Malawi: Reserve Bank of Malawi Draws Closer to People

Mzuzu — Governor of Reserve Bank of Malawi (RBM) Dalitso Kabambe says communication between the central bank and citizens is critical in improving the bank's operations.

Kabambe was speaking Friday in Mzuzu during a meeting it organised with members of the business community, the private sector and heads of government sectors, among others.

He said it is imperative that RBM should start communicating with the citizenry to address misconceptions which people have about the central bank and improve its operations.

"Communication will enable Malawians appreciate the bank's roles and operations. Citizens can advise the bank so that it performs to the expectations of the people it serves," Kabambe said.

He said RBM is geared towards creating conducive environment for the private sector to spur economic growth and that this could be achieved through maintaining prices and financial stability.

"RBM will ensure robust and resilient macro- economic system to make it possible for the private sector to operate well," he said.

The central bank governor told the meeting that inflation rate has reduced from 9.2 percent in 2018 to 8 percent in 2019 and interest rates from 24 percent to 13.5 percent.

Kabambe added that the bank has plans to reduce the interest rate further to 11 percent.

"Our strategic plan is to attain 5 percent medium-term inflation by 2021," he said.

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