Malawi President Peter Mutharika has appointed Foreign Affairs Principal Secretary Dalitso Kabambe as new Governor of the Reserve Bank of Malawi (RBM).
Kabambe replaces Charles Chuka whose contract has expired.
A statement dated April 21, 2017 signed by Chief Secretary to the Government Lloyd Muhara says the appointment “is with immediate effect .”
Says the statement: “ His Excellency Professor Arthur Peter Mutharika, President of the Republic of Malawi, in exercise of the powers vested in him by DSection 6 of the Reserve Bank of Malawi (Amendment) Act of 2010, has appointed Dr Dalitso Kabambe, to the position of Governor of the Reserve Bank of Malawi.”
According to RBM sources, Chuka ‘s contract has not been renewed because of his reluctance to play around with bank rates and inflation figures just to construct a cosmetic picture of the government that is ably performing to impress donors.
Kabambe workes as an economist and principal economist in the Ministry of Agriculture where he served for seven years, and then as chief economist and deputy director of economic planning in the Ministry of Economic Planning and Development for four years.
He also worked as budget director in the Ministry of Finance during the tenure of late president Bingu wa Mutharika and oversaw part of the Cashgate era – looting at Capital Hill and several other illegal activities involving billions of kwachas from public funds.
Kabambe was replaced by Paul Mphwiyo when he was moved as director in Ministry of Foreign Affairs before being promoted as PS.
He holds a PhD and a Master’s Degree in Development Economics from Imperial College London, University of London, United Kingdom which was obtained in 2008 and 2001 respectively.
Kabambe also holds a BSc Degree from the University of Malawi obtained in 1998.