.8
2019 Jan…………… 18,816.3 26,519.1 335,648.0 450,596.6 786,244.7 269,210.7 284,932.8 1,699,881.1 420,694.7 Feb…………… 10,729.7 13,287.1 345,466.2 436,778.9 782,245.2 271,244.6 251,651.8 1,657,028.1 440,209.2 Mar…………… 502.1 502.1 332,986.0 437,365.3 770,351.3 278,914.1 277,460.5 1,667,633.8 373,117.9
34 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.6 Commercial Banks: Assets (K’ million) Foreign Sector Official Sector Claims on Total (63+64 Claims on Central Government Statutory Claims on Loans and End of Bills payable bodies, etc Total non-resident advances to abroad Treasury (69+70) banks non-residents Government Total Loans and +65) Bills and securities (67+68) advances advances1 63 64 65 66 67 68 69 70 71 2015 Aug………….. 100,954.8 - 100,954.8 20,500.7 135,342.9 155,843.6 5,042.6 160,886.2 Sep…………… 114,271.6 - 114,271.6 20,500.7 137,319.9 157,820.7 4,762.2 162,582.9 Oct…………… 105,570.7 - - 105,570.7 20,500.7 128,431.3 149,074.3 4,892.4 153,966.7 Nov………….. 101,918.7 - - 101,918.7 20,500.7 120,293.7 140,903.4 5,013.4 145,916.8 Dec………….. 103,881.3 - - 103,881.3 20,500.7 106,648.4 127,741.3 5,076.1 132,817.4
2016 Jan…….……… 100,842.0 - - 100,842.0 20,500.7 114,538.4 135,039.1 6,109.4 141,148.5 Feb…….…….. 114,631.0 - - 114,631.0 20,500.7 116,075.9 136,576.6 9,832.4 146,409.0 Mar………….. 72,153.0 - - 72,153.0 20,500.7 125,161.9 145,662.7 9,273.5 154,936.2 Apr…….…….. 86,198.0 - - 86,198.0 20,500.7 135,217.4 155,718.1 7,816.7 163,534.8 May…….……. 106,168.6 - - 106,168.6 20,500.7 137,661.4 158,162.1 8,500.7 166,662.8 Jun…………… 145,192.0 - - 145,192.0 20,500.7 133,545.0 154,045.7 7,227.3 161,273.0 Jul…………… 142,877.5 - - 142,877.5 15,311.1 136,671.1 151,982.2 5,769.1 157,751.3 Aug………….. 156,013.3 - - 156,013.3 15,311.1 133,334.5 148,645.6 8,588.5 157,234.1 Sep…………… 150,227.3 - - 150,227.3 14,551.7 122,442.8 136,994.6 9,093.8 146,088.4 Oct…………… 152,405.0 - - 152,405.0 14,551.7 115,305.1 129,856.9 9,939.5 139,796.4 Nov………….. 155,071.9 - - 155,071.9 17,562.3 117,334.0 131,885.8 9,422.1 141,307.9 Dec………….. 148,061.5 - - 148,061.5 21,562.3 109,735.5 128,287.2 9,214.8 137,502.0
2017 126,499.4 - - 126,499.4 30,310.8 105,345.7 135,656.5 8,224.9 143,881.4 Jan…………… Feb….……….. 136,373.7 - - 136,373.7 36,303.2 104,246.9 140,550.1 8,989.7 149,539.8 Mar.…………. 139,565.4 - - 139,565.4 36,303.2 114,233.6 150,536.9 10,577.7 161,114.6 Apr…….…….. 152,313.1 - - 152,313.1 34,712.7 112,938.1 147,650.8 12,529.0 160,179.9 May…….……. 137,852.2 - - 137,852.2 34,712.7 111,407.6 146,120.3 12,922.9 159,043.2 Jun…………… 147,893.6 - - 147,893.6 43,787.6 114,090.1 157,877.7 13,365.6 171,243.3 Jul…………… 153,486.5 - - 153.486.5 26,720.2 119,098.7 145,818.9 17,393.3 163,212.2 Aug………….. 170,833.7 - - 170,833.7 50,282.4 121,713.5 171,995.9 16,062.8 188,058.6 Sep…………… 149,033.4 - - 149,033.4 73,980.0 118,152.1 192,132.1 9,739.4 201,871.5 Oct…………… 157,787.0 - - 157,787.0 72,716.4 111,292.7 184,009.1 8,035.9 192,045.0 Nov………….. 185,140.4 - - 185,140.4 71,716.4 112,242.6 183,959.0 5,410.4 189,369.5 Dec………….. 189,499.4 - - 189,499.4 70,452.9 113,782.7 184,235.6 8,102.0 192,337.5
2018 Jan….………… 152,434.6 - - 152,434.6 72,201.5 117,700.5 189,986.0 5,608.2 195,594.2 Feb…………… 121,188.1 - - 121,188.1 83,702.9 112,497.6 196,411.3 5,208.5 201,619.7 Mar………….. 118,900.8 - - 118,900.8 93,622.9 123,188.5 217,022.2 4,350.1 221,372.3 Apr…………… 117,000.6 - - 117,000.6 111,116.9 146,776.7 262,583.4 10,571.3 273,154.7 May………….. 126,737.3 - - 126,737.3 129,601.1 153,304.7 288,147.4 12,410.8 300,558.2 Jun…………… 135,885.9 - - 135,885.9 132,770.0 145,024.0 283,473.4 11,965.6 295,439.0 Jul…………… 102,511.3 0.0 0.0 102,511.3 130,183.5 161,810.2 291,993.8 21,080.7 313,074.4 Aug………….. 105,164.2 0.0 0.0 105,164.2 111,070.2 192,235.8 303,306.0 24,810.1 328,116.1 Sep…………… 105,488.5 0.0 0.0 105,488.5 145,092.6 190,685.9 335,778.5 33,558.9 369,337.4 Oct…………… 94,387.6 0.0 0.0 94,387.6 154,451.5 167,284.3 321,735.7 33,318.6 355,054.3 Nov………….. 85,859.6 0.0 0.0 85,859.6 163,712.5 170,152.9 333,865.4 32,504.0 366,369.4 Dec………….. 111,861.7 0.0 0.0 111,861.7 170,516.7 185,100.6 355,617.3 34,469.5 390,086.8
2019 Jan……………. 94,452.2 0.0 0.0 94,452.2 205,998.6 214,852.6 420,851.2 37,487.0 458,338.2 Feb…………… 105,703.5 0.0 0.0 105,703.5 231,496.1 219,402.1 450,898.2 37,069.1 487,967.3 Mar…………... 115,204.5 0.0 0.0 115,204.5 258,083.0 215,135.8 473,218.8 44,525.5 517,744.4 Source: Commercial banks’ monthly reports to Reserve Bank of Malawi. 1Bills discounted and purchased
35 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.6 Commercial Banks: Assets (Cont’d) (K’ million) Domestic Banks Domestic private sector Claims on Reserve Bank Claims on Bills Premises Deposits Other Currenc other Total Loans and discounte Total and Total assets in Total assets End of y in domestic (74+75) advances d and (77+78) equipment Reserve (72+73) Banks banks purchased Bank 72 73 74 75 76 77 78 79 80 81 82 2015 Aug……………………. 55,532.2 19,222.3 74,754.5 8,749.9 83,504.4 346,056.8 - 346,056.8 69,172.2 133,652.5 894,227.0 Sep…………………….. 61,389.0 18,985.1 80,374.1 7,664.2 88,038.3 350,161.3 - 350,161.3 70,021.1 119,396.0 904,471.1 Oct…………………….. 45,552.5 15,991.4 61,544.0 7,992.7 69,536.7 357,599.2 - 357,599.2 70,574.1 149,208.0 906,455.3 Nov……………………. 56,634.1 16,319.1 72,953.1 6,081.3 79,034.5 374,452.0 - 374,452.0 71,448.4 153,076.9 925,847.3 Dec……………………. 67,225.7 29,390.4 96,616.1 9,443.8 106,059.9 390,325.1 - 390,325.1 76,532.1 218,307.0 1,027,922.7
2016 Jan…….………………. 58,525.0 17,170.1 75,695.1 10,861.0 86,556.0 420,865.9 - 420,865.9 76,342.9 209,738.7 1,035,493.7 . Feb…….………………. 57,110.9 17,293.7 74,404.6 11,603.3 86,008.0 410,750.5 - 410,750.5 77,409.9 192,108.6 1,027,316.5 Mar……………………. 71,154.1 21,746.4 92,900.4 14,886.5 107,787.0 393,378.0 - 393,378.0 80,870.2 217,340.3 1,026,464.8 Apr……………………. 55,482.2 16,852.2 72,334.4 12,025.4 84,359.8 377,885.0 - 377,885.0 81,307.3 237,438.2 1,030,723.0 May….……………… 57,761.3 24,395.8 82,157.1 15,781.8 97,938.9 389,381.8 - 389,381.8 82,018.7 207,942.4 1,050,113.2 Jun…………………….. 58,330.5 26,116.4 84,446.9 17,868.4 102,315.3 387,983.4 - 387,983.4 82,420.2 249,253.6 1,128,437.5 Jul…………………… 63,765.0 22,797.2 86,562.2 27,284.0 113,846.1 386,209.0 - 386,209.0 80,241.2 231,221.1 1,112,146.1 … Aug……………………. 62,991.5 27,139.1 90,130.6 13,229.5 103,360.1 390,580.7 - 390,580.7 80,886.1 240,664.5 1,128,738.8 Sep…………………….. 69,729.0 21,470.0 91,199.1 16,202.2 107,401.3 396,156.7 - 396,156.7 81,469.6 272,098.1 1,153,441.4 Oct…………………….. 70,390.0 22,417.6 92,807.5 15,193.8 108,001.3 411,711.4 - 411,711.4 81,836.6 285,753.1 1,179,503.8 Nov……………………. 60,812.8 24,589.3 85,402.1 18,814.8 104,216.9 409,773.7 - 409,773.7 82,320.4 288,042.3 1,180,733.1 Dec……………………. 68,163.5 38,439.5 106,603.0 21,601.7 128,204.7 408,305.0 - 408,305.0 85,281.8 332,270.2 1,261,338.5 18,562.9 101,148.1 398,478.0 - 398,478.0 84,072.4 355,276.1 1,239,705.6 2017
Jan…………………….. 58,000.5 24,584.8 82,585.3 10,666.4 97,388.6 405,444.7 - 405,444.7 85,992.9 349,640.3 1,260,799.4 Feb…….………………. 64,568.9 22,153.3 86,722.1 Mar……………………. 69,690.7 19,656.1 89,346.8 10,372.1 99,718.9 396,434.9 - 396,434.9 86,899.4 333,651.4 1,253,942.0 Apr…….……………… 66,793.5 16,068.7 82,862.2 9,381.7 92,243.9 405,749.4 - 405,749.4 86,117.6 361,797.5 1,258,401.4 May…….…………….. 57,406.6 23,238.0 80,644.6 10,353.0 90,997.5 404,867.3 - 404,867.3 86,564.3 362,696.1 1,242,020.7 Jun…………………….. 65,341.4 26,721.0 92,062.4 22,727.9 114,790.2 419,353.9 - 419,353.9 86,839.8 428,705.1 1,368,825.9 Jul…………………….. 90,086.7 25,887.3 115,974.0 19,950.4 135,924.5 403,091.5 - 403,091.5 87,210.4 473,993.7 1,416,918.6 Aug……………………. 81,805.5 28,606.4 110,411.9 16,165.1 126,577.0 391,952.9 - 391,952.9 86,887.7 463,956.8 1,428,266.8 Sep…………………….. 70,892.1 25,160.9 96,052.9 11,542.3 107,595.3 411,611.6 - 411,611.6 87,083.1 484,134.1 1,441,329.0 Oct…………………….. 86,138.2 26,885.9 113,024.1 5,306.6 118,330.8 419,364.3 - 419,364.3 87,021.0 504,173.3 1,478,721.4 Nov……………………. 72,346.5 26,408.6 98,755.1 7,998.2 106,753.3 411,881.0 - 411,881.0 92,667.3 497,396.7 1,483,208.1 Dec……………………. 81,763.4 35,407.2 117,170.6 8,566.3 125,736.9 409,812.3 - 409,812.3 92,585.4 558,314.0 1,568,285.4
2018 Jan…….………………. 80,807.8 26,035.9 106,843.7 12,203.7 119,047.3 399,854.9 - 399,854.9 93,444.6 553,838.8 1,514,214.4 . Feb…….………………. 78,279.3 27,010.0 105,289.3 9,891.5 115,180.8 389,719.3 - 389,719.3 93,681.7 551,195.9 1,472,585.5 Mar……………………. 88,257.6 27,148.7 115,406.3 7,225.9 122,632.2 397,958.9 - 397,958.9 92,415.7 510,527.4 1,463,807.3 Apr……………………. 69,406.3 20,940.0 90,346.3 7,800.0 98,146.3 406,199.8 - 406,199.8 92,577.7 496,908.7 1,483,987.9 May……………… 83,909.6 29,526.6 113,436.2 3,605.4 117,041.6 421,210.7 - 421,210.7 91,758.2 459,320.9 1,516,626.9 Jun……………… 72,930.5 23,869.9 96,800.4 7,525.1 104,325.5 428,322.9 - 428,322.9 92,315.8 458,650.0 1,514,939.2 Jul…………………….. 85,096.1 31,955.2 117,051.3 6,603.4 123,654.7 438,534.0 0.0 438,534.0 92,530.4 440,958.4 1,511,263.4 Aug……………… 90,216.3 28,882.5 119,098.8 3,919.9 123,018.7 439,542.8 0.0 439,542.8 93,033.3 436,974.1 1,525,849.2 Sep……………………. 88,689.7 25,459.2 114,148.8 5,586.6 119,735.5 447,273.6 0.0 447,273.6 93,108.3 416,989.9 1,551,933.2 Oct…………………….. 77,277.8 29,990.5 107,268.3 7,728.5 114,996.8 464,727.9 0.0 464,727.9 92,926.0 455,212.5 1,577,305.2 Nov……………………. 97,192.2 28,810.7 126,002.9 8,260.2 134,263.1 466,234.4 0.0 466,234.4 93,507.8 470,546.3 1,616,780.5 Dec……………………. 77,577.6 40,387.4 117,965.0 4,597.0 122,562.0 456,737.4 0.0 456,737.4 96,360.2 492,935.4 1,670,543.5
2019 Jan…………………….. 99,498.6 32,191.9 131,690.4 8,874.1 140,564.5 447,085.2 0.0 447,085.2 100,428.2 459,012.7 1,699,881.1 Feb……………………. 68,320.2 31,292.6 99,612.8 11,069.7 110,682.5 442,701.2 0.0 442,701.2 100,307.1 409,666.5 1,657,028.1 Mar…………………… 80,982.0 25,886.2 106,868.2 8,726.2 115,594.4 442,265.3 0.0 442,265.3 102,692.6 374,132.6 1,667,633.8
36 Financial and Economic Review, Volume 53-Number 1-2019
Table 1.7: Monetary Survey1 (K’ million) Net Foreign Assets Net Domestic Credit Official Monetary Total authority Commercial Net Claims on Central Government Net claims on statutory bodies End of Total (89+90) (net official banks (83+84) Monetary Commercial Monetary Commercial reserves) (67+47) Total authority banks (69- Authority Banks (70- (39-23) (86+87) (40-28) 48) (41-27) 51-56) 83 84 85 86 87 88 89 90 91 2015 Sep………………. 222,257.0 96,576.7 318,833.8 33,821.3 144,842.3 178,663.6 - 4,762.2 4,762.2 Oct………………. 214,918.7 86,068.5 300,987.2 64,203.7 131,345.5 195,549.2 - 4,892.4 4,892.4 Nov……………… 221,695.0 79,336.0 301,030.9 78,326.7 124,386.6 202,713.2 - 5,013.4 5,013.4 Dec……………… 276,394.0 63,092.0 339,486.0 100,211.1 104,141.4 204,352.4 - 5,076.1 5,076.1
2016 Jan………………. 251,595.0 78,160.9 329,755.9 105,981.8 105,289.7 211,271.5 - 6,109.4 6,109.4 Feb………………. 216,110.6 92,906.4 309,017.0 106,553.5 102,797.7 209,351.3 - 9,832.4 9,832.4 Mar……………… 254,834.7 44,049.1 298,883.8 120,210.6 109,680.1 229,890.7 - 9,273.5 9,273.5 Apr……………… 252,972.0 57,394.2 310,366.2 130,382.5 118,175.9 248,558.4 - 7,816.7 7,816.7 May…….……….. 246,108.2 75,696.3 321,804.5 133,702.0 118,168.3 251,870.3 - 8,500.7 8,500.7 Jun………………. 230,752.5 114,888.0 345,640.5 166,546.7 108,429.3 274,976.0 - 7,227.3 7,227.3 Jul……………….. 236,281.5 104,534.4 340,816.0 137,526.0 106,193.5 243,719.5 - 5,769.1 5,769.1 Aug……………… 231,963.0 125,763.5 357,726.5 162,636.0 101,514.3 264,150.3 - 8,588.5 8,588.5 Sep………………. 225,570.9 121,398.0 346,969.0 215,056.4 93,243.4 308,299.8 - 9,093.8 9,093.8 Oct………………. 215,575.8 131,320.4 346,896.2 239,470.2 84,058.4 323,528.6 - 9,939.5 9,939.5 Nov……………… 193,751.6 131,550.6 325,302.2 267,360.0 94,652.3 362,012.3 - 9,422.1 9,422.1 Dec……………… 224,553.0 131,220.6 355,773.6 257,969.6 81,827.1 339,796.7 - 30,928.1 30,928.1
2017 Jan…….……….… 225,580.7 101,428.3 327,009.0 225,868.8 86,008.9 311,877.7 - 38,574.9 38,574.9 Feb…….………… 215,528.2 108,054.5 323,582.7 296,112.1 89,827.0 385,939.1 - 45,409.2 45,409.2 Mar……………… 185,718.1 101,910.0 287,628.1 284,774.0 100,694.6 385,468.6 - 47,135.1 47,135.1 Apr…….………… 184,912.8 100,384.8 285,297.6 279,583.4 105,788.0 385,371.4 - 12,529.0 12,529.0 May…….……….. 224,471.5 99,968.0 324,439.5 340,271.1 104,844.7 445,115.9 - 12,922.9 12,922.9 Jun………………. 263,190.2 109,998.1 373,188.3 338,267.0 105,145.9 443,412.9 - 13,365.6 13,365.6 Jul……………….. 267,209.3 112,636.1 379,845.5 385,317.6 87,687.9 473,005.5 - 17,393.3 17,393.3 Aug……………… 237,320.6 141,888.8 379,209.4 385,732.5 110,161.2 495,893.7 - 16,062.8 16,062.8 Sep………………. 306,048.3 98,884.7 404,933.0 323,144.4 126,873.5 450,018.0 - 9,739.4 9,739.4 Oct………………. 338,602.3 115,784.6 454,386.9 358,849.7 129,219.9 488,069.6 - 8,035.9 8,035.9 Nov……………… 308,920.3 148,433.2 457,353.5 370,712.4 125,246.3 495,958.7 - 5,410.4 5,410.4 Dec……………… 318,949.7 136,523.8 455,473.5 407,742.0 112,146.8 519,888.8 - 8,102.0 8,102.0
2018 Jan……………….. 281,466.7 114,256.9 395,723.6 409,303.7 109,695.6 518,999.3 - 5,608.2 5,608.2 Feb………………. 266,223.7 87,957.2 354,180.9 447,836.5 120,378.8 568,215.3 - 5,208.5 5,208.5 Mar……………… 247,544.6 96,454.6 343,999.2 429,650.0 142,813.5 572,463.6 - 4,350.1 4,350.1 Apr…………….… 226,640.3 91,048.8 317,689.1 362,921.0 193,798.3 556,719.3 - 10,571.3 10,571.3 May……………… 249,029.8 97,789.3 346,819.1 361,561.5 214,470.7 576,032.2 - 12,410.8 12,410.8 Jun………………. 315,332.5 92,211.6 407,544.1 294,788.9 215,096.2 509,885.0 - 11,965.6 11,965.6 Jul…………….… 314,581.2 37,974.6 352,555.8 254,287.9 231,868.9 486,156.8 0.0 21,080.7 21,080.7 Aug……………… 314,600.6 49,508.2 364,108.8 339,447.8 237,316.9 576,764.6 0.0 24,810.1 24,810.1 Sep………………. 273,710.4 56,411.4 330,121.9 279,743.5 266,605.0 546,348.5 0.0 33,558.9 33,558.9 Oct………………. 232,750.6 37,329.9 270,080.5 325,518.4 254,362.3 579,880.7 0.0 33,318.6 33,318.6 Nov……………… 219,733.5 31,914.7 251,648.1 380,967.4 271,619.9 652,587.2 0.0 32,504.0 32,504.0 Dec……………… 313,998.1 58,574.4 372,572.5 320,206.4 286,576.0 606,782.4 0.0 34,469.5 34,469.5
2019 Jan………………. 439,289.8 53,472.7 492,762.5 105,252.9 348,190.9 453,443.8 0.0 37,487.0 37,487.0 Feb……………… 408,037.3 71,327.4 479,364.7 82,501.8 383,267.7 465,769.5 0.0 37,069.1 37,069.1 Mar……………… 329,435.9 83,918.4 413,354.3 144,539.0 402,844.2 547,383.2 0.0 44,525.5 44,525.5 1A consolidation of Assets and Liabilities of Monetary Authorities and commercial banks.
