National Bank of Malawi (NBM) plc has reported a 95 percent jump in its profit after tax, rising from K101.71 billion in 2024 to K197.97 billion, according to Nyasa Times. The bank attributed the growth to increased profits from foreign exchange trading, higher fees, and strong performance from subsidiaries such as Tanzania's Akiba Commercial Bank. Despite citing constraints from foreign exchange shortages and high inflation, NBM noted that operating expenses rose by 25 percent, keeping them below the annual headline inflation rate.
Update: A new policy note from the International Food Policy Research Institute and the National Planning Commission has intensified calls for Malawi to unify its exchange rate. According to The Nation, the report argues that the current official rate of K1,750 to the dollar is largely irrelevant to price formation, as most importers already use the informal market rate of around K4,400. Researchers estimate that unifying the rates would only raise consumer prices by about five percent in the short term, since the bulk of inflationary adjustments have already happened.
Update: Political tensions are escalating over the recent fuel price hikes, with the opposition UTM party demanding temporary reductions in fuel taxes, AfricaBrief reports. Energy and Mining Minister Jean Mathanga defended the increases in Parliament, pointing to a 40 percent spike in global oil prices driven by the conflict between Iran and Israel. The adjustments, which took effect on April 1, pushed petrol prices to K6,672 per litre and prompted immediate fare increases by transport operators in Lilongwe and Blantyre.