Regulators

Savings Bank of Malawi (RBM)

The Reserve Bank of Malawi was established under Section 44:02 of the Malawi Act of Parliament Act of July 1964 and started operations in Blantyre in June 1965.

Introduction

The Reserve Bank of Malawi was established by an Act of Parliament of July 1964 (Article 44:02 Malawi Act) and started operations in Blantyre in June 1965. It replaced the Federal Bank of Rhodesia and a branch of Nyasaland as the Federal Central Bank of Rhodesia and Nyasaland.
Historical Background
The bank started with total assets of 15.96 million Malawian Kwachas, with foreign capital totalling 155 million Malawian Kwachas, equivalent to £8.8 million, or 18.1% of the federal currency exchanged in Malawi. By 1981, the head office was relocated to Lilongwe, and the Reserve Bank of Malawi expanded its operations, with total assets increasing to K23.07 billion and foreign assets amounting to Rs 43.9 million.
In April 1989, the Reserve Bank of Malawi (RBM) Act amended the main functions of the Bank, in line with the interests of the national economy and in line with the government's economic policies. Before amending the Act, the Reserve Bank of Malawi reported to the Ministry of Finance. However, the Results Management Act 1989 made the Reserve Bank of Malawi independent of the government under Section 4. Due to its independence, the Reserve Bank of Malawi has full authority to implement monetary policy, while fiscal policy issues are the task of the Ministry of Finance. Therefore, the Reserve Bank of Malawi must ensure that fiscal developments are aligned with monetary developments.
In 1990, the Reserve Bank of Malawi operated for 25 years, with total assets reaching US$1.003 billion, with foreign capital accounting for 324.5 million kronor. By the end of 1998, the Bank's total assets amounted to 9.8 billion gigabytes and overseas assets amounted to 11.3 billion yuan. Therefore, Bank operations are particularly evident in these years as the financial sector develops.
Mission and Vision
Mission:
Ensure price and financial stability through the development and implementation of sound monetary and macroprudential policies consistent with agreed national strategies.
Vision:
To be a preeminent institution for price and financial stability and economic development.
Core Value
The Bank shall adhere to the core values ​​that form an integral part of its vision, mission and corporate culture. To this end, the Bank shall adhere to the following core values:
Professionalism, Integrity, Efficiency, Transparency

Regulatory Inquiries

Bank and other financial institution registration list:
https://www.rbm.mw/Supervision/BankSupervision/?activeTab=BASURegisteredBanks
List of registered insurance companies:
https://www.rbm.mw/Supervision/PensionsandInsurance/?activeTab=PISULicensedEntities

Contact information

Physical address: Convention Drive City Centre, Lilongwe
Mailing address: Box 30063, Capital City, Lilongwe 3, Malawi
Tel: (265) (0) 1 770 600/1 771 600
Fax: (265) (0) 1 772 752 /1 774 289
Email: [email protected]

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