LILONGWE-(MaraviPost)-The country’s central bank, Reserve Bank of Malawi (RBM) on Friday launched its 2018 strategy plan and high value alert facility for government transactions.
The two documents are to ensure that government coffers are safeguarded from unscrupulous civil servants on unauthorized payment transactions.
The five key pillars that will guide the strategic plan including improving the conduct of monetary policy, maintaining and sustaining a stable exchange rate, developing and promoting financial institutions, markets and instruments, conducting supervision of financial institutions, and ensuring availability of quality and adequate legal tender and be an efficient banker to government, commercial banks and donor institutions.
This is the last part of the three year strategy-2016-2018 that is guiding the central bank in its operation towards serving the public.
For diligent implementation of the strategy, RBM is in close collaboration with the Director of Public Prosecution (DPP) and Malawi Police Services (MPS).
Even the bank’s directors have signed agreement the plan’s effective implementation that if they fail to deliver face sanctions coupled with rewards when meeting the target by December, 2018.
The central bank has therefore put a ceiling of MK50 million and above as cash transactions that will be properly monitored through high value alert system when payments are done.
The system which is powered by National Integrated Telecom Limited (NITEL), formerly Mal-Switch, and that any financial government transaction from central bank will be alerted to all controlling officers to curb illegal money withdraws.
The central bank’s Governor, Dr. Dalitso Kabambe told journalists after the two documents’ launch at its Headquarters in the capital Lilongwe that time for honey moon was over on illegal government funds transactions.
Kabambe, who joined the bank in April, 2017 emphasized the need for all government controlling officers to safeguard Malawi’s resources for the meaningful development.
The Governor assured the nation of his institution of working tirelessly that the infamous 2013 cash gate scam should not occurred under his watch.
“On maintaining and sustaining a stable exchange rate, the bank intends to eliminate transfer pricing and illegal externalization of foreign exchange through implementation of the Roadmap which has been developed on this matter.
“The bank will have full scope onsite examination of all commercial banks undertaken by December 2018. We are also to undertake onsite examination of SACCOs, capital market players, insurances and pensions entities deemed risky,” assures Dr. Kabambe.
The RBM 2018 strategy properties’ mission is to ensure price and financial stability through the formulation and implementation of sound monetary and prudential policies and take into account national interest.
The launch attracted players in the banking sector including International Monitory Fund (IMF), Malawi Parliamentary budget committee, police, judiciary (DPP), commercial banks, media and among others.