37 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.7 Monetary Survey (Cont’d) (K’ million) Net Domestic Credit Cont'd Liabilities to private sector Unsectored Accounts
Total Pvt Sector All others Capital Inter Bank assets=Total gross Quasi- (net Total Total Money Total Accounts floats (net liabilities=(8 claims by money liabilities) (88+91) (92+93) (32+56) (95+96) (59) liabilities)(3 5+94=97+98 commercial (56) (31+60-42- 1+55-42-95) +99+100) banks (78) 76) End of 92 93 94 95 96 97 98 99 100 101 2015 Aug……………. 163,942.0 346,056.8 509,998.8 301,622.4 401,339.5 702,961.9 167,053.6 14,139.4 -70,964.0 813,190.9 Sep…………….. 183,425.8 350,161.3 533,587.1 286,171.4 422,282.6 708,454.0 166,459.3 6,382.6 -47,520.5 833,775.4 Oct…………….. 200,441.6 357,599.2 558,040.9 280,763.1 401,224.5 681,987.6 168,999.7 65,592.5 -82,255.3 834,324.5 Nov……………. 207,726.7 374,452.0 582,178.6 283,953.1 409,538.1 693,491.1 171,758.8 55,518.6 -64,450.4 856,318.1 Dec……………. 209,428.5 390,325.1 599,753.7 299,168.7 449,984.7 749,153.5 175,401.3 101,461.3 -116,430.7 909,585.4
2016 Jan…….……..… 217,380.9 420,865.9 638,246.8 279,338.9 447,236.3 726,575.1 179,200.4 89,487.1 -53,755.6 941,507.0 Feb…….………. 219,183.6 410,750.5 629,934.1 280,790.0 431,880.1 712,670.1 181,266.6 78,585.6 -57,181.1 915,341.2 Mar……………. 239,164.2 393,378.0 632,542.2 320,238.9 400,301.7 720,540.7 185,632.6 88,059.5 -87,277.9 906,954.9 Apr…….………. 256,375.1 377,885.0 634,260.1 321,956.4 415,972.3 737,928.7 188,977.5 111,171.2 -113,750.9 924,326.5 May…….……… 260,371.1 389,381.8 649,752.9 329,007.5 429,239.0 758,246.5 192,965.9 85,795.3 -90,706.3 946,301.4 Jun……………... 282,203.4 387,983.4 670,186.8 364,372.1 447,330.9 811,703.1 196,830.5 109,455.2 -127,527.6 990,461.2 Jul……………… 249,488.6 386,209.0 635,697.6 357,140.6 445,983.0 803,123.7 196,347.1 73,726.6 -121,333.9 951,863.5 Aug……………. 272,738.8 390,580.7 663,319.5 360,967.7 455,311.3 816,279.0 199,094.1 93,125.5 -111,871.0 996,627.6 Sep…………….. 317,393.6 396,156.7 713,550.3 376,101.5 466,225.0 842,326.5 199,539.5 131,172.6 -135,033.9 1,038,004.7 Oct…………….. 333,468.1 411,711.4 745,179.5 372,676.8 480,293.7 852,970.5 203,372.9 169,917.5 -155,048.4 1,071,212.5 Nov……………. 371,434.4 409,773.7 781,208.1 366,778.8 483,631.6 850,410.4 206,470.0 169,687.5 -139,553.8 1,087,014.1 Dec……………. 370,724.8 408,305.0 779,029.8 379,252.5 496,418.9 875,671.4 210,387.6 222,628.4 -222,080.8 1,086,606.6
2017 Jan…….…..…… 350,452.7 398,478.0 748,930.7 354,933.6 464,620.7 819,554.3 216,120.9 234,188.8 -247,426.8 1,022,437.2 Feb…….…..….. 431,348.3 405,444.7 836,793.0 360,621.8 487,258.8 847,880.6 218,504.4 246,972.3 -210,210.2 1,103,147.1 Mar………..….. 432,603.7 396,434.9 829,038.6 357,333.2 485,692.4 843,025.6 225,073.3 238,566.1 -256,345.7 1,050,319.3 Apr…….…..….. 397,900.4 405,749.4 803,649.8 366,628.2 499,264.3 865,893.5 228,062.5 276,477.6 -306,000.3 1,064,433.3 May…….…..…. 458,038.8 404,867.3 862,906.1 400,335.1 496,683.5 897,018.6 230,106.5 286,541.0 -253,474.0 1,160,192.1 Jun…………...… 456,778.5 419,353.9 876,132.4 453,024.9 507,248.5 960,273.4 245,753.8 325,194.4 -318,207.4 1,213,014.2 Jul……………… 490,398.8 403,091.5 893,490.2 458,529.7 522,425.1 980,954.8 248,957.5 365,415.5 -360,168.5 1,235,159.3 Aug……………. 511,956.4 391,952.9 903,909.3 449,521.4 536,077.1 985,598.5 252,009.4 354,553.4 -351,167.0 1,240,994.3 Sep…………….. 459,757.4 411,611.6 871,369.0 450,124.1 496,494.7 946,618.8 250,411.2 406,604.5 -368,645.0 1,234,989.5 Oct…………….. 496,105.5 419,364.3 915,469.8 453,755.9 517,174.4 970,930.4 251,443.4 373,458.0 -272,486.3 1,323,345.5 Nov……………. 501,369.2 411,881.0 913,250.1 449,489.9 537,398.7 986,888.6 253,447.0 390,465.3 -309,250.2 1,321,550.7 Dec……………. 527,990.7 409,812.3 937,803.0 468,594.7 560,961.7 1,029,556.4 254,001.4 424,899.5 -359,984.5 1,348,472.7
2018 Jan……………... 524,607.5 399,854.9 924,462.4 455,516.8 532,931.5 988,448.3 242,675.0 510,529.6 -468,488.5 1,273,164.3 Feb…………….. 573,423.7 389,719.3 963,143.0 456,622.0 517,663.8 974,285.8 246,413.6 410,773.9 -371,914.8 1,259,558.5 Mar……………. 576,813.7 397,958.9 974,772.6 454,336.2 535,079.6 989,415.7 250,555.7 392,561.0 -345,393.7 1,287,138.8 Apr…………….. 567,290.6 406,199.8 973,490.5 471,231.8 550,424.8 1,021,656.6 261,494.5 352,836.0 -371,419.6 1,264,567.6 May……………. 588,443.0 421,210.7 1,009,653.8 518,507.4 563,883.2 1,082,390.7 258,969.4 277,759.1 -291,051.4 1,328,067.8 Jun……………... 521,850.6 428,322.9 950,173.5 529,724.6 580,508.3 1,110,232.9 256,525.8 280,548.4 -321,059.7 1,326,247.4 Jul…………….. 507,237.5 438,534.0 945,771.5 524,171.6 574,580.8 1,098,752.4 259,065.7 238,625.3 -331,734.1 1,264,709.3 Aug……………. 601,574.7 439,542.8 1,041,117.5 543,294.4 566,046.1 1,109,340.5 261,662.6 253,892.6 -251,059.8 1,373,835.9 Sep……………... 579,907.4 447,273.6 1,027,181.0 494,525.4 616,975.8 1,111,501.2 260,360.6 206,299.1 -249,937.5 1,328,223.3 Oct…………….. 613,199.3 464,727.9 1,077,927.2 531,083.8 575,838.7 1,106,922.5 264,818.5 208,009.6 -254,927.8 1,324,822.8 Nov……………. 685,091.2 466,234.4 1,151,325.6 558,576.5 588,003.8 1,146,580.3 264,828.1 202,898.2 -233,009.6 1,381,297.0 Dec……………. 641,352.5 456,737.4 1,097,989.3 543,557.9 624,279.5 1,167,827.0 267,058.6 217,125.2 -210,097.5 1,441,923.7
2019 Jan……………... 490,930.8 447,085.2 938,016.0 493,540.8 627,582.5 1,121,123.3 269,210.7 175,032.7 -176,936.3 1,388,430.3 Feb…………….. 502,838.6 442,701.2 945,539.8 496,866.9 631,745.1 1,128,612.0 271,244.6 139,845.2 -156,424.0 1,383,277.8 Mar……………. 591,908.7 442,265.3 1,034,174.0 498,014.1 626,246.8 1,124,260.9 278,914.1 84,818.9 -90,329.2 1,397,664.7
38 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.8 Foreign Exchange Reserves of the Banking System (K’ million) Official Foreign Exchange Reserves Reserve Bank Total Official Reserves Foreign Treasury Foreign Assets liabilities Balances Net foreign End of Balances with Crown Gross Net official Deposits1 of exchange with foreign Special Agents and Official reserves Total International reserves banks and Drawing Special Reserves (106+107) (102+103) agencies (104-105) securities Rights (14) Account (22) (12+13) 102 103 104 105 106 107 108 109 2015 Aug……………… 375,540.5 5,274.2 380,814.7 148,309.3 232,505.4 - 380,814.7 232,505.4 Sept ……………... 364,034.6 3,955.6 367,990.2 145,733.2 222,257.0 - 367,990.2 222,257.0 Oct………………. 357,066.2 3,963.2 361,029.4 146,110.7 214,918.7 - 361,029.4 214,918.7 Nov……………… 369,332.8 7,955.5 377,288.3 155,593.3 221,695.0 - 377,288.3 221,695.0 Dec……………… 439,704.5 5,625.1 445,329.6 168,935.5 276,394.0 - 445,329.6 276,394.0
2016 Jan……………….. 430,529.0 3,466.5 433,995.5 182,400.6 251,595.0 - 433,995.5 251,595.0 Feb………………. 394,429.5 7,992.7 402,422.2 186,311.6 216,110.6 - 402,422.2 216,110.6 Mar……………… 421,136.6 5,860.4 426,997.0 172,162.2 254,834.7 - 426,997.0 254,834.7 Apr……………… 420,781.2 5,907.3 426,688.5 173,716.5 252,972.0 - 426,688.5 252,972.0 May……………… 413,520.3 11,042.9 424,563.2 178,455.0 246,108.2 - 424,563.2 246,108.2 June……………… 452,183.1 6,879.5 459,062.6 228,310.1 230,752.5 - 459,062.6 230,752.5 Jul……………….. 458,597.9 4,256.8 462,854.7 226,573.2 236,281.5 - 462,854.7 236,281.5 Aug……………… 451,246.9 7,899.0 459,145.9 227,182.9 231,963.0 - 459,145.9 231,963.0 Sept ……………... 445,708.1 6,742.9 452,451.0 226,880.1 225,570.9 - 452,451.0 225,570.9 Oct………………. 431,440.6 6,611.7 438,052.3 222,476.5 215,575.8 - 438,052.3 215,575.8 Nov……………… 407,513.8 6,543.5 414,057.3 220,305.7 193,751.6 - 414,057.3 193,751.6 Dec……………… 436,166.9 2,438.7 438,605.6 214,052.6 224,553.0 - 438,605.6 224,553.0
2017 Jan……………….. 432,731.1 6,728.3 439,459.4 213,878.7 225,580.7 - 439,459.4 225,580.7 Feb………………. 422,528.3 6,003.0 428,531.3 213,003.1 215,528.2 - 428,531.3 215,528.2 Mar……………… 393,808.8 5,375.3 399,183.1 213,465.0 185,718.1 - 399,183.1 185,718.1 Apr……………… 394,564.7 5,416.7 399,979.3 215,067.5 184,913.8 - 399,979.3 184,913.8 May……………… 435,729.4 5,399.3 441,129.7 216,657.1 224,472.5 - 441,129.7 224,472.5 June……………… 489,147.3 8,294.6 497,441.8 234,251.7 263,190.2 - 497,442.8 263,190.2 Jul……………….. 494,943.7 5,665.8 500,609.5 233,400.2 267,209.3 - 500,609.5 267,209.3 Aug……………… 467,307.8 4,913.2 472,221.0 234,900.5 237,320.6 - 472,221.0 237,320.6 Sept ……………... 535,515.2 4,904.2 540,419.4 234,371.1 306,048.3 - 540,419.4 306,048.3 Oct………………. 566,102.5 4,862.2 570,964.7 232,362.4 338,602.3 - 570,964.7 338,602.3 Nov……………… 540,736.0 4,858.3 545,594.3 236,674.0 308,920.3 - 545,594.3 308,920.3 Dec……………… 540,807.4 9,091.8 549,899.3 230,949.6 318,949.7 - 549,899.3 318,949.7
2018 Jan……………….. 508,629.8 8,102.6 516,732.5 235,265.8 281,466.7 - 516,732.5 281,466.7 Feb………………. 492,979.7 4,261.9 497,241.6 231,017.9 266,223.7 - 497,241.6 266,223.7 Mar……………… 476,984.3 4,279.9 481,264.2 233,719.6 247,544.6 - 481,264.2 247,544.6 Apr………………. 453,006.0 4,224.1 457,230.1 230,589.8 226,640.3 - 457,230.1 226,640.3 May……………… 483,160.0 4,153.7 487,313.7 238,283.9 249,029.8 - 487,313.7 249,029.8 Jun………………. 538,797.8 7,594.2 546,392.0 231,059.5 315,332.5 - 546,392.0 315,332.5 Jul………………. 537,565.3 4,714.9 542,280.2 227,699.0 314,581.2 0.0 542,280.2 314,581.2 Aug……………… 537,933.8 3,855.8 541,789.6 227,189.0 314,600.6 0.0 541,789.6 314,600.6 Sep………………. 497,357.1 3,861.3 501,218.4 227,507.9 273,710.4 0.0 501,218.4 273,710.4 Oct………………. 443,686.2 12,581.0 456,267.2 223,516.6 232,750.6 0.0 456,267.2 232,750.6 Nov……………… 432,111.7 12,491.3 444,603.0 224,731.3 219,733.5 0.0 444,603.0 219,871.6 Dec……………… 541,268.5 6,960.0 548,228.5 234,230.4 313,998.1 0.0 548,228.5 313,998.1
2019 Jan………………. 664,243.0 6,997.7 671,240.7 231,950.9 439,289.8 0.0 671,240.7 439,289.8 Feb……………… 633,257.4 6,127.4 639,384.8 231,347.5 408,037.3 0.0 639,384.8 408,037.3 Mar……………… 555,843.1 6,159.9 562,003.1 232,567.1 329,435.9 0.0 562,003.1 329,435.9 Source: Reserve Bank of Malawi, Treasury and monthly reports of commercial banks. 1Excluding IMF accounts.
