Standard Bank Welcomes Changes at RBM
Standard Bank Plc, listed on the Malawi Stock Exchange has welcomed the appointment of a new executive team at Reserve Bank of Malawi. The team comprises seasoned economists Dr Mafuta Mwale as Governor and Dr Kisu Simwaka as Deputy.
Phillip Madinga: Chief Executive Officer, Standard Bank, PLC
President Lazarus Chakwera appointed the duo after ending their predecessor Dr Wilson Banda’s tenure at Chikokobay in Mangochi during New Year holiday. Standard Bank Chief Executive Phillip Madinga said the bank looks forward to work with the new leadership team.
“The two economists bring a renewed sense of vigour and confidence to the financial markets given their vast expertise in economics and financial regulation. We are pleased to have a team that has built a track record working at the technical level in both respects of economic policy formulation and implementation, ” he said.
Madinga said his bank will continue to engage the central bank through its __Growth Conversations__platform which creates a medium for policy dialogue.
“We look forward to further strengthening this dialogue with the new leadership of the Central Bank and exploring how we can collaborate beyond the mandate of price and financial stability but also how we can support social economic national development and economic growth,” said Madinga, who is also President of the Bankers Association of Malawi.
He cited the return to free-market driven foreign exchange management, expedited debt restructuring negotiations and the reasserting of the RBM’s independence as some of the areas of dialogue. During his four-year tenure at the central bank, Dr Wilson Banda a veteran monetarist presided over the countr’s worst foreign currency shortages and strange FX regulations. The results are prolonged queues of fuel and shortages of some critical imports including fertilizer and medicine. “A return to market-driven foreign currency management policies that will stimulate and incentivize the private sector, NGOs and donors to participate fully and effectively in contributing to the stabilisation of FX reserves is required,” said Madinga.
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