Standard Bank Plc, listed on the Malawi Stock Exchange has welcomed the appointment of a brand new government staff at Reserve Bank of Malawi. The staff includes 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 throughout New Year vacation. Standard Bank Chief Executive Phillip Madinga stated the financial institution seems ahead to work with the brand new management staff.

“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 stated.

Madinga stated his financial institution will proceed to have interaction the central financial institution via its __Growth Conversations__platform which creates a medium for coverage 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,” stated Madinga, who can also be President of the Bankers Association of Malawi.

He cited the return to free-market pushed international change administration, expedited debt restructuring negotiations and the reasserting of the RBM’s independence as a few of the areas of dialogue. During his four-year tenure on the central financial institution, Dr Wilson Banda a veteran monetarist presided over the countr’s worst international foreign money shortages and unusual FX rules. The outcomes are extended queues of gas and shortages of some crucial imports together with fertilizer and medication. “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,” stated Madinga.