39 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.8 Foreign Exchange Reserves of the Banking System (cont’d) Official Foreign Exchange Reserves Foreign Assets Foreign Liabilities Loans and advances Net to non- Deposits Claims on Liabilities Foreign residents Total of Non- Total foreign to Foreign Assets and bills (110+111) residents (113+114) Banks (61) Banks (46) (112-115) payable (45) End of abroad (64+65) 110 111 112 113 114 115 116 2015 Aug…………………. 100,954.8 100,954.8 6,770.7 5,135.3 11,906.0 89,048.8 Sep…………………... 114,271.6 114,271.6 12,281.0 5,413.8 17,694.8 96,576.7 Oct………………….. 105,570.7 - 105,570.7 12,813.2 6,689.0 19,502.2 86,068.5 Nov…………………. 101,918.7 - 101,918.7 14,295.6 8,287.2 22,582.8 79,336.0 Dec…………………. 103,881.3 - 103,881.3 31,404.7 9,384.6 40,789.3 63,092.0
2016 Jan…….…………..… 100,841.7 100,841.7 8,968.2 13,712.6 22,680.8 78,160.9 Feb…….……………. 114,630.6 114,630.6 6,651.4 15,072.9 21,724.2 92,906.4 Mar…………………. 72,153.1 72,153.1 13,049.3 15,054.7 28,104.0 44,049.1 Apr…….……………. 86,198.0 - 86,198.0 10,585.8 18,218.0 28,803.7 57,394.2 May…….…………… 106,168.6 - 106,168.6 15,000.1 15,472.1 30,472.2 75,696.3 Jun………………….. 145,192.0 - 145,192.0 13,679.5 16,624.5 30,304.0 114,888.0 Jul…………………… 142,877.5 - 142,877.5 18,367.8 19,975.2 38,343.0 104,534.4 Aug…………………. 156,013.3 - 156,013.3 11,027.1 19,222.7 30,249.7 125,763.5 Sep…………………... 150,227.3 - 150,227.3 4,762.8 24,066.4 28,829.3 121,398.0 Oct………………….. 152,405.0 - 150,227.3 6,111.7 14,973.0 21,084.6 129,142.7 Nov…………………. 155,071.9 - 152,405.0 14,738.2 8,783.0 23,521.3 128,883.7 Dec…………………. 148,061.5 - 155,071.9 8,527.1 8,313.7 16,840.9 138,231.0
2017 Jan…….…………..… 126,499.4 - 126,499.4 13,954.6 11,116.6 25,071.2 101,428.2 Feb…….……………. 136,373.7 - 136,373.7 19,941.1 8,378.1 28,319.3 108,054.4 Mar…………………. 139,565.4 - 139,565.4 26,603.7 11,051.8 37,655.5 101,909.9 Apr…….……………. 152,313.1 - 152,313.1 43,483.4 8,445.9 51,928.3 100,384.8 May…….…………… 137,852.2 - 137,852.2 29,513.8 8,371.4 37,884.2 99,968.0 Jun………………….. 147,893.6 - 147,894.6 28,692.8 9,203.6 37,895.4 109,999.2 Jul…………………… 153,486.5 - 153,486.5 31,937.5 8,912.8 40,850.3 112,636.2 Aug…………………. 170,833.7 - 170,833.7 19,590.3 9,354.6 28,944.9 141,888.8 Sep…………………... 149,033.4 - 149,033.4 40,621.6 9,527.0 50,148.7 98,884.7 Oct………………….. 157,787.0 - 157,787.0 32,599.6 9,402.8 42,002.4 115,784.6 Nov…………………. 185,140.4 - 185,140.4 23,960.7 12,746.4 36,707.1 148,433.3 Dec…………………. 189,499.4 - 189,499.4 38,536.9 14,438.7 52,975.6 136,523.8
2018 Jan…….…………..… 152,434.6 - 152,434.6 26,412.0 11,765.7 38,177.7 114,256.9 Feb…….……………. 121,188.1 - 121,188.1 21,575.3 11,655.6 33,230.9 87,957.2 Mar…………………. 118,900.8 - 118,900.8 11,808.3 10,637.9 22,446.2 96,454.6 Apr…………………. 117,000.6 - 117,000.6 10,180.1 15,771.7 25,951.8 91,048.8 May…………………. 126,737.3 - 126,737.3 16,534.3 12,413.7 28,948.0 97,789.3 Jun………………….. 135,885.9 - 135,885.9 33,231.4 10,442.9 43,674.3 92,211.6 Jul…………………. 102,511.3 0.0 102,511.3 53,105.4 11,431.3 64,536.7 37,974.6 Aug…………………. 105,164.2 0.0 105,164.2 36,748.7 18,907.3 55,656.0 49,508.2 Sep………………….. 105,488.5 0.0 105,488.5 32,948.1 16,128.9 49,077.0 56,411.4 Oct………………….. 94,387.6 0.0 94,387.6 44,761.5 12,296.2 57,057.7 37,329.9 Nov…………………. 85,859.6 0.0 85,859.6 41,751.7 12,193.2 53,944.9 31,914.7 Dec…………………. 111,861.7 0.0 111,861.7 41,213.0 12,074.3 53,287.2 58,574.4
2019 Jan………………..…. 94,452.2 0.0 94,452.2 28,514.5 12,465.0 40,979.5 53,472.7 Feb………………….. 105,703.5 0.0 105,703.5 22,454.1 11,922.0 34,376.0 71,327.4 Mar………………….. 115,204.5 0.0 115,204.5 17,187.1 14,099.0 31,286.1 83,918.4
40 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.9 Commercial Banks: Advances by Main Sector (K’ million) Transport, Finance, Constru- Commu- Storage and Insurance Other Mining Electri- ction nity. Wholesale Communica- Real and Manufacturi- city, and Restaurants Period Agriculture and Retail tion Estate Social Sectors Total quarry- ng Water Civil and hotels Trade and in and Gas Engine- and Business ering Personal Services Services 1 2 3 4 5 6 7 8 9 10 11 12 2015 Sept……….. 87,056.1 1,259.8 74,418.9 4,981.6 13,275.3 78,375.3 6,403.1 21,874.0 15,823.3 34,602.8 26,671.3 364,741.5 Dec 152,553.4 700.7 64,248.5 4,522.4 11,945.5 85,713.2 10,375.3 17,137.6 12,343.5 17,976.1 26,366.4 403,882.6
2016 3,153.6 12,999.9 50,321.2 Mar...... 96,084.5 895.2 76,261.6 87,931.8 10,709.6 20,941.0 12,546.1 36,274.4 341,644.2 3,146.7 11,692.7 54,205.2 Jun………… 81,486.3 1,456.4 76,757.0 93,232.0 10,739.2 25,604.7 11,042.8 36,757.5 406,120.5 Sep………… 81,991.3 710.2 77,006.9 2,825.7 11,689.7 90,511.0 10,930.1 26,941.6 14,602.7 54,442.0 36,505.8 408,157.0 Dec………... 85,743.1 584.0 78,813.7 3,857.0 13,969.1 101,722.2 11,906.8 30,384.7 14,653.8 58,385.8 23,729.6 423,749.8
2017 Mar………... 84,445.0 369.8 64,983.2 6,238.2 25,888.9 82,067.8 12,984.1 21,631.5 14,877.3 62,081.6 30,489.6 406,057.0 Jun………… 97,358.3 1,102.0 72,439.7 10,638,1 15,278.6 103,889.9 13,472.6 26,069.3 20,001.3 46,613.8 26,669.4 422,894.9 Sep………… 88,748.9 2,457.3 83,570.3 9,506.2 11,352.7 110,561.7 13,494.4 18,485.9 20,219.7 44,496.7 29,912.7 432,806.5 Dec……….. 104,004.2 1,647.4 74,011.1 10,950.4 11,558.4 106,567.1 14,502.3 17,955.7 17,559.8 45,107.6 34,588.7 438,452.7
2018 Mar………... 106,024.7 1,659.0 68,761.0 15,936.6 11,618.0 109,817.8 17,192.4 21,878.5 15,566.3 42,392.2 98,805.6 509,652.1 Jun………… 93,860.2 1,313.7 95,090.2 19,147.8 14,670.9 125,247.7 18,882.2 19,402.7 16,634.8 44,133.6 38,106.7 486,490.6 Sep………… 96,022.5 1,016.6 90,870.8 17,884.4 20,489.8 116,606.8 18,122.5 19,445.8 16,030.2 46,759.3 41,118.2 484,366.9 Dec……….. 45,472.0 1,558.2 79,270.7 8,897.0 15,260.3 100,053.2 18,283.5 12,902.0 14,164.4 18,461.6 43,785.9 358,108.8
2019 Mar………… 95,161.6 1,107.7 79,064.5 2,087.5 17,874.7 115,284.0 20,532.1 26,475.8 15,815.0 50,152.2 44,879.4 468,434.4 Source: Data provided by commercial banks to the Reserve Bank of Malawi
Table 1.10 Commercial Banks: Demand Deposits by Main Sector (K’ million) Finance, Electricity Transport, Insurance Real Community Mining Water Construction Whole-sale Storage and Estate and Social and and Manufacturi and and Civil and Retail Hotels and Communi- Business Personal Other Period Agriculture quarrying -ng Gas Engineering Trade Restaurants cation Services1 Services Sectors Total2 2015 Sept………... 6,612.9 653.4 10,387.3 5,998.1 63,35.0 28,627.4 1,624.9 11,825.9 13,211.2 33,550.9 60,672.5 173,164.5 Dec………... 6,708.1 556.4 9,748.7 9,739.3 5,809.8 27,665.7 1,570.2 12,301.7 13,246.0 27,245.2 79,256.5 193,847.6
2016 1,474.3 Mar...... 11,535.8 801.8 12,286.6 7,067.8 9,304.8 51,241.7 14,805.1 16,184.3 59,257.1 61,654.3 245,613.6 Jun………… 19,982.9 4,141.1 27,214.7 26,174.8 28,174.7 50,308.1 3,326.1 32,358.4 48,348.1 142,646.9 68,602.2 451,278.0 Sep………… 15,870.1 2,671.4 24,063.1 29,791.3 29,203.7 49,316.7 4,035.9 28,818.8 50,597.2 157,039.4 62,783.2 454,190.8 Dec………... 7,930.9 1,023.9 18,005.7 10,463.8 8,196.4 39,307.6 3,920.5 17,745.8 24,791.5 58,810.5 65,944.5 256,141.1 2017 Mar……….. 12,361.5 1,037.0 17,122.9 13,352.3 9,475.2 32,724.7 2,650.7 18,533.1 32,753.6 81,891.7 49,263.0 271,165.7 Jun………… 8,644.3 755.3 24,332.2 18,323.4 9,531.3 36,198.9 6,753.8 20,916.2 34,807.5 109,054.4 46,804.8 316,122.1 Sep………… 35,287.1 2,317.3 27,371.7 25,471.9 34,487.0 54,585.3 7,608.1 35,581.4 53,423.1 193,663.6 84,571.1 554,367.6 Dec……….. 33,449.4 2,358.7 29,992.7 24,188.3 37,062.3 60,165.2 7,804.4 58,923.6 55,612.9 217,398.1 86,146.3 613,101.9
2018 Mar……….. 38,372.6 8,744.0 30,076.8 15,557.0 28,687.5 53,145.3 12,978.1 61,538.1 73,821.2 144,927.9 163,927.7 631,776.2 Jun………… 31,199.5 1,623.0 21,702.1 11,984.5 12,852.7 47,637.7 4,417.3 16,981.8 47,323.9 285,569.4 116,432.4 597,724.3 Sep………… 50,850.5 2,520.3 31,582.4 14,624.9 37,859.4 73,047.3 7,106.3 39,312.3 55,255.2 178,191.8 100,585.1 590,935.3 Dec………... 44,387.4 1,517.5 45,251.6 21,894.5 38,404.4 65,094.8 10,048.8 50,267.3 55,983.0 179,406.3 88,629.4 600,884.9
2019 Mar………… 50,932.7 2,646.7 35,011.9 20,580.0 31,085.5 65,183.9 7,802.4 60,589.6 46,008.9 204,143.9 87,816.7 611,802.2 Source: Data provided by commercial banks to the Reserve Bank of Malawi. 1 Includes the professions, non-profit and charitable organisations and entertainment. 2Excluding statutory bodies and local authorities.
41 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.11 Commercial Banks: Time Savings Deposits by Main Sector (K’ million) Constru- Finance Community Mining ction and Insurance Social and and Transport and Year/ Manufa- Civil Wholesale and Restaurants Real Estate Other Electricity, Personal quarryin Communicatio month Agriculture cturing Engineering Retail Trade and hotels & Business Sectors Water and Gas Services g ns Total 1 2 3 4 5 6 7 8 9 10 11 12 2015 Sept……….. 6,861.3 11,705.6 2,599.0 27,451.8 - 46,393.1 138,037.5 10,620.0 -93,329.1 188.4 6,476.8 157,004.4 Dec………... 6,485.9 10,597.2 4,428.5 25,732.5 - 43,216.9 152,388.7 16,744.4 -107,619.2 114.4 8,166.2 160,255.5
2016 Mar...... 7,795.3 12,027.8 4,870.5 32,272.1 - 35,289.7 138,100.6 10,778.0 -101,182.9 312.8 7,014.9 9,178.2 Jun ………... 10,546.1 13,226.1 6,562.4 26,812.4 - 40,465.8 162,938.1 7,491.4 -102,048.9 536.8 8,339.7 11,931.8 Sep………… 12,257.9 12,708.4 10,115.5 29,734.0 - 52,913.6 161,920.7 11,177.0 -105,464.6 270.2 11,203.0 196,835.7 Dec……….. 12,195.3 8,196.4 7,157.0 27,057.8 - 47,901.3 157,170.1 15,134.1 -90,246.8 725.8 12,008.4 197,299.4
2017 Mar...... 9,658.2 9,986.0 6,285.7 29,881.4 786.5 46,307.7 106,649.5 12,236.6 55,391.2 721.6 11,709.8 289,614.2 June……….. 13,191.4 8,259.4 7,960.7 32,052.7 980.6 49,544.4 104,415.2 11,529.9 63,736.2 277.7 14,467.2 306,415.4 Sept……….. 15,175.8 9,032.5 9,443.8 34,463.2 978.7 58,028.8 109,790.8 14,161.6 65,978.7 276.4 13,241.4 330,571.8 Dec………... 11,214.1 9,384.1 9,105.2 35,616.7 1,208.5 67,263.0 137,063.1 15,157.1 71,092.9 575.0 12,945.5 370,625.3
2018 Mar………... 11,500.6 11,551.4 7,263.7 30,554.6 3,742.9 117,120.8 144,166.4 12,228.5 47,272.0 2,451.9 30,506.7 418,359.6 Jun………… 17,165.6 10,482.2 8,149.5 39,245.3 2,021.2 81,548.1 143,588.0 8,714.6 84,195.7 2,290.0 7,555.0 404,955.2 Sep………… 15,446.5 19,988.7 13,097.1 57,732.9 2,952.9 85,592.3 135,188.9 12,277.2 73,664.9 488.4 10,524.8 426,954.4 Dec………... 12,943.8 12,187.1 8,623.7 31,015.3 852.0 77,007.2 88,641.3 15,094.6 111,987.8 1,389.0 12,749.8 372,491.7
2019 Mar………... 14,011.2 17,697.3 16,381.4 55,187.6 3,637.5 102,049.5 155,645.5 9,738.3 79,912.2 589.3 12,819.1 467,668.8 Source: Data provided by commercial banks to the Reserve Bank of Malawi.
Table 1.12 Commercial Banks: Liquidity ratios (K’ million) Kwacha value Percent
End of Total deposits Liquid assets Liquidity ratios 2015 Sept………...... 627,004.8 245,839.2 39.2 Dec…………………………………………………………. 701,217.0 233,781.4 33.3
2016 Mar…………………………………………………………. 692,589.5 250,629.9 36.2 Jun…………………………………………………………. 756,379.8 253,629.6 33.5 Sep………………………………………………………….. 779,045.3 240,426.1 30.9 Dec…………………………………………………………. 809,044.6 240,397.9 29.7
2017 Mar…………………………………………………………. 806,973.8 245,936.0 30.5 Jun…………………………………………………….……. 889,752.6 264,195.4 29.7 Sep………………………………………………………….. 903,042.7 298,772.6 33.1 Dec…………………………………………………………. 995,521.6 302,660.2 30.4
2018 Mar…………………………………………………………. 959,314.4 337,814.7 35.2 Jun…………………………………………………………. 1,013,122.5 385,478.0 38.0 Sep…………………………………………………………. 1,034,018.6 440,982.8 42.6 Dec…………………………………………………………. 1,088,128.7 469,135.9 43.1
2019 Mar…………………………………………………………. 1,093,570.0 588,793.5 53.8 Source: Data provided by commercial banks to Reserve Bank of Malawi
42 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.13 Commercial Banks: Composition of Sources and Uses of Funds (Percent)
Sources of Funds Uses of Funds End of Reserv All Officia Claims on Foreig All Private Official Foreign Total Private Total e Bank others l RBM n other 2015 Mar…...... 62.4 4.4 - 1.8 31.5 100.0 37.8 18.1 14.5 8.5 21.2 100.0 June……………. 63.2 3.1 - 1.2 32.5 100.0 38.1 18.2 12.1 9.1 22.5 100.0 Sept…………...... 65.2 3.5 - 2.0 29.3 100.0 38.7 17.4 8.9 12.6 22.3 100.0 Dec…………….. 62.1 5.2 - 4.0 28.7 100.0 38.0 12.9 9.4 10.1 29.6 100.0
2016 Mar…...... 60.1 5.9 0.0 2.7 31.3 100.0 38.3 15.1 9.1 7.0 30.5 100.0 Jun…………….. 59.3 6.3 0.0 2.7 31.8 100.0 34.4 14.3 7.5 12.9 31.0 100.0 Sept……………. 59.7 5.7 0.0 2.5 32.0 100.0 34.3 12.7 7.9 13.0 32.1 100.0 Dec……………. 58.9 5.7 0.0 1.4 34.0 100.0 32.9 11.1 8.6 11.9 35.4 100.0
2017 Mar……………. 58.8 6.5 0.0 3.1 31.5 100.0 28.4 11.5 8.2 10.8 41.0 100.0 Jun……………... 57.8 6.5 0.0 2.8 32.9 100.0 30.6 12.5 6.7 10.8 39.3 100.0 Sep…………….. 54.6 7.4 0.0 3.5 34.5 100.0 28.6 14.0 6.7 10.3 40.4 100.0 Dec…………… 55.1 7.5 0.0 3.4 34.1 100.0 26.1 12.3 7.5 12.1 42.1 100.0
2018 Mar…………….. 57.6 7.2 0.0 1.5 33.7 100.0 27.2 15.1 7.9 8.1 41.7 100.0 Jun……………... 59.6 6.6 0.0 2.9 30.9 100.0 28.3 19.5 6.4 9.0 36.9 100.0 Sep……………... 59.3 6.3 0.0 3.2 31.2 100.0 28.8 23.8 7.4 6.8 33.2 100.0 Dec……………... 58.6 5.8 0.0 3.2 32.4 100.0 27.3 23.4 7.1 6.7 35.6 100.0
2019 Mar…………….. 57.5 7.2 0.0 1.9 33.4 100.0 26.5 31.0 6.4 6.9 29.1 100.0 Source: Figures provided by commercial banks to Reserve Bank of Malawi
