Malawi President Peter Mutharika has appointed Foreign Affairs Principal Secretary Dalitso Kabambe as new Governor of the Reserve Bank of Malawi (RBM).
Kabambe replaces Charles Chuka whose contract has expired.
A statement dated April 21, 2017 signed by Chief Secretary to the Government Lloyd Muhara says the appointment "is with immediate effect ."
Says the statement: " His Excellency Professor Arthur Peter Mutharika, President of the Republic of Malawi, in exercise of the powers vested in him by DSection 6 of the Reserve Bank of Malawi (Amendment) Act of 2010, has appointed Dr Dalitso Kabambe, to the position of Governor of the Reserve Bank of Malawi."
According to RBM sources, Chuka 's contract has not been renewed because of his reluctance to play around with bank rates and inflation figures just to construct a cosmetic picture of the government that is ably performing to impress donors.
Economist Kabambe once worked as budget director in the Ministry of Finance during the tenure of late president Bingu wa Mutharika.
He also oversaw part of the Cashgate era , looting at Capital Hill and several other illegal activities involving billions of kwachas from public funds.
Kabambe was replaced by Paul Mphwiyo when he was moved as director in Ministry of Foreign Affairs before being promoted as PS.