By Chisomo Phiri
President Dr.Lazarus Chakwera,has pledged to reform the Reserve Bank of Malawi (RBM) and restore the founding principles and integrity of the institution during his second term in office.
The president made the remarks during his address at the 60th Anniversary celebrations of the RBM, held at the Bingu National Convention Centre (BICC) in Lilongwe on Friday.
In his speech,Chakwera expressed concern over the malpractice and unethical conduct of senior officials—issues that came to light at the beginning of his first term following a forensic audit commissioned by his administration.
“The vision of the MCP government that established Malawi’s institutions was for the central bank to serve as a pillar of our financial system, guiding our economy through decades of change, reform, and resilience.In short, the central bank must be strong,” he said.
The Malawi leader stressed that the RBM must be resilient enough to support economic recovery amidst financial shocks; capable of addressing foreign exchange challenges in the face of global crises; and robust enough to mitigate inflationary pressures resulting from climate change, global conflict, and other external influences affecting Malawi and the international community.
He concluded by affirming that his second term will focus on upholding these principles and ensuring that the RBM reclaims the credibility and stature it lost due to fiscal mismanagement,an issue that previously undermined the country’s standing with the International Monetary Fund.
On his part,Minister of Finance and Economic Affairs, Simplex Chithyola Banda, reaffirmed the government’s commitment to supporting RBM activities, acknowledging the vital role the bank plays in fostering economic development.
In his remarks,RBM Governor McDonald Mafuta Mwale stated that the Economic Symposium provides a platform for delegates to reflect and identify areas for improvement as the institution marks 60 years of operation.
The event is being held under the theme: “Promoting Stability and Sustainable Development in Malawi.”
