Central Bank Modernization

The broad-based technical cooperation program between the Reserve Bank of Malawi (RBM), the International Monetary Fund (IMF) and Norges Bank1, which has supported the Malawian authorities’ efforts to strengthen and modernize the RBM since 2006, has some unique features that have led us to regard it as a pilot program. We therefore considered it worthwhile to issue an Occasional Paper covering the objectives, framework and subject areas of the program. This Occasional Paper will cover the program’s implementation up to end-2009. While the articles provide guidance on the background against which choices and recommendations were advocated, the achievements of the program are not fully articulated given the ongoing nature of the technical cooperation program. We hope that the articles will provide helpful information and guidance for other central banks and institutions aiming to modernize and professionalize their policy conduct