Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, led a special academic discussion during the economic symposium held on 18 July 2025 in Lilongwe, Malawi. The symposium was part of the celebrations marking the 60th anniversary of the establishment of the Reserve Bank of Malawi, with the President of the Republic of Malawi, H.E. Dr. Lazarus Chakwera, serving as the guest of honor.

The discussion, themed “Back to Basics: Is There Room for Central Bank Intervention in the Supply Chain in Low-Income Countries?”, was expertly moderated by Governor Tutuba, who underscored the importance of thoroughly assessing the role of central banks in supporting economic growth alongside their primary mandate of ensuring price stability.

In his opening remarks, the Governor noted that, despite ongoing reforms in the implementation of monetary policy—from frameworks targeting monetary aggregates with reference to exchange rates, to those focusing on interest rate-based systems—many low-income countries still face significant challenges, particularly in building the infrastructure required to implement such policies effectively.

“In circumstances where inflation is largely driven by supply-side shocks, as is the case in many agriculture-dependent African nations, including Malawi, we must ask ourselves whether the scope of the central bank’s role can be expanded to actively support domestic production without losing sight of the primary goal of price stability,” Governor Tutuba stated.

Concluding the discussion, Governor Tutuba emphasized that central banks cannot remain solely as custodians of monetary policy; rather, they must be part of the solution, especially in contexts where economic challenges require collaborative efforts among all economic institutions.

The symposium brought together central bank governors from SADC member states, government leaders, economists, policy analysts, and representatives from national and international organizations to discuss the challenges and future direction of monetary policy in low-income countries.