43 Financial and Economic Review, Volume 53-Number 1-2019 Table 1.14 Principal Interest Rates: (End period averages)
2016 2017 2018 Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar
1. Policy Rate………………………….……...... 27.00 24.00 22.00 22.00 18.00 16.00 16.00 16.00 16.00 16.00 14.50 2. Treasury Bills
2.1 91 Days…………...... ……... 29.00 23.95 23.23 21.42 15.25 14.69 14.00 14.10 13.97 11.42 9.74 2.2 182 Days…………...... …………… 29.00 25.37 24.45 21.94 15.27 14.98 14.50 14.50 14.57 13.56 10.50 2.3 364 Days………...... ……...... 28.81 25.99 24.73 22.92 15.71 15.64 15.00 15.00 15.00 14.02 11.50 3. RBM Bills 3.1 182 Days…………...... ………… … … … … … … … … … … … 3.2 364 Days…………...... …….. … … … … … … … … … … … 4. Commercial Banks 4.1 Base rates………...... ….……. 36.05 33.60 33.60 31.64 27.55 26.90 24.78 24.78 24.78 24.78 14.9 4.2 Savings Deposits……...... ……… 6.70 6.68 6.68 6.90 5.72 5.74 4.96 4.96 4.96 4.96 4.58 4.3 Short Term deposit 4.3.1 7 Days call……...... 7.50 6.83 6.83 6.86 5.80 5.56 4.75 4.75 4.75 4.75 3.88 4.3.2 30 Days call….….…...... 9.00 8.15 7.94 9.10 8.10 8.10 6.38 6.38 6.38 6.38 4.50 4.4 Fixed Deposits 4.4.1 3 months…………...... …… 10.25 9.76 9.95 9.68 8.44 8.88 8.13 8.13 8.13 8.13 6.77 4.4.2 6 months……………...... ….. … … … … … … … … … … 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……...... 34.50 32.50 32.50 31.00 27.50 27.50 27.50 27.50 27.50 27.50 … 5.2.3 Flats and rented houses...... 34.50 33.00 33.00 31.00 27.50 27.50 27.50 27.50 27.50 27.50 … 5.2.4 Commercial properties...... 32.00 32.00 32.00 32.00 25.00 25.00 25.00 25.00 25.00 25.00 21.50 Source: Reserve Bank of Malawi and data provided by commercial banks
44 Financial and Economic Review, Volume 53-Number 1-2019 2.0 CENTRAL GOVERNMENT FINANCE Table 2.1 Summary of Central Government Budgetary Operations (K’mn) Receipts Expenditure Foreign Recurrent Development Period. Revenue Grants Total Account Account Total 2003………...... ….. 38,069.2 14,160.3 52,229.5 50,781.6 10,769.3 62,067.8 2004………...... ….. 48,068.9 19,792.8 67,802.0 63,634.2 14,799.1 96,066.7 2005………...... ….. 63,032.9 37,165.7 100,198.9 81,376.7 20,188.1 101,565.0 2006………...... …. 75,002.3 50,546.5 125,548.5 97,190.1 26,921.5 124,111.5 2007………...... …. 94,620.0 61,363.0 144,578.6 108,311.9 55,030.6 163,342.3 2008………...... …… 120,811.2 60,502.2 181,313.4 164,504.8 51,747.2 216,252.0 2009...... 148,790.8 49,069.6 197,860.4 185,341.6 30,883.0 234,311.3 2010...... 201,963.6 94,151.2 296,114.8 204933.9 76972.3 282906.2 2011……………………. 229,352.8 38,246.0 267,598.9 239,985.4 60,236.3 300,221.8 2012…………………… 245,314.8 121,336.6 366,651.4 323,120.6 88,676.3 417,030.8 2013…………………… 366.721.2 114,806.2 481,527.8 481,805.2 106,394.6 588,190.1 2014…………………… 478,759.6 80,914.9 559,673.6 551,436.1 104,999.1 657,202.0
2015 Jan...... 50,484.5 5,590.5 56,075.0 52,512.5 7,621.8 60,134.3 Feb...... 35,576.5 4,839.5 40,416.0 44,407.6 6,589.8 50,997.4 Mar...... 36,425.9 2,892.2 39,318.0 58,773.9 5,892.2 64,666.0 Apr...... 50,046.8 3,650.1 53,696.9 51,910.4 7,674.5 59,584.9 May...... 41,000.5 4,757.6 45,758.1 50,780.9 4,757.6 55,538.6 Jun...... 70,429.5 1,774.0 72,203.5 51,384.8 1,774.0 53,158.8 Jul...... 55,196.7 31,934.8 87,131.4 57,866.8 11,450.5 69,317.3 Aug...... 47,178.5 5,138.5 52,317.0 58,350.5 22,330.1 80,680.6 Sept...... 47,422.4 462.9 47,885.3 56,811.8 14,242.9 71,054.7 Oct...... 56,289.9 6,292.2 62,582.1 65,567.5 8,158.9 73,726.4 Nov...... 43,928.9 - 43,928.9 51,625.4 6,753.3 58,378.7 Dec...... 49,706.2 - 49,706.2 41,480.3 - 41,480.3
2016 Jan...... 55,838.6 2,526.9 58,365.5 71,651.9 6,752.2 78,404.1 Feb...... 47,653.6 1,852.7 49,506.3 79,708.6 9,779.0 89,487.7 Mar...... 46,673.4 5,823.2 52,496.6 65,567.6 8.197.8 73,765.4 Apr...... 60,334.3 13,914.0 74,248.3 73,831.4 13,989.4 87,820.8 May...... 48,047.1 3,391.0 51,438.1 59,132.1 23,223.0 82,355.1 Jun...... 71,285.5 9,706.2 80,991.7 40,628.4 7,484.6 48,113.0 Jul...... 66,736.8 3,712.5 70,449.3 72,202.3 14,090.0 88,734.3 Aug...... 64,547.5 2,804.5 67,352.0 84,932.2 7,953.6 92,903.8 Sept...... 64,066.7 8,612.2 72,678.9 68,435.5 19,980.9 88,416.4 Oct...... 76,419.8 5,440.9 81,860.7 77,566.8 8,616.1 87,182.9 Nov...... 69,619.9 5,469.6 75,089.5 74,698.7 11,783.4 86,482.1 Dec...... 78,798.5 3,936.0 82,734.5 53,437.3 34,555.6 87,992.8
2017 Jan……………………… 77,871.9 12,083.0 89,955.0 99,113.0 9,866.7 108,979.7 Feb…………………….. 57,705.1 8,122.5 65,827.6 69,125.5 23,088.7 92,214.2 Mar……………………. 67,564.6 4,728.8 72,293.4 59,675.1 16,859.4 76,534.5 Apr...... 72,963.1 70,892.4 143,855.5 May...... 65,513.3 20,556.1 86,069.4 Jun...... 91,219.9 62,639.3 153,859.2 68,203.7 36,806.0 105,009.7 Jul...... 77,641.1 6,669.8 84,310.9 111,848.8 18,150.3 129,999.2 Aug...... 67,903.3 14,523.1 82,426.4 106,344.6 33,683.0 140,027.6 Sep……...... 79,769.9 2,266.0 82,035.9 93,495.4 11,513.9 105,009.3 Oct…………………….. 78,704.89 2,401.4 81,106.3 124,459.7 9,709.7 134,169.3 Nov…………………….. 67,092.8 11,709.8 78,802.5 82,588.8 32,158.3 114,747.1 Dec…………………….. 69,514.0 3,628.7 73,142.8 86,704.3 17,698.9 104,403.2
2018 Jan……………………… 87,008.9 5,974.7 92,983.6 90,109.7 19,964.8 110,074.5 Feb……………………… 75,673.6 3,150.8 78,824.3 96,155.7 13,603.8 109,759.5 Mar……………………. 76,364.5 5,161.4 81,525.9 93,037.6 15,046.1 108,083.7 Apr…………………… 92,669.1 1,071.5 93,740.6 95,320.0 14,708.9 110,028.9 May…………………. 78,605.5 2,171.8 80,777.3 82,755.0 22,181.1 104,936.1 Jun…………………… 86,154.3 8,136.3 94,290.5 69,713.2 11,868.3 81,581.5 July….………………. 94,079.9 685.0 94,764.9 97,868.5 19,605.3 117,473.8 Aug.…………………. 84,799.8 14,155.5 98,955.3 98,081.7 26,948.1 125,029.8 Sep…………………… 87,941.6 4,603.5 92,545.1 103,946.5 25,537.3 129,483.8 Oct…………………… 87,657.6 1,685.1 89,342.7 111,539.4 15,445.2 126,984.6 Nov………………….. 84,263.3 3,961.6 88,224.8 108,741.4 18,275.4 127,016.8 Dec………………….. 85,076.1 11,856.7 96,932.8 83,705.2 33,222.3 116,927.5
2019 Jan……………………. 96,923.3 973.0 97,896.3 99,419.3 24,075.4 123,494.7 Feb…………………… 73,968.8 207.0 74,175.9 87,630.2 14,020.0 101,650.3 Mar…………………. 74,468.4 11,496.3 85,964.8 116,097.9 36,770.2 152,868.1 Source: Ministry of Finance and Reserve Bank of Malawi
45 Financial and Economic Review, Volume 53-Number 1-2019 Table 2.1 Summary of Central Government Budgetary Operations, cont’d (K’mn)
Period Balance Financing Deficit Deficit Before Grants After Grants Foreign Domestic Total 2000………...... -14,913.2 -5,458.4 4,785.9 3,032.4 7,818.3 2001……...... -7,594.9 -1,935.5 1,878.3 2,922.5 4,800.8 2002……...... -24,248.1 -17,192.1 1,173.9 16,898.2 17436.7 2003………...... -23,998.6 -9,838.3 -2,089.0 11,335.9 9281.3 2004………...... -29,472.1 -9,949.8 -1,162.4 8,377.9 6196.8 2005………...... -38,472.1 505.8 2,238.7 7,017.0 2018.5 2006………...... -49,109.4 3,200.1 -2,182.7 -884.1 10263.3 2007………...... -58,968.4 -1,157.1 5,384.3 1,976.4 31241.3 2008………...... -96,340.0 -35,837.8 7,350.1 23,891.2 31,241.3 2009...... -85,520.5 -36,450.9 2,060.0 32,100.2 34,160.2 2010...... -80,942.6 13,208.6 14781.7 -30403.9 -15,622.2 2011 -70,868.9 -32,622.9 6,213.8 39,952.6 46,166.4 2012 -171,716.0 -50,379.4 15,814.7 14,377.5 53,958.1 2013 -185,365.3 -50,186.7 30,172.9 85,599.7 115,772.4 2014 -178,442.3 -74,548.0 52,719.3 55,556.2 108,275.4
2015 Jan -9,649.8 -4,059.3 -445.7 21,774.6 21,328.9 Feb -15,420.9 -10,581.4 -401.5 28,149.6 27,748.2 Mar -28,240.2 -25,248.0 -1,796.0 13,337.6 11,541.6 Apr -9,538.1 -5,888.0 -974.5 -4,732.5 -5,707.0 May -14,538.1 -9,780.4 -1,319.4 13,822.8 12,503.4 June 17,270.69 19,044.7 -794.8 -13,371.9 -14,166.8 Jul...... -14,120.7 17,814.1 6,597.3 -16,410.1 -9,812.8 Aug...... -33,775.8 -28,637.3 10,219.0 10,555.2 20,774.2 Sept...... -23,882.3 -23,419.4 12,675.5 13,170.1 25,845.6 Oct -17,686.5 -11,394.3 -3,074.0 6,281.7 3,207.7 Nov -14,700.3 -14,700.3 3,992.3 1,674.0 5,666.3 Dec 7,975.9 7,975.9 -664.0 -11,001.9 -11,665.9
2016 Jan -22,565.4 -20,038.5 604.9 4,187.4 4,792.3 Feb -41,834.1 -39,981.4 433.4 13,687.6 14,121.0 Mar -27,092.0 -21,268.8 6,583.4 40,361.2 46,944.6 Apr -24,486.5 -13,572.5 1,649.2 9,586.8 11,236.0 May -34,308.0 -30,917.0 16,032.5 -8,258.8 7,773.7 June 23,172.5 32,878.7 2,123.8 7,789.1 20,912.8 Jul...... -14,569.5 -18,285.0 12,518.0 -15,586.1 -3,068.1 Aug...... -22,747.2 -25,551.7 3,332.9 22,278.1 25,611.0 Sept...... -7,125.4 -15,737.6 6,727.2 37,270.4 43,997.6 Oct 118.7 -5,322.2 2,700.4 8,261.6 10,962.0 Nov -5,922.9 -11,392.6 2,384.6 21,961.4 24,346.0 Dec -9,194.4 -5,258.4 27,064.0 -22,855.0 4,208.9
2017 Jan -31,107.8 -19,024.7 2,054.8 -31,351.0 -29,296.2 Feb -34,509.1 -26,386.6 10,718.6 60,917.6 71,636.2 Mar -8,969.9 4,241.0 9,153.8 -9,383.6 -229.8 Apr -52,635.6 10,003.7 2,295.4 -18,689.0 -16,393.5 May -22,565.3 -11,844.3 4,706.1 22,616.0 27,322.0 Jun -30,426.4 -21284.3 31,170.0 -15,420.7 15,749.3 Jul………………...... -52,358.0 -46,021.6 5,987.2 29,963.1 35,885.4 Aug………………….. -72,124.3 -59,267.9 9,791.3 24,493.2 30,976.6 Sep………………….. -25,239.4 -23,173.4 62,737.6 -38,854.4 25,729.2 Oct………………….. -55,464.4 -53,063.1 -4,148.2 29,676.2 30,199.3 Nov…………………. -47,654.3 -35,944.5 9,190.7 47,003.6 40,912.8 Dec…………………. -34,889.2 -31,260.4 8,146.3 29,550.8 17,388.7
2018 Jan………………… -23,065.6 18,891.0 11,090.7 7,543.9 18,634.6 Feb……………….. -34,085.9 30,935.1 6,046.2 56,904.3 56,051.3 Mar…………………. -31,719.2 26,557.8 1,345.5 34,666.5 36,182.8 Apr………………… -17,359.8 16,288.3 2,139.5 22,371.7 32,070.6 May………………. -26,330.6 24,158.8 6,842.4 36,417.5 32,070.6 Jun……………….. 4,572.7 12,709.0 6,359.6 8,622.4 15,603.3 July……………….. -23,393.9 -22,708.9 7,409.8 9,463.0 16,872.9 Aug……………….. -41,230.0 -26,074.5 3,682.5 33,788.6 37,471.1 Sep……………….. -41,542.2 -36,938.7 5,475.5 -3,532.2 1,943.3 Oct……………….. -39,327.0 -37,641.9 4,069.7 25,964.8 30,034.4 Nov……………… -42,753.4 -38,792.0 5,535.2 55,101.5 60,636.7 Dec……………… -31,851.5 -19,994.8 2,844.8 89,487.8 96,332.6
2019 Jan………………. -26,571.4 -25,598.4 7,157.0 194,083.9 201,240.9 Feb………………. -27,681.4 -27,474.4 6,418.4 12,796.0 19,214.4 Mar……………… -78,399.7 -66,903.4 7,688.7 62,117.7 69,806.4 Source: Ministry of Finance and Reserve Bank of Malawi
46 Financial and Economic Review, Volume 53-Number 1-2019 Table 2.2 Central Government Finance: Receipts (K’mn) Period Other Excise Other Tax Non tax Total Duty Taxes Refunds Revenues Revenues 2005…...... … 7,538.3 -1,014.3 -772.2 8,062.4 66,251.8 2006…...... …...... 9,207.5 960.9 -1,509.8 6,789.6 120,494.1 2007……...... 11,668.9 -1,439.6 -2,448.7 7,879.8 94,572.2 2008...... 17,301.8 -1,818.3 -2,684.9 10,727.7 118,971.7 2009...... 19,108.3 2,010.3 -3,417.3 20,436.1 148,790.8 2010...... 22,888.6 -3,683.3 -5,853.9 41,779.0 296,114.8 2011 23,941.2 -1,291.9 -3,589.1 34,336.0 195,016.9 2012 25,875.8 -3,320.7 -6,116.2 26,294.1 219,020.7 2013 36,199.9 -2,300.3 -5,111.0 33,301.0 489,194.3 2014 46,334.3 -4,031.6 -7,749.6 52,988.7 488,584.9
2015 Jan…...... …. 2,937.8 364.5 - 3,874.7 56,075.0 Feb…...... …. 1,953.4 -1,109.4 -1,296.3 2,422.8 40,416.0 Mar…...... … 2,153.0 -210.9 -454.7 2,540.4 39,318.0 Apr...... 3,134.9 -201.3 -635.4 3,623.8 53,696.9 May...... 3,124.8 -392.1 -589.4 2,105.1 45,758.1 Jun...... 3,575.1 -338.3 -677.7 29,450.8 72,203.5 Jul...... 3,842.5 335.0 -585.7 3,644.8 87,131.4 Aug...... 4,645.9 -436.7 -787.5 3,842.1 52,317.0 Sep…...... 4,108.8 -260.3 -676.5 4,020.6 47,885.3 Oct…...... … 3,958.0 -867.6 -1,169.0 4,425.1 62,582.1 Nov…...... 4,154.3 -538.7 -787.0 4,671.6 43,928.4 Dec…...... … 4,560.0 -437.1 -645.6 7,642.1 49,706.2
2016 Jan…...... …. 4,478.6 -281.6 -702.0 3,742.4 55,838.6 Feb…...... …. 4,051.9 -566.8 -696.0 4,076.4 47,653.6 Mar…...... … 3,659.1 -412.2 -666.3 3,825.0 46,673.4 Apr...... 3,758.2 1,620.7 680.4 4,048.0 60,334.3 May...... 3,745.5 -349.8 -805.7 3,391.0 48,047.1 Jun...... 4,877.6 1,805.1 - 15,154.4 71,285.5 Jul...... 5,965.8 -340.9 -793.6 5,330.8 66,736.8 Aug...... 6,458.2 -48.4 -934.1 6,690.3 64,547.5 Sep…...... 5,570.9 490.0 -911.5 6,000.7 64,066.7 Oct…...... … 6,385.2 -745.5 -945.4 5,576.9 76,419.8 Nov…...... 5,298.3 -825.4 -1,051.5 5,761.5 69,619.9 Dec…...... … 5,850.1 -556.9 -1,016.7 19,406.0 78,798.5
2017 Jan………………. 6,452.4 -643.3 -903.7 6,835.8 89,955.0 Feb………………. 5,201.6 -354.5 -1,087.3 5,067.7 65,827.6 Mar……………... 4,809.9 -379.5 -721.0 7,199.9 72,293.4 Apr…………...... 5,858.3 -263.6 -958.9 21,187.1 153,859.2 May……………. 5,658.3 -1,129.9 -1,761.3 6,590.2 74,225.0 Jun……………… 6,594.1 -4,935.9 -6,381.5 6,849.8 83,725.4 Jul………………. 6,562.1 -930.1 -1,532.4 6,256.1 84,310.9 Aug…………….. 6,372.7 -831.1 -2,366.3 6,846.5 82,426.4 Sep……………… 6,902.3 -923.9 -2,048.6 5,815.8 82,035.9 Oct……………… 6,428.1 -1,573.1 -1,841.3 6,719.3 81,106.3 Nov…………….. 6,942.8 -1,939.1 -1,917.3 8,074.5 78,802.5 Dec…………….. 6,740.7 -1,719.4 -1,965.9 6,401.6 73,142.8
2018 Jan…………….. 6,395.9 -1,631.4 -2,004.9 8,889.1 92,983.6 Feb…………….. 6,062.4 -2,247.5 -2,235.8 6,787.8 78,824.3 Mar…………….. 6,795.1 -1,284.9 -2,010.8 15,792.6 81,525.9 Apr…………….. 7,804.1 1,779.9 -1,960.4 16,423.8 93,740.6 May…………… 6,761.3 2,024.2 -2,315.6 7,132.0 80,777.3 June……………. 6,984.1 1,377.5 -1,999.8 12,157.7 94,290.5 July…………….. 11,503.1 94.5 -2,429.8 3,145.8 94,764.9 Aug……………… 12,031.6 65.9 -2,372.5 2,386.4 98,955.3 Sep……………… 12,845.3 50.8 -2,430.7 2,453.7 92,545.1 Oct…………….. 11,987.3 48.4 -2,705.3 2,141.5 89,342.7 Nov……………… 11,296.9 99.7 -2,257.1 4,138.7 88,224.8 Dec……………… 12,580.0 49.2 -2,410.1 2,692.9 96,932.8
