Reserve Bank Governor fired
Malawi President Bingu wa Mutharika has told Reserve Bank Governor Victor Mbewe that his position is untenable and he seizes to be head of the institution by today (Wednesday).
The highly placed source at Office of President and Cabinet (OPC) said Mbewe was summoned by Chief Secretary to the President Bright Msaka yesterday where he communicated that the President has lost confidence in him.
Mbewe has been forced to tender his resignation by Wednesday.
The official who spoke in his personal capacity and refused to be named, said Mbewe and former finance minister Goodall Gondwe did not defend the President when the IMF team recently visited Malawi.
“The President felt gravely betrayed by Mbewe and Gondwe after they failed to defend his policy of overpricing the Kwacha and reasons not to devalue the currency. The Reserve Bank Governor has also fallen out with the President for failing to close money exchange Bureau due to the shortage of forex,” said the official.
The IMF report accused the Mutharika government of gross abuse of public resources especially in statutory corporation, government overexpenditure and also attacked the administration for purchasing fertilizer for the subsidy programme in the previous financial year’s budget.
Mutharika wants somebody who can understand his economic policies both as Finance Minister and central bank head in the face of forex scarcity and IMF nailing report.
Mbewe had so far been complying with Mutharika’s brand of economics, but was powerless to close Bureau because the RBM has appealed to the Supreme Court a court order that stopped his institution from effecting any closures.
The governor is reported to have told Msaka that the central bank is not a law enforcement agency and any forex bureau found to be contravening the Banking Act are referred to the Fiscal Police Department for action.
Meanwhile, Mbewe has accepted that he will not enter in confrontation zone with the Ngwazi Dr Bingu wa Mutharika who is adamant to pay contract termination dues only offering three month salary.
Mbewe and Bright Msaka the Chief Secretary were not readily available for comment on this breaking news alert.
Tagged with: Bingu, Goodall Gondwe, IMF, Mbewe, Msaka, Reserve Bank
DPP Woyeeeeeeeeeeeeee!
Woyeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!
Tigwetsanso wina wankulu ingotini pheeeeeeeeeeeeeeeeeeeeeeee.
Munatipondereza nthawi yaitali lero takupezeleranii
DPP Woyiiiiiiiiiiiiiiiiiiiiiiiiiii!
Woyiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii!
Kumakhoti tikubweranso Woyiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii!
Kaya zanu izo.
I work for the Central Bank. Am not a lomwe. To be honest Mbewe has failed to deliver.
Mwapulika?????????????????????????????????????
Abale Mbewe must go ndikale lija ena ayendetseko RBM
Uku ndiye kubwera a Bingu. Pulezidenti azitero kukonza makampani onse osayenda bwino. A Bingu Woyeee!!! Chonde mubwerenso kwathu kuno ku Msika wamadzi aBulantayere – mmaka mkulu wa Administration – Administration yakeyi njachitsamunda kaya akadali ndi maganizo a Tembo kaya ndi ya Muluzi kaya – tithandizeni ndithu madzi asanasiye kutuluka mmipope. ife ndiye tatopa naye. Chinkana zinthu sizikuyenda bwino.
iyi ndiye nkhani
Inde wadya zake ameneyu. bwana Bingu muikeni NaWENA pamenepa kuti malawi ikhale ya nkaka ndi uchi monga HARARE. LOMWE WOYEEEEEEEEEEEEEEEEEEE
That’s why you see the intelligentsias leaving the country.He is putting much emphasis on chopping and changing. He should instead aim to seek macro economic policies and efforts that seek to improve the standard of living for the common people in the villages-their well-being and quality of life.
-Improve agricultural training. higher agricultural output will stimulate manufacturing and create jobs and grow incomes of many. It is through this that the Gov increases its tax base to finance its spending – projects that benefit the population. grow farming enterprises and industrial production. The results are
-low inflation
-high GDP
-EVEN higher economic growth which translates into better life- economic development and modern societies. As many people have money direct foreign investment is induced. This is because people in the country have money to buy products and labour productivity becomes higher signifintly becoz literacy rates increase,life expectancy,poverty rates improve ( they decrease). For the current economic growth, retain current business success polities and look for new opportunities to further grow the economy. Don’t forget the main asset of the country – the citizens.
It is not yet through, more is coming. I feel pity with Mbewe. Bingu is no nonsense and people had been talking that he plays condom politics, that once used, is thrown away. Mbewe was used to give DPP funds for campaign and since Bingu has achieved what he wanted, then Mbewe must go and replace him with another Lomwe. Ndiyetu 2014 si pano ayi, muwona zambiri anthu odudukira zawenenu. This is why I will not vote because of such things happening now.
Kwali mwekhaaa!
Kananji kusankha sibweni kuti alamulire dziko lino ndiye chisimu musatinamizepo apa. Zikuchitika even m’ma office. Wakuya.
Let Mr. President do what seems to be right for the Malawians. We should not cry today because we chose him to be our commander in chief. We deserve that because we are pigheaded people.
Correction: Roy Welensky is the man that Dr Hastings Kamuzu Banda defeated in the 1958 struggle against the federation of Rhodesia and Nyasaland. As for Lewinsky (Monica), the lady became popular during the Presidency of Bill Clinton in the USA.
tiyeni tidikire timve zoona zake. tisathamangire kutukwana a mulhakho. we are all in the dark as to why ze president has fired the governor. if you are hired, you also expect to be fired. so no big deal here.lets wait to hear the reasons for his untimely dismissal. no reason for ‘mulhakho this’ ‘mulhakho that’.