Malawi’s central bank, the Reserve Bank of Malawi on Monday chalked 50 years of its existence amid economic turmoil and high inflation rates the bank is battling to put under control.
The bank’s governor Charles Chuka conceded in an interview it would be awkward to have full blown champaign celebrations amid harsh economic atmosphere.
He said the bank is battling to reduce the 25 per cent inflation rate, the highest in southern Africa and has pushed up the cost of living for most Malawians.
However , Chuka, who started his career as an economist at the bank said there are reasons to smile as the central bank has expanded rapidly with all British staff replaced by local experts.
As Chuka was leading the central bank’s celebration, Minister of Health Peter Kumpalume was meeting district health officers in Mangochi to chat the way forward following the increasingly collapsing health sector which has suspended most of its key activities due to financial problems Capital Hill as a result of the economic turmoil.
Most poor subsistence farmers are yet to receive coupons to get subsidised farm inputs as the Ministry of Agriculture is rocked with severe financial woes as the economic situation worsens in Malawi.
Chuka said the bank is working round the clock to ring down the inflation rate to acceptable standards.Follow and Subscribe Nyasa TV :