Monetary & Banking 

Country name:

conventional long form: Republic of Malawi
conventional short form: Malawi
former: British Central African Protectorate, Nyasaland Protectorate, Nyasaland

 

Capital:

Lilongwe. Population: 597,619 including suburbs (2003).
 

 

Location:

Southeast Africa.

 

Area:

118,484 sq km (45,747 sq miles).
 

Description:
Malawi shares borders to the north and northeast with Tanzania, to the south, east and southwest with Mozambique and to the west with Zambia. Lake Malawi, the third largest lake in Africa, is the dominant feature of the country, forming the eastern boundary with Tanzania and Mozambique
 

 

Population:

13.6 million (CIA estimate 2007).

 

Languages:

English and Chichewa are both official. Chichewa is widely spoken but the language of the business community is English.
 

Climate:
Varies from cool in the highlands to warm around Lake Malawi. Winter (May to July) is dry and nights can be chilly, particularly in the highlands. The rainy season runs from November to March. Around Lake Malawi, in winter, the climate is particularly dry with pleasant cooling breezes

 

 

Economy - overview:

The economy is almost entirely agricultural but the manufacturing industry now accounts for about 15% of economic output. Manufacturing is concentrated in light industrial import substitution projects such as textiles, chemicals, agricultural implements and processed foodstuffs. Tourism is intended to become a major source of foreign exchange but this will depend on improvements in basic infrastructure and political stability in the region.
In 2006, the economy grew by 6.4%, while inflation was 14%. Recent economic policy has followed an orthodox course of privatisation, deregulation and government spending cuts. The latter have had a severe impact on the country's already limited basic services, especially healthcare. Between one-third and one-half of the working population are thought to be infected with HIV/AIDS, with the inevitable economic consequences.
Malawi is normally self-sufficient in food, especially maize, the main staple. But it also has a vast balance of payments deficit and is heavily dependent on foreign aid, both bilateral and from the World Bank

Economy:

The economy is almost entirely agricultural but the manufacturing industry now accounts for about 15% of economic output. Manufacturing is concentrated in light industrial import substitution projects such as textiles, chemicals, agricultural implements and processed foodstuffs. Tourism is intended to become a major source of foreign exchange but this will depend on improvements in basic infrastructure and political stability in the region.
In 2006, the economy grew by 6.4%, while inflation was 14%. Recent economic policy has followed an orthodox course of privatisation, deregulation and government spending cuts. The latter have had a severe impact on the country's already limited basic services, especially healthcare. Between one-third and one-half of the working population are thought to be infected with HIV/AIDS, with the inevitable economic consequences.
Malawi is normally self-sufficient in food, especially maize, the main staple. But it also has a vast balance of payments deficit and is heavily dependent on foreign aid, both bilateral and from the World Bank
 

Industries:

tobacco, tea, sugar, sawmill products, cement, consumer goods