2019 Jan……………… 13,081.7 57.5 -2,392.6 1,952.4 97,896.3 Feb……………… 10,225.3 54.4 -2,548.4 4,669.8 74,175.9 Mar……………… 11,817.4 54.7 -2,351.2 2,567.3 85,964.8 Source: Ministry of Finance
47 Financial and Economic Review, Volume 53-Number 1-2019 Table 2.3 Central Government Finance: Expenditures (K’mn) Recurrent Accounts
Wages & Interest Other Other Current Pensions Unallocable Special Period salaries Payments Expenditures Transfers & Gratuities Expenditures Expenditures 2006…...... …. 22,083.2 18,933.4 56,173.5 21,827.4 4,014.1 - - 2007……...... 39,596.3 12,740.9 65,779.7 29,099.5 5,131.2 - - 2008...... 33,908.4 13,777.8 116,674.7 63,380.0 3,848.3 - - 2009...... 41,816.2 18,965.4 124,560.1 84,045.0 5,842.6 - - 2010...... 51,362.9 21,289.5 123,728.8 85,979.5 8,422.2 - - 2011 61,645.6 22,941.9 155,397.9 99,192.4 10,529.0 - - 2012 80,366.9 21,499.1 221,254.6 117,780.9 13,417.6 - - 2013 122,505.3 72,197.4 362,228.8 220,583.8 19,672.5 - - 2014 162,040.3 110,745.1 278,650.5 122,979.0 18,827.9 - -
2015 Jan...... 16,776.5 10,691.6 25,044.4 11,727.2 2,133.6 - - Feb...... 16,769.8 7,179.1 20,458.8 10,052.7 3,100.0 - - Mar...... 19,489.8 9,945.9 29,338.1 14,317.6 3,650.0 - - Apr...... 17,172.6 3,600.5 31,137.2 13,614.7 3,420.0 - - May...... 17,327.2 6,272.8 27,180.9 16,600.8 3,530.0 - - Jun...... 17,231.6 14,599.3 19,553.8 6,754.3 2,634.8 - - Jul…….…...... 18,496.7 5,076.7 34,293.1 23,906.1 3.620.0 - - Aug……...... 18,564.7 5,608.6 34,177.2 23,278.3 3,505.3 - - Sep……...... 18,787.0 8,556.7 29,468.1 19,231.2 3,454.7 - - Oct...... 18,589.2 11,384.4 35,594.0 21,160.7 3,645.7 - - Nov...... 18,710.8 5,391.1 27,523.4 12,207.4 3,695.7 - - Dec...... 18,928.7 6,512.0 16,039.5 9,417.6 2,014.7 - -
2016 Jan...... 18,751.0 20,568.5 32,332.4 20,724.3 3,645.7 - - Feb...... 19,974.6 9,409.3 50,324.80 12,465.8 3,596.0 - - Mar...... 19,018.0 20,579.9 25,969.7 15,286.8 3,603.0 - - Apr...... 18,550.0 15,144.0 40,137.4 18,594.6 3,603.0 - - May...... 18,782.6 7,026.2 33,323.3 24,799.3 3,603.0 - - Jun...... 19,020.4 7,026.2 14,581.8 7,692.2 2,336.4 - - Jul…….…...... 21,795.7 18,888.3 31,518.4 20,287.9 4,325.0 - - Aug……...... 22,642.7 16,410.0 45,879.5 33,883.1 4,179.6 - - Sep……...... 22,155.3 20,605.8 25,674.5 14,266.0 4,320.0 - - Oct...... 21,430.2 14,454.8 41,681.9 30,392.6 4,021.0 - - Nov...... 21,215.9 14,013.7 39,469.1 28,864.0 4,179.6 - - Dec...... 21,866.5 3,913.6 27,657.2 15,637.8 4,200.0 - -
2017 Jan…………….. 22,367.7 23,606.9 53,138.4 27,580.7 6,610.2 - - Feb…………….. 21,795.7 6,480.0 40,849.8 12,943.6 4,154.1 - - Mar……………. 21,523.4 14,599.0 23,552.7 13,7384 4,179.6 - - Apr……………. 22,030.3 15,989.6 34,943.2 23,803.2 4,079.6 - - May………… 22,048.9 20,048.9 22,563.3 11,685.2 4,098.0 - - Jun……………. 24,255.9 15,278.7 28,669.2 19,288.4 3,900.0 - - Jul…………….. 24,475.0 5,512.4 58,744.0 15,836.1 5,082.2 - - Aug…………… 25,502.7 24,104.8 32,526.7 13,614.5 5,082.2 - - Sep…………… 26,129.4 14,921.9 34,237.6 12,222.0 5,082.2 - - Oct……………. 26,217.1 19,844.0 60,108.5 12,474.5 5,082.2 - - Nov……………. 26,169.9 12,980.4 30,181.7 12,834.7 5,082.2 - - Dec……………. 27,003.9 6,370.7 25,559.8 11,921.9 5,082.2 - -
2018 Jan……………. 28,033.3 8,647.8 27,345.7 13,742.1 5,082.2 - - Feb…………… 26,885.4 21,815.8 17,972.6 11,239.4 5,082.2 - - Mar…………… 26,541.6 26,959.6 20,923.2 12,675.6 5,082.2 - - April………… 26,179.5 22,046.1 24,298.1 13,864.8 5,082.2 May………… 26,297.1 17,633.23 24,697.9 12,931.6 5,082.2 Jun………….. 26,747.1 9,484.4 15,306.0 12,547.1 5,082.2 July…………. 31,520.0 6,095.9 38,614.6 12,950.0 5,773.1 Aug………….. 31,319.9 21,318.4 23,083.0 13,720.3 5,971.9 Sep………….. 30,972.0 24,789.7 23,123.7 16,364.2 5,773.1 Oct…………… 32,415.3 16,088.4 36,156.3 15,646.6 5,773.1 Nov…………. 32,167.9 14,506.8 38,363.7 13,951.8 5,773.1 Dec………….. 32,684.6 7,861.0 19,919.8 13,471.7 5,773.1
2019 Jan………….. 32,351.2 10,411.6 28,944.1 13,631.7 5,885.7 Feb…………. 33,049.6 11,639.8 21,330.1 13,909.3 5,793.1 Mar………… 32,974.0 33,956.5 22,032.6 13,300.8 8,891.4 Source: Ministry of Finance
48 Financial and Economic Review, Volume 53-Number 1-2019 Table 2.3 Central Government Finance: Expenditures, Cont’d (K’mn) Lending Development Accounts Domestic Foreign Extra-budgetary Lending Repayment Total Financing financing Total Grand Total 2005…...... … - 3,099.5 700.0 2,459.6 3,176.4 13,070.8 16,247.3 152,855.3 2006…...... … - - - - 8,159.6 18,762.0 26,921.5 124,111.5 2007……...... - 0.0 - - 11,108.9 40,760.2 53,989.1 194,930.7 2008...... - - - - 18,050.0 33,502.8 51,522.8 215,311.7 2009...... - 1,150.0 - 1,150.0 16,660.1 14,222.9 30,883.0 235,461.3 2010...... - - - - 31,899.4 45,072.9 76,972.3 282,906.2 2011 - - - - 41,410.3 18,826.0 60,236.3 300,221.8 2012 - - - - 44,582.5 44,093.8 88,676.3 417,030.8 2013 - - - - 26,619.0 79,775.4 106,394.6 588,200.2 2014 - - - - 18,138.7 86,860.4 104,999.1 657,202.0
2015 Jan...... - - - - 3,210.0 4,411.8 7,621.8 60,134.3 Feb...... - - - - 2,929.0 3,660.8 6,589.8 50,997.4 Mar...... - - - - 3,000.0 2,892.2 5,892.2 64,666.0 Apr...... - - - - `3,650.1 3,650.1 7,674.5 59,584.9 May...... - - - - - 4,757.6 4,757.6 55,538.6 Jun...... - - - - - 1,774.0 1,774.0 69,318.0 Jul…….…...... - - - - 4,112.7 7,337.9 11,450.5 69,317.7 Aug……...... - - - - 6,658.1 15,672.1 22,330.1 80,954.3 Sep……...... - - - - 691.7 13,551.2 14,242.9 71,304.7 Oct...... - - - - 4,119.0 4,039.9 8,158.9 73,976.4 Nov...... - - - - 1,433.0 5,319.7 6,753.3 58,628.7 Dec...... ------
2016 Jan...... - - - - 2,941.0 3,811.2 6,752.2 78,404.1 Feb...... - - - - 1,104,8 8,674.2 9,779.0 89,487.7 Mar...... - - - - 148.3 8,049.5 8,197.8 73,765.4 Apr...... - - - - 2,000.0 11,989.4 13,989.4 87,820.8 May...... - - - - 1,420.0 21,803.0 23,223.0 82,355.1 Jun...... - - - - 272.0 7,212.6 7,484.6 48,113.0 Jul…….…...... - 2,442.0 - - 598.3 13,491.7 14,090.0 88,734.3 Aug……...... - 18.0 - - 598.3 7,355.3 7,953.6 92,903.8 Sep……...... - - - - 2,363.0 17,618.0 19,980.9 88,416.4 Oct...... - 1,000.0 - - 1,157.7 7,458.4 8,616.1 87,182.9 Nov...... - - - - 4,701.0 7,082.4 11,783.4 86,482.1 Dec...... - - - - 2,306.6 32,249.0 34,555.6 87,992.8
2017 Jan - - - - -31,351.0 2,054.8 -29,296.2 108,979.7 Feb - - - - 60,917.6 10,718.6 71,636.2 92,214.2 Mar - - - - -9,383.6 9,153.8 -229.8 76,534.5 Apr - - - - -18,689.0 2,2954 -16,393.5 143,855.5 May - - - - 22,616.0 4,706.1 27,322.0 86,069.4 Jun - - - - -15,420.7 31,170.0 15,749.3 105,009.7 Jul………… - - - - 6,213.3 11,937.1 18,150.3 130,332.5 Aug…………. - - - - 8,826.7 24,856.3 33,683.0 141,694.3 Sep…………. - - - - 6,218.5 5,295.4 11,513.9 105,209.3 Oct………….. - - - - 5,255.8 4,453.9 9,709.7 134,169.3 Nov…………. - - - - 9,510.8 22,647.4 32,158.3 114,747.1 Dec…………. - - - - 4,765.0 12,933.9 17,698.9 104,403.2
2018 Jan………….. 7,011.7 12,953.1 19,964.8 111,847.5 Feb…………… 4,180.5 9,423.3 13,603.8 109,759.5 Mar…………. 7,995.6 7,050.6 15,046.1 108,083.7 Apr…………. 5,184.8 9,524.1 14,708.9 110,028.9 May………… 12,734.3 9,446.8 22,181.1 104,936.1 Jun…………. 347.6 11,520.7 11,868.3 81,581.5 July…………. 10,445.3 9,160.1 19,605.3 117,473.8 Aug…………. 8,248.9 18,699.1 26,948.1 125,029.8 Sep…………. 7,932.7 17,604.6 25,537.3 129,483.8 Oct…………. 8,097.0 7,348.2 15,445.2 126,984.6 Nov………… 5,839.0 12,436.4 18,275.4 127,016.8 Dec………… 4,861.4 16,360.9 33,222.3 116,927.5
2019 Jan…………. 15,090.6 8,984.7 24,075.4 123,494.7 Feb…………. 6,985.4 7,034.6 14,020.0 101,650.3 Mar…………. 10,039.8 26,730.4 36,770.2 152,868.1 Source: Ministry of Finance
49 Financial and Economic Review, Volume 53-Number 1-2019 Table 2.4 Central Government Finance: Financing (K’mn) Foreign
SAL: - Bridge Drought Other Program and Less Net Foreign Period Related Financing Related Proj. Loans Project Loans Repayments Financing Loans 2005……...... … 2,103.7 10,892.9 516.0 5,485.0 8,104.7 8,337.8 4,882.0 - 2006…...... …… - - - 6176 6176 11731.7 -2182.7 - 2007…...... …… - - - 7,414.7 7,414.7 4,304.1 3,080.2 - 2008...... - - - 4,322.4 4,322.4 233.6 4,088.8 - 2009...... - - - 3,077.1 3,077.1 1,017.1 2,060.0 - 2010...... - - - 17,012.1 17,012.1 2,230.4 14,781.7 - 2011 - - - 7,959.0 7,959.0 1,745.2 6,213.8 - 2012 - - - 18,952.5 18,952.5 4,434.8 15,814.7 - 2013 - - - 34,639.0 34,639.0 8,158.0 30,172.9 - 2014 - - - 48,750.3 48,750.3 208.8 52,719.3 -
2015 Jan...... ------445.7 -445.7 - Feb...... ------401.5 -401.5 - Mar...... ------1,796.0 -1,796.0 - Apr...... ------974.5 -974.5 - May...... ------1,319.4 -1,319.4 - Jun...... ------794.8 -794.8 - Jul……….…...... - - - 5,284.4 5,284.4 -1,002.3 6,597.2 - Aug………...... - - - 4,635.3 4,635.3 -314.5 10,219.0 - Sep………...... - - - 13,088.3 13,088.3 -412.8 12,675.5 - Oct...... ------3,074.0 -3,074.0 - Nov...... - - - 5,319.7 5,319.7 -1,327.4 3,992.3 - Dec...... ------664.0 -664.0 -
2016 Jan...... - - - 1,289.6 - -1,684.6 604.9 - Feb...... - - - 1,130.2 - -696.8 433.4 - Mar...... - - - 3,445.5 - -2,821.7 6,583.4 - Apr...... - - - 2,165.3 - -1,146.7 1,649.2 - May...... - - - 18,198.3 - -3,051.1 19,032.5 - Jun...... - - - 382.5 - -1,538.8 2,123.8 - Jul……….…...... - - - 8,878.2 13,201.2 -683.3 12,518.0 - Aug………...... - - - 3,649.8 3,649.8 -316.9 3,332.9 - Sep………...... - - - 11,522.2 12,507.5 -5,780.3 6,727.2 - Oct...... - - - 4,692.4 4,692.4 -1,992.0 2,700.4 - Nov...... - - - 3,694.7 4,252.3 -1,867.8 2,384.6 - Dec...... - - - 27,683.2 27,683.2 -619.2 27,064.0 -
2017 Jan……………….. - - - 3,767.4 3,854.8 -1,800.0 2,054.8 - Feb……………….. - - - 10,074.0 11,410.8 -692.2 10,718.6 - Mar………………. - - - 9,602.8 9,602.8 -449.0 9,153.8 - Apr………………. - - - 5,506.8 7,915.1 -5,620.0 2,295.4 - May……………… - - - 5,436.3 8,018.3 -30,258.5 4,706.1 - Jun………………. - - - 21,954.6 32,583.0 -6,263.3 21,954.6 - Jul…………….. - - - 6,606.2 6,606.2 -619.0 5,987.2 - Aug…………… - - - 10,333.2 10,333.2 -541.9 9,791.3 - Sep……………… - - - 3,029.4 64,165.1 -1,427.5 62,737.6 - Oct……………… - - - 1,678.6 2,052.5 -6,200.7 -4,148.2 - Nov……………… - - - 7,406.6 11,158.8 -1,968.1 9,190.7 - Dec……………… - - - 9,305.1 9,305.1 -1,158.9 8,146.3 -
2018 Jan……………. 9,745.0 13,433.7 -2,343.0 11,090.7 - Feb…………….. 6,333.9 6,469.8 -423.6 6,046.2 - Mar…………….. 1,889.1 1889.1 -543.7 1,345.5 - Apri……………. 8,657.0 10,126.0 -7,986.6 2,139.5 - May…………… 7,402.5 7,586.1 -743.7 6,842.4 - Jun…………… 9,717.3 9,824.8 -3,465.1 6,359.6 - July…………… 5,095.6 8,475.0 -1,065.2 7,409.8 Aug…………… 4,543.7 4,543.7 -861.2 3,682.5 Sep…………… 11,705.8 13,001.1 -7,525.6 5,475.5 Oct…………… 5,663.1 5,663.1 -1,593.4 4,069.7 - Nov………….. 6,757.3 8,474.8 -2,939.7 5.535.2 - Dec………….. 3,115.9 4,504.2 -1,659.3 2,844.8 -
2019 Jan……………. 8,011.7 8,011.7 -854.7 7,157.0 - Feb…………… 6,653.0 6,827.6 -409.2 6,418.4 - Mar…………… 13,750.7 15,234.1 -7,545.3 7,688.7 - Source: Ministry of Finance and Reserve Bank of Malawi
50 Financial and Economic Review, Volume 53-Number 1-2019 Table 2.4 Central Government Finance: Financing, Cont’d Period Special Financing Domestic Financing
Banking Non- banking Increase in Grand total Statistical Repayments Total System System domestic arrears Total Financing Adjustment 2005……...... - - 912.3 6,086.9 - 6,999.2 7,003.9 2,647.2 2006…...... … - 8,059.8 -4,658.4 3,774.3 - -135.3 1,672.3 1,017.1 2007…...... … - 3,080.0 -737.1 5,819.4 - 1,676.4 7,061.0 3,700.0 2008...... - 5,117.7 -4,934.0 4,617.8 - -316.2 3,772.6 -86.0 2009...... - 2,060.0 26,639.3 5,460.9 - 32,100.2 34,160.2 5,341.6 2010...... - 14,781.7 -20,416.2 -9,987.7 - -30,403.9 -15,622.2 5,933.2 2011 - 6,213.8 45,589.2 -5,636.5 - 39,952.6 46,166.4 -13,543.5 2012 - 15,814.7 2,301.7 12,075.8 - 14,377.5 30,192.2 -3,578.7 2013 - - 42,090.0 43,509.0 - 85,599.6 115,772.3 -9,099.9 2014 - -66,856.3 125,054.7 - 58,438.6 110,920.8 7,028.1
2015 Jan...... - - -11,722.5 33,497.1 - 21,774.6 21,328.9 -17,269.6 Feb...... - - 17,948.3 10,201.3 - 28,149.6 27,748.2 -17,166.8 Mar...... - - 14,597.4 -1,259.8 - 13,337.6 11,541.6 13,806.4 Apr...... - - -33,431.2 28,698.6 - -4,732.5 -5,707.0 11,595.0 May...... - - 14,359.9 -537.1 - 13,822.8 12,503.4 -2,723.0 Jun...... - - -5,287.3 -8,084.6 - -13,371.9 -14,166.8 -4,877.9 Jul…….…...... - - -9,625.8 -6,784.3 - -16,410.1 -9,812.8 -8,001.3 Aug……...... - - 19,452.9 -8,897.7 - 10,555.2 20,774.2 7,863.1 Sep……...... - - 19,764.2 -6,594.1 - 13,170.1 25,845.6 -2,426.2 Oct...... - - 16,885.7 -10,604.0 - 6,281.7 3,207.7 8,186.6 Nov...... - - 7,163.9 -5,489.9 - 1,674.0 5,666.3 9,034.0 Dec...... - - 1,639.3 -12,641.2 - -11,001.9 -12534.98 3,690.0
2016 Jan...... - - 9,814.4 -5,627.0 - 4,187.4 4,792.3 15,246.2 Feb...... - - -1,920.2 15,607.8 - 13,687.6 14,121.0 25,860.4 Mar...... - - 20,536.3 19,824.9 - 40,361.2 46,944.6 -25,675.9 Apr...... - - 18,667.8 -9,081.0 - 9,586.8 11,236.0 2,336.5 May...... - - 3,315.0 -11,573.8 - -8,258.9 7,775.7 23,143.3 Jun...... - - 23,105.7 -15,316.6 - 7,789.1 20,912.8 -53,791.5 Jul…….…...... - - -30,700.0 15,113.9 - -15,586.1 -3,068.1 26,249.0 Aug……...... - - 20,220.3 2,057.8 - 22,278.1 25,611.0 246.2 Sep……...... - - 43,768.8 -6,498.4 - 37,270.4 43,997.6 -22,619.2 Oct...... - - 15,231.5 -6,969.9 - 8,261.6 10,962.0 -5,465.0 Nov...... - - 38,771.0 -16,809.7 - 21,961.4 24,346.0 -2,882.1 Dec...... - - -8,556.8 -14,298.3 - -22,855.0 4,208.9 3,090.6
