Under the auspices of World Bank and the Malawi Government, FIRST Initiative, a consultancy firm, was engaged to carry out an assessment of the financial system in Malawi in 2004 to 2005 through the Financial Sector Regulatory Reforms Programme.
As a result, the BOU accelerated the transition and adopted an ITL framework in July 2011, with the inflation forecast as the anchor for monetary policy. Furthermore, our technical capacities  BIS central bankers’ speeches  3  have been strengthened by the experience gained from implementing the ITL framework; which has involved substantial “learning by doing”.