Reserve Bank of Malawi

Historical Background

The Reserve Bank of Malawi was established under an Act of Parliament in July 1964 (Chapter 44:02 Laws of Malawi) and started its operations in June, 1965 in Blantyre. It replaced a branch of the Federal Bank of Rhodesia and Nyasaland founded to serve as a central bank of the Federation of Rhodesia and Nyasaland. The federation comprised Southern Rhodesia (now Zimbabwe), Northern Rhodesia (now Zambia) and Nyasaland (now Malawi).

At inception, the Bank had total assets amounting to K15.96 million with foreign assets amounting to K15.2 million an equivalent of £8.8 million, representing 18.1 percent of the federal currency which was redeemed in Malawi. By 1981, the year its head office moved to Lilongwe, the Reserve Bank of Malawi had expanded its operations when total assets increased to K230.7 million with foreign assets amounting to K43.9 million.

In April, 1989, the Reserve Bank of Malawi (RBM) Act was revised stipulating the Bank's principal functions which are in the interest of the national economy and are in line with the economic policies of the government. Before the revision of the Act, the Reserve Bank of Malawi reported to the Treasury. The 1989 RBM Act, however, made the Reserve Bank of Malawi independent from government under section 4. With this independence, the Reserve Bank of Malawi has the full mandate to conduct monetary policy whereas fiscal policy issues are the mandate of the Ministry of Finance. The Reserve Bank of Malawi therefore has to ensure that fiscal developments are consistent with monetary developments.

In 1990, the Reserve Bank of Malawi clocked 25 years of its operations with total assets amounting to K1.03 billion and foreign assets accounting for K324.5 million. By the close of 1998, total assets of the Bank registered a high of K18.8 billion with foreign assets amounting to K11.3 billion. The operations of the Bank have therefore expanded during the years more especially with the growth of the financial sector. This necessitated the building of a new and spacious branch office in Blantyre which was officially opened in November, 1998.

During its time of operation to date, the Bank has the following Governor's, namely:

Dalitso Kabambe PhD 2017-July 2020
Charles Chuka 2012-2017
Dr. Perks Ligoya 2009-2012
Victor Mbewe 2005-2009
Dr. E.E. Ngalande 2000-2005
Dr. M.A.P. Chikaonda 1995-2000
F.Z. Pelekamoyo 1992-1995
Hans Joachim Lesshafft 1988-1992
S.C. Hara 1986-1988
L.C. Chaziya 1984-1986
J.Z.U. Tembo 1971-1984
D.E. Thomson 1968-1971
A.G. Perrin 1968

RBM BOARD OF DIRECTORS


Chairman
Dr. Wilson T. Banda
Governor

Member
Dr. Grant Kabango
Deputy Governor, Economics & Supervision

Member
Mr. Henry Mathanga
Deputy Governor, Operations


Member
Mr. Chauncy Simwaka
Secretary to the Treasury

Member
Mr. Randson Mwandiwa
 

Member
Justice Elton Singini
 

Member
Ms. Nimia Mzembe
 

Member
Ms. Mirriam Wemba
 

Member
Dr. Maxwell Mkwezalamba
 

Reserve Bank of Malawi Management


Dr. Wilson T. Banda
Governor

Dr. Grant Kabango
Deputy Governor, Economics & Supervision

Henry Mathanga
Deputy Governor, Operations


William Matambo
Executive Director, Corporate Affairs

Chimwemwe Kachingwe
General Manager, Reserve Bank of Malawi Pension Fund

Kisukyabo Simwaka
Director, Economic Policy Research

George Chioza
General Counsel & Bank Secretary

Mercy Kumbatira
Director, Human Resources

Clemence Chimkono
Director, Internal Audit

Donnex Chitsonga
Director, Information & Communication Technology

Joseph Milner
Director, Currency Management

Grace Mphasa
Director, Banking

Mbane Ngwira
Director, Strategy & Risk Management

Dr. Onelie Nkuna
Director, Communication & Protocol

Esther Machado
Director, Foreign Flows Monitoring

Geoffrey Kandaya
Director, Administration

Ralph Tseka
Director, Financial Markets

Oscar Mablekisi
Director, Protective Services

Chitani Chigumula
Director, Pensions & Insurance Supervision

Fraser Mdwazika
Director, National Payments Systems

Dr Mark Lungu
Director, Capital Markets & Micro-Finance Supervision

Fund Mzama
Director, Administrative Services

Lanjes Sinoya
Director, Bank Supervision

Molly Stambuli
Director, Accounting & Finance

Khumbo Mtalika
Director, Financial Sector Regulation

Michael Kayange
Director, Branch Management (Mzuzu)

Peter Chando
Director Procurement & Stores

MISSION AND VISION

MISSION

To foster the stability, integrity, and efficiency of the monetary, financial, and payment systems through the formulation and implementation of sound monetary and macro-prudential policies that take into account national interest.

VISION

To be an institution of excellence that promotes price and financial stability.

CORE VALUES

  • Transparency
  • Integrity
  • Professionalism
  • Innovation
  • Team Work
  • Efficiency

"TIPITE" - We will forge ahead and others will follow voluntarily