2017 Jan……………. - - -32,981.2 2,117.7 - -31,351.0 -29,296.2 48,320.9 Feb……………. - - 79,123.6 -7,840.8 - 60,917.6 71,636.2 -45,249.6 Mar…………… - - -470.6 -8,341.9 - -9,383.6 -229.8 4,470.8 Apr…………… - - 2,185.2 -17,991.0 - -18,689.0 -16393.5 6,389.8 May………….. - - 59,744.4 -6,869.9 - 22,616.0 27,322.0 -15,477.7 Jun…………… - - 1,198.2 -10,355.6 - -15,420.7 15,749.3 5,535.0 Jul……………. - - 29,592.6 370.5 - 29,963.1 35,885.4 10,136.3 Aug………….. - - 22,888.1 1,605.1 - 24,493.2 30,976.6 28,291.3 Sep………….. - - -45,875.7 7,021.3 - -38,854.4 25,729.2 -2,555.8 Oct………….. - - 38,051.7 -8,375.4 - 29,676.2 30,199.3 22,863.8 Nov………….. - - 7,889.1 39,114.5 - 47,003.6 40,912.8 -4,968.3 Dec………….. - - 23,930.1 5,620.7 - 29,550.8 17,388.7 13,871.8
2018 Jan……………. -889.5 8,433.3 - 7,543.9 18,634.6 256.4 Feb……………. 49,216.0 7,688.4 - 56,904.3 56,051.3 -25,116.2 Mar…………… 4,248.3 30,418.2 - 34,666.5 36,182.8 -9,625.0 Apr………… -15,744.3 38,116.0 - 22,371.7 32,370.4 -16,082.1 May………. 19,312.9 17,104.5 - 36,417.5 32,070.6 -7,911.8 Jun………….. -66,147.2 74,769.6 - 8,622.4 15,603.3 -28,312.3 July…………. 2,994.5 18,605.4 - 21,599.9 29,009.7 -20,298.0 Aug…………. 78,274.3 -35,937.6 - 42,336.7 46,019.2 23,730.2 Sep………….. -27,935.9 29,122.2 - 1,186.3 6,661.8 -40,475.7 Oct…………. 30,055.3 1,238.4 31,293.7 30,034.4 -4,130.5 Nov………… 69,975.1 -12,689.8 57,285.3 0,636.7 24,576.1 Dec………… 23,888.8 75,397.3 99,286.2 92,332.6 2,744.9
2019 Jan………….. 16,694.5 178,703.4 195,397.9 201,240.9 5,508.7 Feb…………. 6,502.6 6,293.5 12,796.0 19,214.4 -2,436.8 Mar…………. 60,913.4 -2,373.6 64,539.7 69,806.4 17,603.4 Source: Ministry of Finance and Reserve Bank of Malawi
51 Financial and Economic Review, Volume 53-Number 1-2019 3.0 BALANCE OF PAYMENTS
Table 3.1 Balance of Payments Summary (K’million) Description 2016 2017 2018 2019
A. CURRENT ACCOUNT (727,573.3) (1,164,984.6) (853,734.5) (914,635.6)
Balance on Goods (782,614.4) (1,133,053.4) (895,440.3) (957,016.0)
Goods: exports f.o.b 765,538.9 664,416.5 827,952.5 856,588.8
Goods: imports f.o.b. (1,548,153.3) (1,797,470.0) (1,723,392.8) (1,817,526.2)
Services: credit 81,844.2 104,857.1 123,009.8 142,740.9
Services debit (202,936.5) (242,939.0) (260,411.9) (287,346.4)
Income: credit 2,841.3 5,512.1 12,480.2 12,813.1
Income: debit (19,413.4) (68,457.4) (76,949.1) (88,296.2)
Current transfers: credit 202,179.9 180,615.7 256,590.7 277,377.9
Current transfers: debit (9,474.4) (11,519.6) (13,014.0) (14,909.0)
B. CAPITAL ACCOUNT 525,050.5 373,302.3 385,764.7 393,897.3
Capital account: credit 525,150.9 373,424.3 385,902.6 394,055.3
Capital account: debit (100.4) (122.1) (137.9) (158.0)
C. FINANCIAL ACCOUNT 341,720.7 212,040.9 512,718.1 459,210.3
Direct investment abroad 3,026.8 3,680.2 4,157.7 4,763.1
Direct investment in Malawi 83,073.2 65,870.7 74,416.0 85,251.9
Portfolio investment assets 76.3 92.8 104.8 120.1
Portfolio investment liabilities 5,470.8 6,651.8 7,514.7 8,608.9
Other investment assets (29,660.2) (60,989.2) 53,116.6 (17,711.6)
Other investment liabilities 234,714.7 307,324.2 372,309.9 372,775.8 E. RESERVE ASSETS ( +decrease, - increase) 45,018.9 (110,589.7) 1,098.5 5,402.1
Conversion rates (MWK/USD) 718.01 730.28 732.33 740.01 NEO as a % of GDP (3.7) 12.5 (2.4) 1.8 CAB as a % of GDP (19.0) (25.0) (15.0) (14.0) Source: National Statistical Office, Ministry of Finance, and Reserve Bank of Malawi Figures are preliminaries estimates
52 Financial and Economic Review, Volume 53-Number 1-2019 Table 3.2 Commodity Imports and Exports, (f.o.b) (K’ million) 1 Period Imports Domestic Exports Re-export Total Exports Visible trade 2009...... 220,454.3 167,409.5 308.1 167,717.6 -52,736.7 2010...... 325,613.3 159,225.0 211.4 159,436.4 -166,176.9 2011...... 277,844.0 146,595.2 907.2 147,502.3 -130,341.6 2012...... 680,099.0 298,959.3 251.6 299,211.0 -380,888.0 2013...... 1,035,497.5 434,798.9 709.1 4355,508.0 -599,989.7 2014...... 1,171,361.9 578,849.8 22,071.9 600,921.7 -570,440.2 2015...... 1,134,627.3 505,665.8 25,926.0 531,591.8 -603,035.5
2015 Jan...... 73,886.3 33,706.8 829.4 34,536.2 -39,355.5 Feb...... 65,395.5 28,467.1 617.4 29,084.6 -36,312.6 Mar...... 89,164.1 23,461.2 361.5 23,822.6 -65,382.4 Apr 79,838.7 23,002.2 839.1 23,841.3 -57,202.2 May 90,648.8 34,131.9 162.4 34,294.4 -56,477.8 Jun 95,408.5 40,244.7 23.7 40,268.3 -55,154.0 Jul 110,487.0 53,217.2 248.4 53,465.6 -57,821.6 Aug 73,907.7 61,893.7 171.6 62,065.3 -12,005.2 Sep 101,300.5 65,194.7 1,101.1 66,295.8 -35,297.6 Oct 137,750.2 68,341.1 17,339.3 85,680.4 -52,271.1 Nov 103,011.7 33,845.1 1,261.2 35,106.3 -67,965.6 Dec 110,663.8 40,160.2 2,970.9 43, 131.1 -67,789.9
2016* Jan 82,766.2 59,751.9 520.9 60,272.8 -22,626.0 Feb 104,639.3 64,080.5 946.1 65,026.6 -40,175.7 Mar 95,757.6 38,436.2 213.3 38,436.2 -57,562.7 Apr 45,932.7 21,448.5 25.2 21,473.8 -24,559.7 May 100,649.5 35,757.5 155.9 35,913.3 -64,866.2 Jun 129,842.9 72,359.6 2,474.6 74,834.1 -55,305.7 Jul 189,758.1 50,921.5 1,668.1 52,589.6 -137,478.1 Aug 172,805.8 82,869.3 4,189.1 87,058.4 -85,871.2 Sep 166,028.0 67,017.9 1,526.8 68,544.7 -97,544.0 Oct 172,095.6 60,426.1 10,915.5 71,341.5 -100,812.6 Nov 180,643.4 81,376.9 16,067.7 97,444.6 -83,222.8 Dec 146,291.4 33,645.1 433.6 34,078.7 -112,497.8
2017* Jan 158,122.4 60,020.6 360.8 60,381.4 -97,741.1 Feb 136,800.3 47,036.0 1,097.1 48,133.1 -88,667.2 Mar 143,539.2 33,057.2 1,211.2 34,268.4 -109,270.8 Apr 128,500.3 19,819.3 451.3 20,270.6 -108,229.7 May 169,705.5 34,635.2 1,012.1 35,647.3 -134,058.2 Jun 151,648.1 37,667.8 727.7 38,395.5 -113,252.6 Jul 145,955.1 53,145.3 1,214.7 54,360.1 -91,595.0 Aug 159,352.7 76,451.7 2,901.7 79,353.4 -79,999.4 Sep 154,821.3 55,098.8 2,517.4 57,616.2 -97,205.1 Oct 175,543.7 66,298.3 15,263.6 81,561.9 -93,981.8 Nov 169,652.1 65,319.8 5,870.1 71,189.9 -98,462.2 Dec 151,490.2 29,472.7 609.2 30,081.9 -121,408.4
2018* Jan 134,683.6 39,428.1 239.9 39,668.0 -95,015.6 Feb 129,916.4 32,351.0 522.4 32,873.4 -97,043.1 Mar 138,735.7 26,835.1 265.5 27,100.5 -111,635.2 Apr 143,317.1 25,962.0 467.0 26,429.0 -116,888.2 May 161,194.9 29,195.7 781.8 29,97.8 -131,217.4 Jun 167,748.0 50,014.5 889.0 50,903.6 -116,844.4 Jul 170,488.3 68,091.5 450.5 68,542.0 -101,946.3 Aug 269,620.3 81,304.3 1,280.6 82,584.9 -187,035.4 Sep 201,967.9 64,647.9 8,077.2 72,725.1 -129,242.8 Source: National Statistical Office, Monthly Statistical Bulletin. 1Due 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 *Projections
53 Financial and Economic Review, Volume 53-Number 1-2019 Table 3.3 Domestic Exports by Main Commodities, (f.o.b) (K’million) End of Tobacco Tea Cotton Sugar Uranium Other 2007………...... ……. 51,729.5 7,281.7 3,062.1 8,227.9 - 28,037.8 2008...... 82,094.9 4,007.5 3,070.4 7,341.5 - 121,394.4 2009...... 94,096.3 9,834.0 3,783.7 9,760.9 - 157,638.8 2010...... 87,490.4 12,078.7 1,751.5 24,598.3 - 42,031.3 2011...... 90,724.4 11,061.6 7,516.7 28,942.4 18,333.5 53,799.7 2012...... 157,177.5 17,317.9 13,443.1 10,334.3 32,486.8 12,174.9 2013...... 202,882.4 31,013.2 8,541.0 41,175.9 49,219.7 12,150.3 2014...... 156,392.7 23,089.3 3,502.9 19,512.1 30,335.3 10,586.2
2014 Jan...... 14,758.7 2,998.5 - 12,388.2 3,583.0 6,562.0 Feb...... 13,197.9 3,864.9 - 605.5 3,505.8 6,070.1 Mar...... 13,547.1 3,538.8 - - 2,125.6 7,191.3 Apr...... 5,135.5 3,855.9 - 5,598.6 5,180.1 7,586.5 May...... 7,145.5 3,250.7 1,090.9 10,437.9 2,616.1 14,642.6 Jun...... 17,654.3 3,291.9 4,054.6 1,017.5 - 13,440.7 Jul……………………………. 22,461.6 2,791.0 2,642.9 2,532.7 - 16,461.1 Aug…………………………. 31,320.4 1,673.1 1,991.6 82.1 - 24,283.5 Sep…………………………. 27,741.8 1,587.8 1,110.2 2,147.1 - 35,212.2 Oct…………………………. 37,602.4 1,992.7 441.6 14,178.4 - 24,923.0 Nov………………………… 41,279.7 2,126.0 380.5 3,540.9 - 26,282.6 Dec…………………………. 26,602.4 1,056.2 100.0 705.3 - 25,538.8
2015 - Jan...... 14,411.7 1,772.9 201.3 641.2 - 340.6 Feb...... 7,690.7 2,668.7 - 1,658.9 - 144.1 Mar...... 6,550.3 3,514.6 1.0 2,282.7 - 108.1 Apr...... 3,376.0 3,206.2 168.5 2,186.3 - 48.9 May...... 5,904.7 5,011.0 127.6 2,889.8 - 67.4 Jun...... 6,438.0 3,055.2 2,394.6 15,582.5 - 84.0 Jul……………………………. 24,065.3 3,749.0 2,336.4 1,398.7 - 330.1 Aug…………………………. 34,246.5 1,331.8 1,537.4 10,677.2 - 668.5 Sep…………………………. 44,490.3 1,494.3 2,363.9 2,366.7 - 184.7 Oct………………………….. 44,837.9 1,901.5 1,223.2 3,059.7 - 1,251.0 Nov………………………….. 20,404.5 2,005.3 1,122.0 1,403.7 - 1,185.6 Dec…………………………. 19,514.8 1,370.9 306.4 1,178.5 - 347.4
2016* - Jan…………………………… 25,671.9 3,628.4 449.7 13,707.6 - 1,252.2 Feb………………………….. 30,192.3 5,111.6 - 1,540.1 - 989.9 Mar…………………………. 16,556.6 5,259.8 - 2,137.8 - 635.5 Apr...... 11,982.9 4,821.9 - 1,612.3 - 465.3 May...... 8,023.0 4,806.6 511.9 12,184.8 - 341.0 Jun...... 6,879.9 5,138.1 241.0 15,204.5 - 512.2 Jul……………………………. 25,214.4 3,611.7 948.5 7,170.1 - 1,476.0 Aug…………………………. 59,217.5 3,831.7 841.8 1,531.1 - 2,711.0 Sep…………………………. 52,504.8 2,558.1 631.5 2,334.5 - 1,067.0 Oct………………………….. 43,073.5 3,335.1 700.0 796.5 - 399.1 Nov………………………….. 43,153.6 2,698.9 2,698.9 7,655.9 - 743.0 Dec………………………… 25,623.0 1,565.2 212.4 132.5 - 334.6 - 2017* Jan………………………… 44,169.5 4,592.7 234.7 4,490.2 - 1,037.6 Feb………………………… 34,310.5 6,304.6 - 70.2 - 327.9 Mar………………………… 16,723.8 7,868.5 130.6 70.2 - 863.8 Apr………………………… 3,591.0 5,715.2 - 1.2 - 2,374.7 May………………………… 7,354.4 6,341.1 - 4,408.4 - 975.3 Jun………………………… 13,060.1 5,209.3 1,010.8 3,248.5 - 923.2 Jul………………………… 28,756.6 4,904.6 1,041.5 3,248.8 - 3,051.0 Aug………………………… 58,491.1 3,600.0 170.3 1,797.4 - 2,185.0 Sep………………………… 35,313.3 2,977.0 0.0 2,965.3 - 1,111.0 Oct………………………… 48,135.8 3,308.0 - 5,236.8 - 1,188.3 Nov………………………… 50,566.5 2,847.6 - 1,183.2 - 754.6 Dec………………………… 13,150.3 2,730.6 - 2,858.2 - 850.0 - 2018* Jan………………………… 17,721.8 6,142.0 - 2,882.9 - 799.9 Feb………………………… 4,833.5 7,595.1 - 1,794.7 - 497.2 Mar………………………… 5,199.9 7,261.3 - 741.3 - 383.0 Apr………………………… 7,451.4 7,117.7 - 746.6 - 370.2 May………………………… 6,519.8 7,225.4 1,084.4 1,865.1 - 839.4 Jun………………………… 17,474.8 7,227.1 1,902.9 6,274.3 - 2,696.6 Jul………………………… 46,740.2 4,378.4 656.7 1,461.0 - 1,461.2 Aug………………………… 60,747.0 3,576.0 345.4 3,520.2 - 573.9 Sep………………………… 50,544.6 3,029.2 457.2 765.3 - 253.9 Oct………………………… ...... - .. Nov………………………… ...... - .. Dec………………………… ...... - ...... - .. Source: National Statistical Office, Monthly Statistical Bulletin. *Projections
54 Financial and Economic Review, Volume 53-Number 1-2019 Table 3.4 Selected Foreign Exchange Rates1 US dollar Euro British pound Japanese yen SA rand ZMK Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Sell 2015 490.519 508.693 543.982 564.100 748.718 776.460 4.208 4.139 38.303 39.764 58.191 60.503 2016 704.898 722.806 779.096 798.800 954.603 979.848 6.498 6.663 48.104 49.321 68.466 70.199 2017 727.928 733.447 819.526 834.266 935.918 953.000 6.398 6.559 53.794 55.267 75.296 77.042
2015 Jan 439.266 469.247 497.249 531.188 661.840 707.015 3.714 3.967 38.016 40.612 67.684 72.303 Feb 427.057 447.650 462.085 484.369 639.114 669.938 3.547 3.718 35.339 37.043 61.550 64.590 Apr 430.152 448.896 463.557 483.753 632.678 660.208 3.599 3.756 35.827 37.388 58.166 60.698 May 430.280 448.985 479.983 500.855 664.743 693.639 3.564 3.719 35.975 37.539 59.061 61.627 Jun 428.129 446.334 480.426 499.036 666.314 694.652 3.461 3.608 34.829 36.312 58.463 60.950 Jul 458.112 480.430 504.173 528.729 712.848 747.560 3.717 3.899 36.806 38.602 59.800 62.713 Aug 551.507 564.452 616.420 630.888 849.101 869.031 4.534 4.640 41.468 42.441 64.203 65.710 Sept 554.563 567.806 623.164 638.048 850.969 871.293 4.616 4.726 40.722 41.694 55.302 56.621 Oct 546.158 558.865 612.276 626.896 835.620 855.565 4.542 4.745 40.383 41.347 45.316 46.398 Nov 573.804 588.287 616.625 632.188 872.797 894.826 6.576 6.742 40.647 41.673 47.023 48.210 Dec 628.551 644.416 683.866 701.127 942.858 966.655 5.160 5.290 42.012 43.072 58.100 59.567
2016 Jan 689.273 707.802 735.692 754.318 994.826 1020.01 5.842 5.990 42.216 43.284 62.063 63.634 Feb 733.310 751.496 814.174 834.368 1050.36 1076.41 6.379 6.537 46.563 47.718 64.740 66.346 Mar 676.070 694.295 766.535 787.199 954.023 993.090 6.156 6.321 46.244 47.491 69.387 71.256 April 676.069 694.295 766.534 787.199 954.023 993.090 6.322 6.239 46.244 47.490 71.256 70.321 May 691.907 708.911 781.808 801.144 1006.07 1030.95 6.346 6.504 45.074 46.189 68.885 70.589 June 702.361 718.710 788.202 806.547 996.913 1020.12 6.675 6.830 46.445 47.526 65.451 66.975 July 707.082 725.022 782.366 802.215 932.749 956.413 6.776 6.947 49.128 50.375 71.436 73.249 Aug 711.599 729.887 797.475 817.970 932.851 956.826 7.024 7.205 51.748 53.078 70.656 72.472 Sept 712.351 730.113 798.610 818.523 937.345 960.718 6.987 7.161 50.691 51.955 71.480 73.262 Oct 712.296 730.153 785.775 805.475 880.354 902.425 6.864 7.036 51.178 52.461 71.929 73.732 Nov 716.301 733.994 761.643 780.457 894.159 916.246 6.355 6.512 51.462 52.733 72.500 74.291 Dec 715.802 734.216 753.882 773.277 879.076 901.692 6.130 6.287 52.606 53.960 72.786 74.658
