Finally, capital markets in Europe have clearly benefited from the establishment of Monetary Union. Allow me to elaborate further on these issues. The single monetary policy relies on an efficient operational framework, which has been implemented without major difficulties. It has proved to function very smoothly.
As such it is charged with many responsibilities which include the attainment of price stability or low inflation and ensuring a sound financial system to facilitating economic growth and development. The Reserve Bank of Malawi was established under an Act of Parliament in July 1964 (Caption 44:02) and started its operations in June 1965.