Authorized dealer banks should also ensure consistency and uniformity of policy implementation in carrying out duties entrusted to them through strict and impartial application of Exchange Control instructions. Banks are therefore encouraged to consult the Reserve Bank of Malawi whenever in doubt with regard to the interpretation and implementation of exchange controls. Trade liberalization ushers in new challenges in terms of Exchange Control administration.
Take Spain, for example, which has been growing very, very well. I think there’s a strong consensus that some of the policies they adopted in terms of reforming, for example, the labour market, have helped that. It’s important to remain optimistic that policies can make a difference. It is not the case that we are in a fatalistic situation where nothing can be done.