2017 Jan 725.4263 733.7676 773.148 786.0787 908.281 921.0467 6.3112 6.4723 53.232 54.6379 72.3917 72.392 Feb 727.5507 734.1088 766.153 776.6298 899.648 914.2061 6.3855 6.5432 55.685 56.7389 75.4237 77.287 Mar 730.4553 733.5409 770.795 785.4901 899.134 910.3683 6.4025 6.5593 52.618 54.7542 74.3031 76.123 Apr 727.9241 733.7879 785.475 799.8573 931.334 950.6818 6.4594 6.6097 54.770 55.3697 76.4916 78.271 May 726.3399 734.1363 809.439 822.4890 927.763 942.5229 6.4665 6.6195 55.263 56.0864 77.5978 79.435 Jun 725.0088 732.0193 821.648 841.2921 937.907 958.2446 6.3984 6.5630 55.475 56.3497 77.8513 79.854 Jul 728.5534 732.5427 853.031 863.8501 947.279 968.0404 6.4782 6.6474 55.710 56.5157 80.6576 82.766 Aug 730.6206 733.5961 850.556 872.7486 936.025 951.9495 6.4797 6.6478 55.749 56.4610 78.5632 80.601 Sept 729.5337 733.7183 854.065 866.2215 967.268 987.7027 6.3596 6.5245 53.274 54.4250 73.9317 75.849 Oct 728.5009 733.5496 850.088 863.9010 953.606 971.9396 6.3397 6.5040 50.168 53.7386 73.4311 75.335 Nov 728.0260 733.3131 845.541 862.6286 954.842 971.9675 6.3491 6.5121 48.949 52.2226 71.6653 73.505 Dec 727.1969 733.2882 854.369 870.0076 967.933 987.3355 6.3436 6.5073 54.632 55.9053 71.2446 73.084
2018 Jan 728.9951 728.9951 892.879 909.2079 1032.505 1045.149 6.6432 6.8167 60.972 62.3169 73.1576 75.068 Feb 728.9951 733.9883 892.879 909.2079 1009.673 1028.418 6.6432 6.8167 60.972 62.3169 73.1576 75.068 Mar 729.2749 734.0041 891.443 906.8581 1012.079 1027.823 6.7283 6.9041 61.015 62.1451 73.7581 75.686 Apr 728.1048 734.0041 888.479 902.4094 1019.501 1037.185 6.6576 6.8315 56.673 60.8671 74.9081 76.865 May 727.5470 733.7890 855.950 868.8107 974.5222 991.1914 6.5335 6.7016 57.772 58.7413 71.1325 72.963 Jun 728.0604 733.9090 845.839 858.0462 961.6660 977.2435 6.5143 6.6838 54.484 55.5793 71.1643 73.016 Jul 727.3232 733.3667 845.584 858.6567 954.3714 968.4412 6.4311 6.5962 53.9240 54.9482 72.3716 74.229 Aug 728.1124 733.6978 834.501 849.1749 933.4997 947.8666 6.4562 6.6176 51.5368 52.4571 71.2285 73.009 Sept 729.9201 734.3306 843.875 859.3031 945.5432 961.2828 6.4101 6.5689 46.7103 50.1441 66.2171 67.857 Oct 733.0006 737.3367 837.572 847.4056 946.6074 960.7914 6.3737 6.5329 50.0593 51.1525 60.3713 61.879 Nov 734.4445 738.7092 829.092 840.3699 940.2287 955.6577 6.3613 6.5247 51.5857 52.8313 60.9152 62.480 Dec 733.4628 739.5635 828.089 842.8111 922.3656 939.9238 6.4157 6.5823 48.6858 52.3992 60.7262 62.304
2019 Jan 733.4628 738.4492 831.4681 845.4974 933.8395 954.5327 6.6091 6.7857 52.3878 53.6081 60.4018 62.0166 Feb 731.9087 739.7429 827.0817 839.8981 948.7269 963.5679 6.5236 6.7050 52.7012 53.8826 60.4706 62.1517 Mar 734.6348 740.6686 825.0295 837.6533 961.8601 977.3379 6.4829 6.6644 50.7445 51.7863 60.0175 61.6978 Source: Reserve Bank of Malawi 1 Averages of daily rates quoted by the Reserve Bank for dealing with commercial banks in Malawi
55 Financial and Economic Review, Volume 53-Number 1-2019 4.0 NATIONAL ACCOUNTS
Table 4.1 Gross Domestic Product by Economic Activity (K’mn)-2010 constant prices 2013 2014 2015 2016* 2017* 2018* 2019*
A. Agriculture, forestry and fishing …………. 347,178.5 368,910.0 365,106.1 364,902.6 387,295.8 390,765.9 406,044.3 of which: i. Crop, animal production, hunting and related services……………………………….. 242,477.0 260,423.9 252,484.5 249,509.6 267,761.8 266,761.8 281,393.4
ii. Forestry and logging …………………….. 87,214.1 89,956.3 93,103.0 95,256.6 98,417.6 101,194.1 100,314.2 iii. Fishing and aquaculture...... 13,717.4 14,496.2 15,159.0 15,407.8 16,281.6 17,292.1 18,156.8 B. Mining and Quarrying…………………………. 12,020.8 11,467.5 11,596.9 11,647.4 11,837.0 12,083.1 12,518.2
C. Manufacturing………………… 110,095.5 117,008.0 121,493.3 123,096.3 125,522.6 129,992.6 135,989.9
D+ E. Utilities………………………. 15,117.7 15,575.5 15,954.6 15,977.9 16,395.0 17,102.8 17,981.3
F. Construction……….. 32,979.8 34,562.5 35,781.4 37,002.1 38,623.1 40,377.7 42,442.3
G. Wholesale and retail……………………. 182,885.5 194,360.6 203,894.3 208,654.3 219,106.3 227,996.4 238,301.5
H. Transport and storage….. 31,167.8 32,580.9 33,995.2 35,651.8 37,773.8 39,636.3 41,821.7 I. Accommodation and food service activities….. 22,064.9 23,372.1 24,554.4 25,956.9 27,043.3 28,643.3 29,801.2
J. Information and communication……….. 45,291.7 50,810.9 55,194.4 57,950.8 61,730.8 65,880.3 70,503.4
K. Financial and Insurance activities…………. 58,171.4 61,348.0 64,948.4 68,748.0 72,509.5 77,502.9 81,750.2
L. Real estate activities………….…….. 92,962.3 96,428.4 98,288.5 101,287.1 105,712.3 109,711.3 114,466.2 M.+ N. Professional, scientific and technical activities, administrative and support service activities….. 3,422.1 3,675.1 3,858.2 3,998.2 4,156.2 4,378.8 4,617.9
O. Public administration and defence…. 22,853.5 24,016.9 25,530.0 27,122.7 28,661.9 30,664.5 32,607.5
P. Education…… 29,651.4 30,822.9 32,717.5 35,308.0 37,683.5 40,836.6 43,886.8
Q. Human health and social work activities 30,910.7 32,209.3 33,378.5 35,777.1 37,683.5 39,951.5 42,507.0
R+S+T+U Other services, nec 56,225.4 59,281.6 62,769.1 66,209.8 69,089.8 72,686.2 76,333.1
GDP in 2010 constant 1,159,845.0 1,231,911.2 1,272,260.5 1,306,377.2 1,374,557.9 1,430,022.8 1,501,049.4 GDP per capita (current market prices)………….. 126,002.6 160,409.6 197,127.2 226,938.5 266,822.9 293,893.7 326,451.5
GDP at current prices 1,927,839.3 2,534,471.6 3,213,173.0 3,812,566.5 4,635,,563.5 5,266,294.3 5,970,090.1
Sources: Ministry of Economic Planning and Development, National Statistical Office, Treasury and Reserve Bank of Malawi.
56 Financial and Economic Review, Volume 53-Number 1-2019 Table 4.2 Gross Domestic Product Growth rates by Economic Activity -2010 constant prices 2013 2014 2015* 2016* 2017* 2018* 2019* 2020* A. Agriculture, forestry and fishing …...... 6.2 6.3 (1.0) (0.1) 6.1 0.9 3.9 5.1 B. Mining and Quarrying………...... 6.9 (4.6) 1.1 0.4 1.6 2.1 3.6 5.8 C. Manufacturing…………………...... 5.6 6.3 3.8 1.3 2.0 3.6 4.6 3.7 D. Utilities………...... 5.5 3.0 2.4 0.1 2.6 4.3 5.1 5.4 E. Construction………...... 2.0 4.8 3.5 3.4 4.4 4.5 5.1 3.5 F. Wholesale and retail…...... ……….. 7.9 6.3 4.9 2.3 5.0 4.1 4.5 3.9 G. Transport and storage...... 5.3 4.5 4.3 4.9 6.0 4.9 5.5 4.4 H. Accommodation and food service activities…...... 5.1 5.9 5.1 5.7 4.2 5.9 4.0 3.8 I. Information and communication…...... 7.5 12.2 8.6 5.0 6.5 6.7 7.0 6.3 J. Financial and Insurance activities…...... 3.8 5.5 5.6 5.9 5.5 6.9 5.5 5.9 K. Real estate activities………….…...... 2.5 3.7 1.9 3.1 4.4 3.8 4.3 3.1 M. Public administration and defence…...... 2.7 5.1 6.3 6.2 5.7 7.0 6.3 7.4 GDP in 2010 constant prices...... 6.3 6.2 3.3 2.7 5.2 4.0 5.0 5.1 Sources: Ministry of Economic Planning and Development, National Statistical Office, Treasury and Reserve Bank of Malawi.
57 Financial and Economic Review, Volume 53-Number 1-2019 Table 4.3 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 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...... 403.4 332.5 543.9 347.5 525.4 681.0 636.6 395.8
2009 Oct...... 282.9 244.6 372.3 264.6 326.8 490.3 392.0 268.1 Nov...... 291.3 256.6 375.6 267.7 329.0 495.9 396.4 272.0 Dec...... 300.9 268.3 399.8 268.8 334.8 502.2 400.4 274.7
2010 Jan……...... … 369.0 433.6 401.8 274.2 342.5 504.4 408.9 279.5 Feb……...... … 377.4 450.8 402.9 274.6 344.2 505.4 420.5 280.2 Mar……...... … 378.0 448.2 403.9 275.8 345.9 507.4 424.6 281.9 Apr...... 318.2 290.9 404.9 275.9 346.1 507.4 424.6 282.2 May...... 308.3 273.5 407.1 275.6 345.7 507.4 425.2 282.8 Jun...... 297.3 254.2 407.8 276.0 346.0 507.7 426.4 283.6 Jul...... 293.3 246.5 419.8 275.4 344.2 508.0 426.7 283.8 Aug...... 286.4 234.5 420.1 275.5 344.4 508.1 426.9 284.3 Sep...... 300.9 252.4 433.8 285.1 350.2 521.1 438.1 295.5 Oct...... 301.9 253.2 433.8 285.4 354.3 521.1 438.1 295.8 Nov...... 310.0 264.9 433.9 286.4 363.4 521.8 438.2 297.0 Dec...... 319.8 276.1 436.9 294.6 375.3 525.1 442.7 305.7
2011 Jan...... 338.4 301.6 443.2 301.1 381.6 529.7 476.2 310.0 Feb...... 350.9 320.4 445.3 303.4 384.3 532.2 488.7 313.8 Mar...... 350.3 317.4 447.0 306.0 386.5 536.6 491.8 316.1 Apr...... 340.7 300.4 447.9 306.2 386.4 537.2 492.7 319.3 May...... 329.9 280.8 447.7 306.5 383.8 553.8 492.8 322.3 Jun...... 318.2 259.9 450.1 307.0 383.3 555.0 494.3 324.8 Jul…….…...... 315.1 252.4 459.5 307.8 383.1 560.7 496.2 329.3 Aug……...... 308.2 240.1 460.5 308.1 383.6 561.3 496.7 331.1 Sep……...... 324.2 259.3 471.9 309.7 401.8 583.2 500.0 343.6 Oct……...... 326.5 260.5 479.8 310.0 402.2 602.6 504.2 344.1 Nov……...... 337.6 274.1 483.6 311.4 412.7 608.0 526.4 346.9 Dec……...... 351.1 290.5 491.9 317.5 419.8 617.4 554.1 356.4
2012 Jan...... 373.4 319.9 506.9 325.4 436.9 621.3 565.3 367.2 Feb...... 389.1 342.2 516.6 330.4 440.9 632.7 575.9 370.9 Mar...... 390.2 341.1 519.1 332.8 442.7 648.4 580.5 375.9 Apr...... 383.2 327.2 520.7 335.3 445.7 650.4 583.0 377.8 May...... 387.0 316.5 529.6 343.6 487.9 670.5 628.4 387.1 Jun...... 382.1 304.7 532.6 347.0 495.0 671.1 638.9 389.0 Jul...... 383.5 303.5 537.1 351.4 502.2 674.6 633.0 400.9 Aug...... 386.8 302.6 538.8 352.0 525.9 675.6 647.7 401.3 Sep...... 416.1 331.2 551.1 354.7 605.4 681.4 671.4 410.9 Oct...... 426.4 343.8 563.6 359.5 606.8 703.3 679.7 417.0 Nov...... 450.0 365.8 597.4 365.4 654.2 719.5 709.8 422.8 Dec...... 472.5 391.1 613.3 372.4 661.3 823.4 725.9 428.3 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.
58 Financial and Economic Review, Volume 53-Number 1-2019 Table 4.4a: National Consumer Price Indices (2012=100, 2017=100) Alcoholic Food & drinks Housing, All Non- & Clothing water & Furnishing Transport Commu Recreation Restaurants items alcoholic Tobacco & Footwear electricity & Household Health ation nication & Culture Education & Hotels Miscellaneous Overall Weight 100 50.2 2.4 5.9 12.6 3.0 1.3 11.7 3.6 1.2 3.0 1.3 3.9 Period 2013 127.3 123.3 127.0 124.2 141.5 125.0 118.9 123.5 129.6 139.5 126.9 194.4 118.1 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
2013 Jan 121.6 122.5 114.1 118.7 128.7 116.7 109.9 114.3 114.2 123.6 120.5 186.9 110.8 Feb 129.7 136.1 118.2 121.3 130.7 118.6 114.2 116.2 114.1 127.1 126.2 189.2 112.8 Mar 129.9 134.4 120.2 123.4 134.2 120.6 115.7 118.6 114.1 129.3 126..1 191.0 114.5 Apr 127.2 127.9 126.0 122.6 134.9 120.8 118.7 119.8 114.1 134.6 126.1 191.0 116.5 May 127.0 122.2 129.4 124.1 142.8 124.7 120.3 122.9 131.9 138.5 126.2 192.8 118.5 Jun 122.3 112.8 130.0 124.5 143.0 124.8 120.3 121.9 132.4 138.7 126.2 193.3 117.9 Jul 119.8 107.7 130.1 124.3 143.6 124.2 119.5 121.8 132.4 140.2 126.2 193.4 117.9 Aug 119.1 105.7 129.5 124.3 143.8 124.4 119.5 122.8 136.1 140.5 126.2 193.3 118.2 Sep 126.0 117.1 130.5 126.8 145.2 127.7 120.2 125.8 137.4 144.7 129.8 197.9 123.0 Oct 129.1 122.2 131.0 127.6 146.9 128.5 120.2 128.1 137.5 144.8 129.8 197.9 123.7 Nov 135.1 131.4 132.6 127.4 150.7 131.7 121.5 131.7 140.7 151.2 129.8 202.5 119.7 Dec 140.6 139.3 132.0 125.6 153.0 137.7 126.9 137.5 148.8 160.3 129.8 203.9 118.1
2014 Jan 153.1 152.0 134.3 135.0 171.7 152.7 129.9 141.7 163.3 180.4 129.6 212.2 121.6 Feb 161.6 163.9 137.9 137.2 181.6 163.3 134.4 143.9 163.3 185.7 129.6 219.7 122.2 Mar 161.2 160.7 139.6 138.2 185.6 165.1 135.5 147.8 163.3 189.5 129.6 220.8 124.6 Apr 157.7 152.9 140.3 139.9 186.4 166.4 137.2 150.0 163.4 187.8 129.6 220.3 125.9 May 155.7 145.9 140.4 150.5 189.8 166.7 137.9 150.7 168.1 192.2 129.6 232.8 130.8 June 149.9 135.2 140.4 151.8 183.7 167.3 137.9 151.0 173.1 192.8 129.6 232.8 129.2 July 146.6 129.6 140.4 151.8 180.2 167.8 138.5 150.9 172.9 192.8 129.6 233.4 130.4 Aug 148.3 131.1 141.2 152.5 183.8 169.0 140.8 151.8 175.4 193.5 129.6 236.7 131.4 Sept 155.9 143.7 142.6 153.7 187.7 170.4 142.6 152.3 176.3 195.0 134.2 240.6 137.4 Oct 159.2 148.5 143.2 155.7 191.2 171.2 143.2 153.6 176.3 197.1 135.1 242.5 139.9 Nov 167.1 159.4 149.8 159.6 198.3 176.3 146.2 159.0 176.8 203.4 137.3 243.3 144.8 Dec 174.5 170.1 154.3 162.5 205.8 178.2 149.2 161.3 176.8 211.7 141.0 244.9 149.1
2015 Jan 185.6 184.7 154.7 168.1 225.8 181.3 153.0 160.7 176.8 216.3 143.2 247.9 153.1 Feb 193.5 195.0 155.0 168.3 233.3 184.3 156.9 169.6 180.0 217.7 153.8 255.6 154.9 Mar 190.5 188.1 155.5 169.9 233.8 185.1 157.5 172.6 180.8 217.6 154.5 257.7 155.4 Apr 187.4 180.6 156.1 170.3 235.8 186.7 158.3 174.1 182.2 217.7 156.4 259.0 154.5 May 186.1 177.1 156.9 170.3 237.1 187.4 158.3 175.8 182.2 220.3 157.7 260.0 155.1 June 181.7 168.0 155.8 171.7 237.6 187.7 158.3 175.9 182.2 220.5 157.2 261.2 156.4 July 179.1 162.4 155.9 173.6 237.8 188.5 158.5 176.2 182.2 221.1 157.2 261.7 156.4 Aug 182.4 166.3 156.3 177.2 242.2 190.4 159.3 177.7 186.5 224.4 157.2 262.0 158.3 Sept 193.5 183.0 157.0 178.4 245.6 193.9 160.6 177.9 186.8 225.6 198.1 265.5 159.9 Oct 198.5 190.5 157.6 180.4 247.3 203.2 163.5 179.5 189.0 228.9 198.1 267.6 162.8 Nov 208.2 205.5 159.5 181.6 257.7 204.7 165.5 183.6 189.1 232.7 198.1 271.2 164.4 Dec 217.9 219.7 160.0 183.6 268.8 211.4 165.6 189.4 189.2 238.0 198.1 275.1 166.6
