RBM invites Malawians in diaspora to a virtual Monetary Policy Conference

* This year’s conference provides the right forum to brainstorm issues with all relevant sectors of the economy

* To enhance monetary policy in the current environment — Reserve Bank of Malawi

By Duncan Mlanjira

Ministry of Foreign Affairs has invited Malawians in diaspora to virtual attend Reserve Bank of Malawi’s annual Monetary Policy Conference scheduled for September 29-30 from 08:00hrs (Malawian time).

The conference, whose host will be RBM Governor, Dr. Wilson Banda and Minister of Finance Sosten Gwengwe as the keynote speaker, is expected to be held at Bingu International Convention Centre (BICC).

Malawians in the diaspora are encouraged to register for their virtual attendance via zoom through the link: https://rbm-mw.zoom.us/meeting/register/tZwrceurrz4rEtA8N-lH3vpzVetp-e7uiFQ2.

The invitation, issued on Tuesday, September 13 by Secretary for Foreign Affairs, has been made through all Malawian diplomatic Missions.

 

The announcement from RBM says “the CoVID-19 global pandemic has, amongst other effects, compelled central banks to deploy unconventional monetary policy measures in order to support economic recovery, while at the same time being mindful of the price stability objective.

“The pandemic has also led to the emergence of financial innovations, which may challenge the effectiveness of the traditional monetary policy design.

“It might, therefore, be important to accommodate these innovations in the current policy environment in pursuant of central banks’ mandates in order to enhance their effectiveness.

“This year’s conference, therefore, provides the right forum to brainstorm these issues with all relevant sectors of the economy to enhance monetary policy in the current environment,” says the statement.

Every time the country’s President travels outside the country on official duties, they always make sure they officially meet with Malawians in diaspora to discuss means of addressing  various social and economic issues affecting Malawi.

But this is the first of its kind on the RBM Monetary Policy conference — which comes as the country faces many economic challenges that include the 16% depreciation of the kwacha, scarcity of forex and fuel and increasing prices of essential commodities.

It also comes after the decision by the International Monetary Fund (IMF) to put on hold talks over a new extended credit facility (ECF) with Malawi until a resolution is made on the country’s debt sustainability situation.

Minister of Finance, Gwengwe told the nation this week that discussions with the IMF on the new ECF are ongoing and hopes Malawi will be able to satisfy the requirements set to access the facility.