Regulatory Alerts2019-04-02
Reserve Bank of Malawi Act, 2018
The Parliament of Malawi enacted the Reserve Bank of Malawi Act, 2018, establishing the Reserve Bank of Malawi as a body corporate with the primary objectives of maintaining price and financial stability, with price stability taking precedence in case of conflict. This Act confers extensive functions and powers on the Bank, including formulating and implementing monetary policy, issuing legal tender, managing foreign assets, and acting as banker, fiscal agent, and advisor to the Government and other financial institutions. It further details the Bank's organization, administration, independence, the composition and responsibilities of its Board of Directors, and the qualifications and duties of the Governor and Deputy Governors.
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