2016 Jan 229.2 237.3 160.6 186.7 280.8 212.7 167.5 191.8 189.2 242.0 198.5 279.1 168.8 Feb 238.6 250.8 166.8 190.4 288.2 216.8 171.9 195.5 196.1 258.0 198.5 284.3 169.7 Mar 232.5 237.8 170.4 191.7 289.6 218.9 172.6 196.6 196.6 258.2 198.5 285.2 171.5 Apr 226.6 224.6 172.5 193.1 289.6 222.0 176.3 200.1 196.5 258.5 198.5 287.5 173.3 May 226.0 222.5 174.0 195.2 290.3 224.0 178.4 200.6 196.5 260.3 198.5 289.7 174.3 Jun 222.9 214.6 181.1 196.8 290.8 226.5 180.5 202.3 196.6 268.2 198.5 294.0 174.6 Jul 221.1 209.8 184.2 200.2 291.8 227.9 184.6 202.5 196.6 271.4 198.5 295.9 175.7 Aug 223.9 214.1 188.4 201.4 292.7 229.4 190.3 203.4 196.6 271.8 198.3 307.7 177.6 Sept 234.4 232.3 190.7 202.4 293.4 230.1 191.4 203.8 196.6 275.1 219.7 309.5 178.8 Oct 238.3 238.9 192.6 206.7 294.5 231.1 195.3 204.4 196.6 275.9 219.7 310.8 181.4 Nov 249.7 256.5 194.4 211.6 306.9 233.8 198.7 206.2 196.6 282.0 219.8 311.8 182.3 Dec 261.4 273.4 199.7 213.2 322.1 235.4 205.6 207.6 196.6 304.4 219.8 315.5 183.6
2017 Jan 270.7 287.3 200.4 217.3 332.7 237.7 211.9 208.1 198.0 308.8 220.5 317.6 183.6 Feb 277.1 294.8 201.2 219.1 348.0 239.9 212.4 208.5 198.0 315.0 220.5 319.4 188.9 Mar 269.3 278.3 201.6 220.1 348.2 240.6 217.4 209.4 198.0 321.0 220.5 320.1 190.0 Apr 259.7 257.6 201.6 221.1 348.4 243.2 219.5 210.2 205.3 321.2 222.0 320.3 191.0 May 253.9 247.4 202.9 222.8 341.9 243.8 220.9 210.8 205.3 321.4 222.0 330.8 192.3 Jun 248.1 234.4 209.0 225.4 342.2 246.3 229.7 212.0 205.3 322.7 222.0 332.5 193.0 Jul 243.6 225.4 210.9 226.6 340.3 249.8 230.3 212.3 205.3 323.7 222.0 333.1 192.8 Aug 244.8 227.4 211.2 227.4 340.3 250.5 230.5 213.8 205.3 324.0 222.0 333.9 193.3 Sept 254.2 244.3 216.9 228.3 340.4 251.0 231.0 214.2 210.1 324.0 230.6 334.0 193.2 Oct 258.0 250.4 217.2 228.6 344.5 251.9 231.7 214.4 210.1 325.8 230.6 338.0 193.7 Nov 269.0 268.5 218.5 229.2 355.8 252.6 234.3 214.5 210.1 327.4 230.6 338.8 193.9 Dec 279.9 285.2 219.7 229.4 372.0 253.3 234.3 214.7 210.1 327.4 230.6 340.8 194.0 1New Series based on 2010 base year Source: National Statistical Office (NSO)
59 Financial and Economic Review, Volume 53-Number 1-2019 Table 4.4b: National Consumer Price Indices (2017=100)1
Alcohol All Food & Clothing Housing & Furnishing Transport Commu Recreation Restaurants items Beverages Tobacco & Footwear Utilities & Household Health ation nication & 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 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
2018 Jan 104.5 108.4 100.0 100.1 103.0 100.1 100.5 100.2 100.0 100.4 100.0 100.4 100.4 Feb 106.8 110.9 101.3 102.4 105.5 102.5 101.6 102.1 101.0 101.7 100.0 101.9 102.4 Mar 105.8 107.9 103.5 103.6 106.2 102.9 102.1 102.6 101.1 101.8 100.2 102.2 103.6 Apr 101.8 99.3 104.1 104.0 105.6 103.0 102.5 102.7 101.1 102.1 100.2 102.3 103.8 May 101.2 97.7 104.8 104.5 105.6 103.3 102.8 103.1 101.8 102.8 100.2 103.0 104.1 June 101.0 96.5 106.3 104.7 105.7 104.3 103.3 104.5 101.9 103.5 100.2 103.7 104.9 July 101.6 97.5 107.0 105.2 105.7 105.1 103.3 105.8 101.9 103.6 100.2 103.8 105.3 Aug 103.0 100.1 107.9 106.3 105.9 106.0 104.2 106.4 102.3 104.4 100.2 104.0 107.4 Sept 105.1 103.7 108.3 107.8 106.0 107.6 106.8 107.2 103.0 105.1 101.5 105.4 109.4 Oct 107.1 106.2 108.7 108.7 108.5 108.3 107.4 108.7 103.3 105.4 102.5 105.7 110.0 Nov 108.7 109.4 109.1 109.2 108.5 108.5 108.3 109.5 103.3 105.8 103.1 105.8 110.2 Dec 109.9 112.0 109.4 109.6 108.5 108.7 108.6 109.6 103.4 106.0 103.1 105.9 110.4
2019 Jan 113.7 119.9 110.1 109.8 109.2 109.2 109.2 109.4 103.4 106.2 103.4 106.3 111.5 Feb 115.2 122.9 111.1 109.9 109.3 109.5 111.3 109.5 103.4 106.3 103.6 106.4 112.7 Mar 115.6 123.4 111.4 110.4 109.3 110.1 112.0 110.2 104.3 106.4 103.6 106.5 113.6 1New Series based on 2010 base year Source: National Statistical Office (NSO)
60 Financial and Economic Review, Volume 53-Number 1-2019 Table 4.5 Agriculture: Tobacco, Tea and Sugar Tobacco Auction Sales Tea Sugar Production Production (millions of period Volume (millions of Kg) Value (K'mn) Kgs) Limbe Auction sales(K’mn) Volume (millions of tonnes) 2000...... … 159.0 9,431.8 42.4 853.5 207.3 2001...... … 124.6 10,451.0 36.8 786.8 215.7 2002...... 137.4 12,223.6 39.2 1,179.1 260.6 2003…...... 115.3 12,711.0 34.0 1,426.9 193.6 2004…...... 180.2 22,393.6 50.1 1,847.4 259.3 2005…...... 149.7 19,343.3 38.0 1,239.0 267.1 2006...... … 160.4 23,438.8 38.9 2,932.7 68.2 2007…...... 110.7 27,352.7 48.1 2,562.5 265.8 2008...... 194.9 66,263.1 41.7 2,673.4 303.7 2009...... 232.0 60,890.7 52.6 3,436.4 295.0 2010...... 198.4 57,962.0 51.7 3,476.4 279.1 2011...... 237.2 45,978.4 47.1 3,231.8 283.5 2012...... 79.8 44,291.0 42.4 5,000.4 295.7 2013...... 123.6 94,149.5 46.5 5,586.0 293.5 2014...... 192.0 153,451.0 45.9 5,412.4 283.0 2015 ...... 192.7 168,568.8 39.4 6,139.4 269.4 2016……………... 195.1 197,300.2 43.0 5,486.2 240.0 2017……………... 106.5 156.300 45.6 7,893.2 235.5 2018……………... 202.0 247,159.7 50.6 11,738.4 250.3
2015 Mar...... 6.9 721.9 .. Jun...... 45.0 36,843.8 1.7 1,040.8 39.7 Sept...... 15.8 12,974.4 1.3 271.7 44.4 Dec………………. .. .. 3.8 164.6 5.0
2016 Jan...... 5.6 1,007.4 .. Feb...... 5.8 933.0 .. Mar...... 0.8 929.7 .. Apr...... 8.4 6,868.0 5.9 1,013.0 8.4 May...... 28.5 28,456.2 3.4 1,632.6 30.6 Jun...... 39.5 46,568.8 1.5 876.4 33.9 Jul...... 33.8 57.008.9 0.9 604.5 39.5 Aug...... 27.2 41.731.5 1.8 545.8 35.1 Sept ...... 14.6 18.479.2 2.8 405.6 43.0 Oct...... 8.9 6,395.6 1.4 452.2 31.0 Nov...... 20.7 14,608.1 0.7 56.3 18.4 Dec...... 13.1 10,065.2 5.6 .. ..
2017 Jan...... 5.2 1,464.9 .. Feb...... 7.0 1,169.2 .. Mar...... 7.1 1,473.2 .. Apr...... 8.5 10,422.0 5.7 686.7 0.7 May……………… 33.6 46,098.6 4.3 1,592.3 32.2 Jun………………. 39.8 59,100.1 2.2 964.2 42.4 Jul……………….. 21.8 34,660.1 1.5 650.6 34.9 Aug……………… 2.9 6,812.2 1.5 341.5 36.4 Sept……………… .. .. 1.8 695.3 39.7 Oct………………. .. .. 1.5 980.0 28.6 Nov……………… .. .. 2.1 401.2 19.0 Dec………………. .. .. 5.7 101.0 1.7
2018 Jan...... 6.3 649.8 0.4 Feb...... 6.8 1,057.7 .. Mar...... 7.7 1,448.9 .. Apr...... 22.9 24,862.6 6.5 1,439.7 3.0 May...... 49.2 61,427.1 4.9 2,161.8 27.2 Jun……………….. 46.2 62,911.7 1.9 1,629.0 41.4 Jul……………… 41.6 53,923.8 1.3 723.2 35.5 Aug……………… 28.7 30,797.7 1.7 388.4 43.9 Sept……………. 13.3 12,720.4 3.6 465.5 26.4 Oct………………. .. .. 2.2 949.2 37.1 Nov……………… .. .. 1.4 630.2 22.5 Dec………………. .. .. 6.3 195.0 13.0
2019 Jan………………...... 7.4 1,119.1 .. Feb………………. .. .. 7.3 1,193.0 .. Mar………………. .. .. 6.4 1,243.9 .. Source: National Statistical Office, Tea Broke29.4rs Central African Limited, Tea Association of Malawi, ILLOVO
61 Financial and Economic Review, Volume 53-Number 1-2019 Table 4.6 Agriculture- Prices (Unit Values) Tobacco Tea Groundnuts Cotton Maize Rice Malawi Period U.S1 Flue cured Burley Fire cured2a U.K3 Malawi3a U.K4 Malawi8 U.S5 Malawi8 U.S6 Malawi8 U.S7 Malawi8 2004. 2,740.5 173.3 118.8 71.6 248.1 108.0 843.9 47.0 59.1 49.3 88.2 .. 203.7 14.7 2005. 2,789.8 196.2 113.2 127.4 198.1 104.0 833.2 44.4 48.0 52.8 89.6 .. 172.7 20.0 2006 2,969.3 211.8 123.2 176.5 915.0 168.6 2,604.8 .. 114.4 30.0 74.1 .. 361.0 107.5 2007 3,315.1 269.0 243.2 230.4 211.9 145.6 1186.4 .. 63.3 .. 166.9 22.9 332.4 100.6 2008 3,569.7 386.9 330.1 261.9 269.5 200.7 1,567.7 168.3 71.4 65.0 223.2 46.0 700.2 148.4 2009 4,235.3 360.7 237.9 295.0 314.0 200.9 994.6 186.0 62.8 60.0 165.5 46.3 589.4 169.5 2010 4,313.4 404.1 278.3 387.1 316.7 218.3 1,239.4 183.2 103.5 52.0 186.0 34.7 520.6 164.8 2011 4,475.1 294.0 144.4 256.4 346.2 253.0 1,724.0 .. 154.6 .. 291.8 .. 551.7 .. 2012 4,302.3 708.5 381.0 471.0 348.9 424.5 1,688.2 .. 89.2 .. 298.4 .. 580.2 .. 2013 4,573.5 1,144.8 754.0 762.4 257.0 669.3 2,314.5 391.1 90.4 .. 259.0 107.8 .. 353.4 2014 4,990.8 1,033.4 753.3 733.8 237.9 608.1 2,148.3 446.9 83.1 .. 192.9 95.8 .. 410.5 2015 4,908.3 1,174.3 832.1 1,111.1 340.4 822.8 1,946.2 554.0 70.4 .. 169.8 118.7 .. 442.8 2016 4,806.2 1,823.8 923.3 1,470.9 287.4 1,108.5 1,798.3 704.4 74.2 .. 159.2 216.4 396.2 666.7 2017…….. 4,646.2 2,131.8 1,293.3 1,280.29 315.0 1,414.7 1,487.0 .. 184.0 .. 154.5 125.7 398.9 .. 2018…….. 4,944.9 1,649.0 1,141.1 1,173.1 285.0 1,300.9 1,320.0 .. 201.0 .. 164.4 115.7 420.7 ..
2017 Jan 4,962.6 ...... 305.0 1,210.5 1,643.6 881.0 182.0 .. 160.0 226.3 377.0 768.3 Feb 4,930.1 ...... 306.0 1,293.2 1,653.5 977.6 188.0 .. 162.9 217.1 367.0 771.1 Mar 5,024.2 ...... 292.0 1,321.6 1,641.3 848.5 191.0 .. 159.0 199.8 370.0 757.0 Apr 5,032.7 2,136.4 1,040.7 1,272.7 287.0 1,255.6 1,600.0 865.5 192.0 .. 156.4 154.9 380.0 746.1 May 5,040.6 1,967.8 1,180.2 1,529.9 294.0 1,302.7 1,593.0 694.1 195.0 .. 158.6 108.9 421.0 682.0 Jun 4,571.8 2,074.2 1,249.2 1,380.2 314.0 1,368.6 1,592.3 667.9 187.0 .. 158.0 105.9 458.0 606.9 Jul 4,564.3 2,123.4 1,282.8 1,290.2 299.0 1,312.1 1,485.7 615.9 185.0 .. 157.5 103.5 417.0 597.0 Aug 4,503.8 2,137.2 1,296.6 1,298.4 299.0 1,356.4 1,432.6 598.3 175.0 .. 148.5 102.7 393.0 585.9 Sept 4,445.7 ...... 296.0 1,365.6 1,382.1 612.1 178.0 .. 147.3 102.0 402.0 626.1 Oct 4,543.8 ...... 306.0 1,445.9 1,325.0 627.4 173.0 .. 148.6 101.6 394.0 605.3 Nov 4,619.1 ...... 298.0 1,391.8 1,259.6 640.0 177.0 .. 148.7 98.6 402.0 619.8 Dec 4,646.2 ...... 279.0 1,572.5 1,239.4 656.0 188.0 .. 149.0 101.7 406.0 631.8
2018 Jan 4,658.2 ...... 296.0 1,320.4 1,180.2 657.9 201.0 .. 155.8 101.2 442.0 .. Feb 4,636.9 ...... 299.0 1,383.7 1,160.0 685.0 195.0 .. 163.4 112.9 425.0 .. Mar 4,735.5 ...... 281.0 1,365.8 1,227.1 723.5 203.0 .. 172.0 118.1 430.0 .. Apr 4,836.1 1,903.43 1,028.1 1,414.2 269.0 1,354.2 1,379.8 699.0 203.0 .. 175.6 102.2 451.0 707.1 May 4,900.9 1,823.12 1,132.1 1,217.7 262.0 1,330.2 1,450.0 656.9 208.0 .. 179.1 104.3 427.0 709.7 Jun 4,926.8 1,864.0 1,178.9 1,166.1 252.0 1,357.6 1,503.3 649.7 215.0 .. 165.1 111.8 398.0 684.9 Jul 4,921.6 1,854.1 1,181.1 1,149.6 249.0 1,362.5 1,450.9 .. 212.0 .. 156.5 117.3 405.0 .. Aug 4,977.9 1,750.4 1,155.73 1,155.8 240.0 1,430.7 1,405.5 .. 208.0 .. 162.4 125.8 405.0 .. Sept 4,969.2 ...... 241.0 1,012.6 1,380.0 .. 199.0 .. 154.8 130.3 405.0 .. Oct 4,935.7 ...... 242.0 1,022.5 1,265.2 .. 191.0 .. 160.3 127.3 409.0 .. Nov 4,921.0 ...... 236.0 1,311.0 1,223.9 .. 191.0 .. 160.7 136.5 401.0 .. Dec 4,944.9 ...... 230.0 1,271.6 1,212.6 .. 191.0 .. 167.4 149.3 404.0 ..
2019 Jan 4,805.4 ...... 227.0 .. 1,235.2 .. 190.0 .. 167.4 .. 404.0 .. Feb 4,946.5 ...... 216.0 .. 1,365.5 .. 182.0 .. 166.7 .. 410.0 .. Mar 4,948.3 ...... 213.0 .. 1,325.0 .. 179.0 .. 179.0 .. 408.0 .. Source: International Monetary Fund, International Financial Statistics, Tea Brokers Central African Limited, Tobacco Control Commission, Ministry of Agriculture 1US$/MT, (all markets) 2MK/kg 2a Northern Division 3US Cents/kg (average auction London) 3aMK/kg 4US$/MT -Nigeria (London) 5US Cents/pound 6US$/MT-United States (US Gulf Pts) 7US$/MT –Thailand (Bangkok) 8t/lb; average unit value of ADMARC pay-outs Cotton prices are minimum prices set by government
62 Financial and Economic Review, Volume 53-Number 1-2019 Table 4.7a: Index of Industrial Production1 (1984=100) Goods manufactured mainly for domestic market Goods mainly for consumption Food, Footwear, Production for General beverages clothing & Other building & Export Total manufa- Electricity industrial Period and tobacco textiles goods2 Total construction Total goods cturing and water production Weights 13 9 23 45 18 63 23 86 14 100 1997…...... 161.1 82.6 137.3 133.2 70.7 115.4 118.8 116.3 198.7 127.8 1998…...... 105.1 101.1 141.6 122.9 97.7 115.7 105.1 104.3 211.1 132.3 1999…...... 78.2 125.4 91.3 94.1 100.4 93.1 111.5 98.0 208.9 115.3 2000…...... 75.8 77.5 104.2 90.6 80.8 87.8 107.5 93.1 224.7 111.5 2001...... … 67.8 63.2 87.4 76.6 63.6 73.3 100.1 80.7 231.7 101.9 2002…...... 64.7 34.3 70.7 61.7 75.1 65.5 117.0 79.3 79.3 102.1 2003…...... 53.7 34.4 66.5 56.4 72.4 61.0 120.0 76.7 76.7 99.2 2004…...... 74.5 52.1 71.5 68.3 68.3 68.5 124.6 83.5 268.9 109.4 2005...... … 67.6 57.7 66.9 65.3 58.5 63.6 114.0 76.9 273.3 104.4 2006...... 68.4 47.8 64.7 62.4 49.3 58.7 128.6 77.7 291.8 107.4
2010 Jan…...... ….. 189.5 71.4 71.4 105.5 45.3 88.3 180.8 113.1 309.8 139.6 Feb…...... …. 182.4 85.5 69.1 105.1 70.6 95.3 211.7 126.4 278.4 147.7 Mar…...... …. 185.7 87.7 67.6 105.7 107.7 106.3 230.3 139.5 303.6 162.4 Apr…...... 195.3 107.0 75.6 116.5 115.9 116.3 202.0 139.2 320.3 164.6 May…...... 198.2 120.8 93.7 129.3 99.2 120.7 131.1 123.5 324.5 151.6 Jun…...... 202.3 105.8 126.1 144.0 97.4 130.7 83.6 118.1 324.7 147.0 Jul…...... 219.6 104.3 120.3 145.5 74.5 125.4 56.6 107.0 339.3 139.6 Aug...... …..... 213.5 129.8 131.0 154.6 95.8 137.8 48.9 114.0 349.8 147.0 Sept...... 209.7 100.0 102.4 132.9 119.7 129.1 107.0 123.2 331.0 152.3 Oct...... 207.0 141.9 104.8 141.8 76.7 123.2 90.1 114.3 335.0 145.2 Nov...... 197.4 108.1 134.2 147.2 78.4 127.5 30.1 101.5 326.7 133.0 Dec...... 288.3 70.5 110.9 154.1 88.5 135.3 163.8 142.9 333.0 160.6
2011 Jan…...... ….. 212.5 98.7 39.7 101.4 54.9 88.1 196.3 117.0 309.2 144.0 Feb…...... …. 152.0 113.7 42.1 88.2 76.4 84.8 195.5 114.5 300.1 140.4 Mar…...... …. 163.5 117.8 47.7 95.2 75.5 89.5 209.1 121.5 326.1 150.2 Apr…...... 147.8 113.0 53.0 92.4 73.0 86.8 180.2 111.8 337.2 143.3 May…...... 141.8 128.9 56.3 96.6 76.0 90.7 115.8 97.4 328.2 129.7 Jun…...... 149.0 119.5 56.7 96.0 72.1 89.1 66.3 83.0 329.7 117.6 Source: National Statistical Office, Monthly Statistical Bulletin. 1Excluding mining and quarrying and covering establishments employing 100 and more people. 2Soap, matches, furniture, printing and publishing.
63 Financial and Economic Review, Volume 53-Number 1-2019