with only 22 parking bays. perhaps, that was adequate then considering the purpose the building was put to. with the renovations and improvements made by the new owners, cdh house now has 53 parking bays. for this, i would like to thank the board and management of cdhib for ensuring that the bank ’ s customers are provided with modern facilities. mr chairman, the acquisition of the building by your bank demonstrates your strong commitment as a long term investor in malawi. malawi requires committed strategic investors if the country is to progress economically. the inauguration of cdh house today is one testimony of investor confidence in the country. the renovation of the building to the new look we see today has greatly enhanced the beauty of the city of blantyre. i do not want to remind you the look of this building just over a year ago. you all wondered whether it deserved to be in the city of blantyre, the commercial city of malawi. on that note, please join me in congratulating the city of blantyre for having cdh house as one of its prime business properties that will beautifully symbolize the development of commerce and industry. i want to take this opportunity to assure our city authorities that banks will continue to contribute to your efforts in enhancing the beauty and general environment of this city. banks invest enormous resources to justify the money they make. i am very pleased to see banks ensuring that customers are accorded the respect they deserve through the provision of a conducive environment for doing business. during my tour of the banking hall and other offices of cdh house this morning, i saw for myself the modern facilities that have been put up for customers. i have also seen how customers have been provided with special parking bays to make their banking an enjoyable experience. we have noticed recently that as the economy grows, and as the number of people accessing banking services increases, banking halls are becoming congested. customers bis central bankers ’ speeches pay such a price to obtain banking services through the discomfort experienced in crowded spaces. and so the investment we see here, is well timed and serves to remind us all of the need to invest in our city. with the foregoing few remarks and in closing, mr chairman, director of ceremonies, distinguished ladies and gentlemen, let me once again thank you all most sincerely, for according me this opportunity to speak to you today on this occasion of the official inauguration of cdh house here in the city of blantyre. please

charles s r chuka : review of the financial sector in malawi address by mr charles s r chuka, governor of the reserve bank of malawi, at the guest of honour at the inauguration of cdh house, blantyre, 24 june 2014. * * * protocol mr franklin kennedy, chairman of the board of directors of cdh investment bank ( cdhib ) and your fellow directors mr misheck esau, chief executive officer, management and staff of cdhib dr grant kabango, deputy governor, supervision mr eldin mlelemba, director of bank supervision and officials from the reserve bank of malawi distinguished invited guests, ceo ’ s of banks, private and public institutions blantyre city chief executive officer mr ted nandolo ward counsellor, counsellor noel chalamanda the officiating clergy director of ceremonies, mr benedicto malunga members of the press ladies and gentlemen i wish to begin by thanking you chairman and the board for inviting me to perform the honourable task of inaugurating the cdh house. taking tour of the building convinced me that you mean business, that you intend to grow your bank and to be a significant player in contributing to the economic growth of this country. indeed, the transformation from a discount house which operated for fourteen years to a bank in april 2012 is a remarkable achievement. i recall in 1998, when we licensed continental discount house, there had not been such a financial institution before. however, in view of the need that the central bank saw in the market, we found room in the banking laws to license a discount house. the need was to encourage the trading of financial instruments such as treasury bills and others. at the time money market investors were not able to access liquidity from their investments in financial instruments before maturity. with the licensing of continental discount house then, now cdhib, a platform was created for a secondary market in financial instruments to develop. the institution, as we were shown today through the displays, not only traded government financial instruments, but also originated other financial instruments such as commercial paper, negotiable promissory notes, corporate medium term notes and bonds. it is pleasing to note the amount of work that the institution performed in the capital market. in the displays, we saw the milestones in equity issues in various forms such as bonus issues, rights issues and the listing of shares on the malawi stock exchange. it is very clear that the foundation to becoming an investment