President Joyce Banda has appointed chief executive officer (CEO) of Malawi Telecommunications Limited (MTL), Charles Chuka, as new Reserve Bank of Malawi (RBM governor.
Chuka, one of Malawi’s top monetary economists and international public servants, replaces Dr Perks Ligoya.
Ligoya pursued a rigid exchange rate policy that the International Monetary Fund (IMF) has blamed for much of Malawi’s economic woes.
He became Governor of the Reserve Bank of Malawi after late Mutharika fired Victor Mbewe two years ago.
His firing is seen as some of the major changes the new Banda government is undertaking.
Chuka is no stranger in the leadership circles in Malawi. He was Senior Advisor to the Executive Director representing 22 of the 46 Sub-Saharan Africa countries in the Boards of the World Bank headquarters in Washington DC.
He joined the office of the Executive Director in October 2003 and his primary responsibilities included advising the Executive Director on Malawi, Mozambique, World Bank’s development strategies and programs, the implementation of Highly Indebted Poor Countries (HIPC) Initiative, the policy and operational framework for IDA and on the finances of the World Bank.
Prior to joining the World Bank Group, Chuka was General Manager for Economic Services in the Reserve Bank of Malawi, which he joined in 1979 and served in various capacities and departments.
He has a Master of Philosophy in Monetary Economics from the University of Glasgow, Scotland and a Bachelor of Social Science (Economics and Sociology) degree from the University of Malawi.