Reserve Bank of Malawi

Historical Background

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:

Mr. Charles Chuka 2012-Present
Dr. Perks Ligoya 2009-2012
Mr. V. 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
Mr Charles Chuka
Governor

Member
Miss Meg Kajiyanike
Deputy Governor, Operations

Member
Dr. Naomi Ngwira
Deputy Governor, Economics

Member
Dr. Grant Kabango
Deputy Governor, Supervision

Member
Dr. Ronald Mangani
Secretary to the Treasury

Member
Justice Isaac Mtambo, SC (Rtd)
 

Member
Mrs. Dorothy Ngwira
 

Member
Ms. Rosemary Mkandawire
 

Member
Mr. David Grimes
 

Reserve Bank of Malawi Management


Charles Chuka
Governor

Meg Kajiyanike
Deputy Governor, Operations

Naomi Ngwira
Deputy Governor, Economics

Grant Kabango
Deputy Governor, Supervision

Mac Donald Mwale
Director, Research & Statistics

Clemence Chimkono
Director, Human Resources

Samuel Malitoni
General Counsel & Bank Secretary

Mercy Kumbatira
Director, Banking & Currency Management

Rangford Chokhotho
Director, Internal Audit

Donnex Chitsonga
Director, Information & Communication Technology

Ralph Tseka
Director, Strategy & Risk Management

Joyce Gundani
Director, Exchange Control

Charity Mseka
Director, Accounting & Finance

Nyadani Chaika
Acting Chief of Protective Services

Mbane Ngwira
Director, Governor's Office

Patrick Mhango
Director, Administration

Henry Mathanga
Director, Financial Markets

Fraser Mdwazika
Director, National Payments Systems

Noel Mkulichi
Director, Pensions & Insurance Supervision

Eldin Mlelemba
Director, Bank Supervision

Hastings Mzoma
Director, Capital Markets & Microfinance

George Kanyanda
Director, Branch Management

Peter Chando
Head of Procurement and Stores

Mrs. Molly Stambuli
Head of Oracle Support Center

Organisation Structure

MISSION AND VISION

MISSION

To ensure price and financial stability through the formulation and implementation of sound monetary and macro-prudential Policies that are consistent with agreed national strategies.

VISION

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

CORE VALUES

The Bank shall uphold core values that are an integral part of its vision, mission and corporate culture. In pursuit of this, tha Bank shall uphold the following core values:

  • Professionalism
  • Integrity
  • Efficiency
  • Transparency

Bank's Strategy