Since 1970, the kwacha, denoted by the ISO code MWK, has been the monetary unit of Malawi. The Malawian kwacha is further divided into 100 tambala.
The kwacha was adopted by Zambian kwacha, which was used in Zambia since 1968. The name kwacha derives from the Bemba word for "dawn", alluding to the Zambian nationalist slogan of a "new dawn of freedom."
Sovereign Ratings for Malawi
Malawi is not rated.
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Political Structure
The Government of Malawi has been a multi-party democracy since 1994. The political system is divided into three separate branches: the executive, the legislative, and the judicial branch.
In the executive branch, the president serves as both chief of state and head of government and is elected by popular vote for a five-year term. The cabinet consists of 28 members named by the President.
The legislative branch consists of the National Assembly with 193 members elected by popular vote to serve five-year terms.
The judicial branch of the Malawi government is made of the Supreme Court of Appeals and the High Court. The president appoints the chief justice and puisne judges are appointed on the advice of the Judicial Service Commission.
Prominent Figures
Chief of state: President Bingu wa Mutharika
Head of state: President Bingu wa Mutharika
Vice President: Cassim Chilumpha
Governor of the Central Bank of Malawi: Victor Mbewe
Key Economic Factors
Economic Overview: Malawi is one of the world's least developed countries. Malawi's economy is predominantly agricultural with nearly 90% of the population living in rural areas. Agriculture accounts for about 40% of GDP and 88% of export revenues. The economy is dependent on substantial inflows of economic assistance from the IMF, the World Bank, and individual donor nations. The government has faced many strong challenges including the failure to develop a market economy, improving educational activities, facing up to environment problems, and dealing with the exponential increase in AIDS cases.
Industries: Tobacco, tea, sugar, sawmill products, cement, and consumer goods.
Exports - commodities: Tobacco, tea, sugar, cotton, coffee, peanuts, and wood products.
Imports - commodities: Food, petroleum products, semi manufactures, consumer goods, and transportation equipment.
Major Trading Partners: South Africa, Zimbabwe, South Africa, US, Germany, and Zambia.
Agriculture - products: Tobacco, sugar cane, cotton, tea, maize, potatoes, cassava (tapioca), sorghum, pulses; cattle, and goats.
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