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:
|Dr. Wilson T. Banda||July 2020-Present|
|Dalitso Kabambe PhD||2017-July 2020|
|Dr. Perks Ligoya||2009-2012|
|Dr. E.E. Ngalande||2000-2005|
|Dr. M.A.P. Chikaonda||1995-2000|
|Hans Joachim Lesshafft||1988-1992|
RBM BOARD OF DIRECTORS
Reserve Bank of Malawi Management
Dr. Wilson T. Banda
Dr. Grant Kabango
Deputy Governor, Economics & Supervision
Deputy Governor, Operations
Director, Economic Policy Research
General Counsel & Bank Secretary
Director, Human Resources
Director, Internal Audit
Director, Currency Management
Acting Director, Banking
Director, Information & Communication Technology
Director, Strategy, Communication and Risk Management
Director, Foreign Flows Monitoring
Manager, Protective Services
Director, Financial Markets
Director, National Payments Systems
Director, Pensions & Insurance Supervision
Director, Capital Markets & Micro-Finance Supervision
Director, Administrative Services
Director, Bank Supervision
Director, Accounting & Finance
Director, Financial Sector Regulation
Director, Branch Management (Mzuzu)
Director Procurement & Stores
MISSION AND VISION
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.
To be an institution of excellence that promotes price and financial stability.
- Team Work
"TIPITE" - We will forge ahead and others will follow voluntarily