1. Posted on Thursday 16 July 2009 - 07:52

   ---

   Sam Banda Junior

   

   • Profile
   • Homepage
   • 1155 messages

   ---

   Sam Banda Junior, AfricaNews reporter in Blantyre, Malawi

   Malawi's Reserve Bank governor Victor Mbewe has suddenly resigned his post on Tuesday before the expiry of his contract. Before his resignation, speculations in the media have been rife in the southern African country over the future of his job which was to expire in seven months time.

   

   The country’s Central Bank Secretary Samuel Malitoni confirmed Mbewe’s resignation saying it was a mutual agreement between him and his employers. “I can’t say it is a firing or resignation. It is just a mutual agreement between Mbewe and his employers,” said Malitoni.
   
   Media reports in the southern African country however, say Mbewe might have resigned amid a foreign exchange drought that has hit Malawi over the past 12 months. Malawi’s local daily - The Nation - quoted Mbewe in his letter addressed to the Central Bank’s staff as thanking them for the support over his four-year tenure.
   
   The paper further quoted sources from the country’s government as saying that the governor might have had his contract prematurely terminated over the Central Bank’s failure to ensure availability of forex.
   
   Mbewe was employed as the Central Bank’s governor on February 1, 2005 and was expected to run into February 2010. It is not yet clear who succeeds Mbewe.
   
   Malawi President Bingu wa Mutharika has in the past criticized the central bank, accusing it of failing to clamp down on unlicensed dealers whom the government said hoard foreign currency and cause shortages of money in circulation, according to a report on LSE.
   
   Mbewe, a former head of Standard Bank in Malawi, joined the central bank as governor in 2005. He had a good reputation in the market and his banker background helped him earn respect.
   
   Mbewe is credited with helping to bring the southern African nation's inflation back to single digits.
   
   He worked closely with the International Monetary Fund in the lead-up to it and the World Bank cancelling Malawi debt of $2.9 billion in 2006. He has also been key in negotiating further aid for Malawi from these organizations.

   ---

   ---

Reactions

1. Posted on Thursday 16 July 2009 18:24

   ---

   malawian

   

   
   2 berichten
   Lid sinds July 2009

   ---

   Its good that he has resigned, the man is a failure. Lets be down here, his success cannot be measured all. He was at the helm of Commercial Bank of Malawi when it was taken over by the Standard Bank of South. He was lured to lead the central bank because of his affiliation to the then UDF govt.
   
   The are many qualified and talented young people out there that are left out in the shade at the expensive failures like Mr Mbewe.

   ---

   ---

2. Posted on Thursday 16 July 2009 18:39

   ---

   malawian

   

   
   2 berichten
   Lid sinds July 2009

   ---

   Its good that he has resigned, the man is a failure. Lets be down here, his success cannot be measured at all. He was at the helm of the then Commercial Bank of Malawi before it was taken over by the Standard Bank of South Africa. He was lured to lead the central bank because of his affiliation to the then UDF govt. After all he is not an economist and one would question the wisdom of choosing someone with an MBA in human resources to lead such big monetary institution. I hold him accountable for central banks' problems.
   
   The are many qualified and talented young people out there that are left out in the shade at the expensive failures like Mr Mbewe. Hopefully this time a well qualified person will take over the reigns to turn things around.

   ---

   ---