Malawi: Reserve Bank Launches Malawi Kwacha App, 2019-2021 Strategic Plan
Reserve Bank of Malawi (RBM) officially launched its 2019 to 2021 Strategic Plan to guide its operations for the next three years and has also developed the Malawi Kwacha Smartphone Application in its efforts to bring down counterfeit currency.
Launching the Plan and the App at their Blantyre offices, RBM Governor, Dalitso Kabambe said the Central Bank will be reviewing its every strategic plan every three years to ensure that it remains relevant and focused on its mandate while at the same time being responsive to the dynamic and ever changing environment and needs of the nation.
"Building on the successes of 2018, the Bank has developed the new Strategic Plan which in the medium term, is to achieve an inflation target of 5 percent by the first quarter of 2021," said Kabambe. He said to achieve this, the central bank has set out its path for monetary policy, and at any point, RBM will make adjustments necessary to ensure that this objective is achieved.
"It is also expected that by that time, the Policy Rate will also have followed reductions in inflation and settled at around 11 percent, while effective rates by Commercial Banks will have followed suit," he said. Kabambe added that in the new plan, RBM is expected to grow export revenues through the activities of the Export Development Fund (EDF) from less than US$100 million per year currently to US$600 million per annum by 2021 and working with other agencies such as the Ministry of Foreign Affairs and International Corporation and Malawi Embassies abroad.
Diaspora remittances are also expected to increase from US$186 million registered in 2018 to US$500 million per annum by 2021. Read more on All Africa.
Source: All Africa