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Mutharika advices RBM to tighten all loopholes

Written by  Limbani Chuma Ngwata


President Professor Peter Mutharika has urged the Reserve Bank of Malawi to speedily put in place the Control Act that will protect the country’s foreign exchange.


Professor Mutharika was speaking during the official opening of a branch of the Reserve Bank of Malawi in Mzuzu. President Mutharika said the country was losing more money than the aid that it receives hence the need to tighten all loopholes.

“As a country we are not poor as we think, this country is not poor we make enough money. This country is losing more money than all the aid that comes from outside the country,” said Mutharika adding that every institution must think big and work to put its house in order.

“Reserve Bank open a new chapter, reform your policies and services with agencies, you are in the driving seat of the financial sector, we expect a lot from you. Every Malawian expects you to hold the financial sector for us to transform the business environment,” explained Mutharika.

The Malawi leader however said the coming in of the Reserve Bank in Mzuzu will not only transform the city’s scenery but also ensure that it takes its rightful role as the region's centre for economic activity.

President Mutharika revealed that plans are underway to renovate and improve the city’s airport as the government waits for land to build a world class airport.
The President then urged Malawians to stop thinking poor as he was optimistic that one day Malawi will be rich.

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