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On the advice of the International Monetary Fund, in May 2012 Banda devalued the Malawian kwacha, something Mutharika had refused to do. The announcement of the kwacha's devaluation by 33 per cent against the United States dollar, an attempt to attract donor funding, prompted "panic-buying" in Malawian cities, the BBC News reported. [57]
The kwacha (/ ˈ k w æ tʃ ə /; ISO 4217: MWK, official name Malawi Kwacha [2]) is the currency of Malawi as of 1971, replacing the Malawian pound. It is divided into 100 tambala . The kwacha replaced other types of currency, namely the British pound sterling , the South African rand , and the Rhodesian dollar , that had previously circulated ...
This article lists events from the year 2025 in Malawi. Incumbents. President: Lazarus Chakwera; Vice-President: Michael Usi (since 21 June) Events.
Malawi's main opposition party, the Democratic Progress Party endorsed on Sunday former President Peter Mutharika to be its candidate in next year's presidential election. Mutharika, 84, who was ...
Elson Bakili Muluzi (born 17 March 1943 [1]) is a Malawian politician who was President of Malawi from 1994 to 2004. He was also chairman of the United Democratic Front (UDF) until 2009. He succeeded Hastings Kamuzu Banda as Malawi's president. He also served in Banda's cabinet as minister without portfolio, before retiring in 1980.
The service sector accounts for 51.7% of Malawi's national GDP. Notable industries are tourism, retail, transport, education, health services, telecommunication and the banking sector. The Government of Malawi holds shares in many important companies, such as Malawian Airlines (51%) and Press Corporation Limited. Press Corporation Ltd. is the ...
The February 2014 Baker Tilly report found that a total of MK 13,671,396,751 (Malawian Kwacha) was misappropriated during the six-month period of 2013: More than MK 6 billion (45%) in Cashgate transactions; nearly MK 4 billion (29%) in payments with no supporting documents; and MK 3.6 billion (26%) in inflated procurement prices.
The UDF under the charismatic Bakili Muluzi won these elections becoming the first party that was democratically voted into power in Malawi. Chihana's party came third, and he was awarded the position of second Vice-President. [3] However, Chihana has made his mark on Malawi's history and is known as the "father of democracy" in Malawi.