The new Governor, Dalitso Kabambe, was until his appointment, Principal Secretary in the Ministry of Foreign Affairs and International Cooperation.
He also once served as the Budget Director in the Ministry of Finance during the tenure of late President Bingu wa Mutharika.
This was during the time the Malawi Revenue Authority and the ministry came under pressure, allegedly for cooking up figures to give the impression that Malawi had enough money to fund a zero deficit national budget.
According to government spokesperson who is also the Minister of Information, Nicholas Dausi, Kabambe will assume his position with immediate effect.
Economists and Politicians are encouraging the new Reserve Bank Governor to operate independently.
They allege that most holders of the position have ended up manipulating monetary policies to suit the wishes of the government.
Critics believe Chuka stabbed himself in the back when he told the Budget and Finance Committee that the economy of the country was not performing as expected because of politicians.
Speaking to Capital FM, George Mnesa who is President of the Malawi Forum for Unity and Development (MAFUNDE) stated that though Kabambe is fit for the job, the position demands for one to have more experience within the banking environment.
However Mnesa did not mention if Kabambe’s appointment will have any impact on Malawi’s struggling economy.
“Let’s wait and see because it is still too early to judge him now,” added Mnesa.
The Reserve Bank of Malawi has the full mandate to conduct monetary policy whereas fiscal policy issues are the mandate of the Ministry of Finance.
It therefore has to ensure that fiscal developments are consistent with monetary developments.