Bankers welcome new RBM boss, expect progress on economic recovery efforts

Standard Bank Plc Chief Executice Phillip Madinga, who is also President of Bankers Association of Malawi, has welcomed George Partridge’s appointment as the new Reserve Bank of Malawi (RBM) Governor.

Madinga singled out Partridge’s vast experience in banking, economic policy and financial regulation, as a proper fit in his new role at the central bank.

President Arthur Peter Mutharika appointed Partridge on Saturday. The President has yet to announce Partridge’s successor as Minister of Trade, with State House sources indicating a mild reshuffle is on the cards this week.

“We look forward to reuniting with the new Governor who brings a wealth of experience in banking and regulation. His extensive knowledge and experience of banking and private sector operations will be critical to his new role as he brings a deep understanding that balances the private-public interest, ” said Madinga of the former CEO of National Bank of Malawi (NBM Plc), listed on Malawi Stock Exchange.

After his decade-long stint at helm of NBM, Partridge moved to Malawi’s largest conglomerate, Press Corporation Ltd where he became Group CEO before subsequent appointment as Trade Minister.

“His extensive knowledge and experience of banking and private sector operations will be critical to his new role as it brings a deep understanding that balances the private-public interest,” added Madinga, adding the appointment is a step in the right direction for the country’s economic and fiscal management.

Partridge’s first key assignment is to chair Tuesday’s Monetary Policy Committee (MPC) which will decide if the country is ready to absorb an interest rate cut. The RBM Deputy Governor Kissu Simwaka said last week following a slowdown in inflation for the second consecutive month that it paves way for a downward rate decision.

Partridge comes at a critical time when Malawi is negotiating for a new loan package with International Monetary Fund (IMF) and also undertaking debt restructuring.