The Reserve Bank of Malawi kept its policy rate unchanged at 24% at its October 2026 meeting. The Committee noted that although inflation has continued to moderate, it remains significantly above the Reserve Bank’s medium-term objective of 5%, and risks to the inflation outlook remain elevated. The annual inflation rate slowed for the fifth straight month to 19.4% in September 2026, down from 20% in August. Headline inflation is expected to average 22% in 2026 and 20% in 2027 (vs prior estimate of 18.5%). Significant upside risks remain, including heightened geopolitical tensions and the increased likelihood of El Niño during the 2026/27 agricultural season. Economic growth is projected at 2.8% in 2026, supported by improved agricultural production, before accelerating to 3.8% in 2027. The central bank also maintained the reserve requirements unchanged but raised the Lombard Rate spread from 0.2 to 2.0 percentage points above the policy rate to strengthen liquidity management. source: Reserve Bank of Malawi

The benchmark interest rate in Malawi was last recorded at 24 percent. Interest Rate in Malawi averaged 23.18 percent from 2001 until 2026, reaching an all time high of 75.53 percent in February of 2001 and a record low of 12.00 percent in November of 2020. This page provides - Malawi Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Malawi Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2026.

The benchmark interest rate in Malawi was last recorded at 24 percent. Interest Rate in Malawi is expected to be 24.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Malawi Interest Rate is projected to trend around 20.00 percent in 2027 and 18.00 percent in 2028, according to our econometric models.



Related Last Previous Unit Reference
Foreign Exchange Reserves 1051.40 1078.50 MWK Billion Jul 2026
Interest Rate 24.00 24.00 percent Oct 2026
Money Supply M1 4633800.00 4339000.00 MWK Million Jul 2026
Money Supply M2 8633800.00 8138800.00 MWK Million Jul 2026


Malawi Interest Rate
In Malawi, interest rates decisions are taken by the Reserve Bank of Malawi’s Monetary Policy Committee. The RBM’s official rate is the key interest rate.
Actual Previous Highest Lowest Dates Unit Frequency
24.00 24.00 75.53 12.00 2001 - 2026 percent Daily

News Stream
Reserve Bank of Malawi Leaves Rate at 24%
The Reserve Bank of Malawi kept its policy rate unchanged at 24% at its October 2026 meeting. The Committee noted that although inflation has continued to moderate, it remains significantly above the Reserve Bank’s medium-term objective of 5%, and risks to the inflation outlook remain elevated. The annual inflation rate slowed for the fifth straight month to 19.4% in September 2026, down from 20% in August. Headline inflation is expected to average 22% in 2026 and 20% in 2027 (vs prior estimate of 18.5%). Significant upside risks remain, including heightened geopolitical tensions and the increased likelihood of El Niño during the 2026/27 agricultural season. Economic growth is projected at 2.8% in 2026, supported by improved agricultural production, before accelerating to 3.8% in 2027. The central bank also maintained the reserve requirements unchanged but raised the Lombard Rate spread from 0.2 to 2.0 percentage points above the policy rate to strengthen liquidity management.
2026-10-28
Reserve Bank of Malawi Holds Key Rate Steady
The Reserve Bank of Malawi left its policy rate unchanged at 24% at its April 2026 meeting, following a 200 bps cut in March. Policymakers assessed that maintaining the current stance would support the ongoing disinflation process, anchor inflation expectations, and help restore macroeconomic stability. Headline inflation continued its downward trend observed since late 2025, falling to 24.3% in Q1 2026 from 27.7% in Q4 2025, largely due to lower food inflation amid improved food supply conditions. However, non-food inflation increased, driven by higher fuel prices and rising import-related costs linked to the Middle East conflict. The central bank expected inflation to average 22.0% this year, down from 28.4% in 2025, and to drop further over the medium term. Meanwhile, GDP growth is forecast at 3.8%, up from 2.7% in 2025, supported by favorable performance in agriculture, mining, and manufacturing.
2026-05-01
Malawi Slashes Key Policy Rate to 24%
The Reserve Bank of Malawi cut its policy rate by 200 basis points to 24% during its March 2026 meeting, marking the first rate change in almost two years. Policymakers said the move reflects a gradual decline in inflation while maintaining a tight monetary stance aimed at steering inflation toward the medium-term target of 5%. Headline inflation dropped to 27.7% in Q4, down from 28.1% in the previous quarter, and further declined to 24.9% in January 2026, largely due to lower food prices following government measures to boost maize supply. However, non-food inflation remains elevated, driven by higher fuel and electricity costs linked to rising production and import expenses. The central bank projects economic growth to accelerate to 3.8% in 2026 from 2.7% in 2025, supported by stronger activity in agriculture, tourism, mining, and manufacturing. Authorities are also seeking a new IMF support program as public debt exceeds 90% of GDP and foreign exchange shortages persist.
2026-03-06