mary c nkosi : mzuzu branch project site handover and pre - contract meeting speech by mrs mary c nkosi, deputy governor of the reserve bank of malawi, at the mzuzu branch project site handover and pre - contract meeting, mzuzu, 2 august 2010. * * * the team leader of the consortium ( represented by mr. davie chidyaonga ) and other members of the consortium director of administration, and members from rbm the project coordinator, mr morrison sulumba the management of sr nicholas limited led by mr g bizzarro all present i am greatly honoured to be here this morning to deliver the expectations of the governor, myself and the entire bank. my presence here is proof of the importance the bank places on this project which goes beyond the building. the bank ’ s presence in mzuzu will complement development in the city of mzuzu and the northern region as a whole. let me start by first of all congratulating the contractor, sr nicholas limited, for successfully going through the evaluation process and being awarded this prestigious contract. the competition was tough and therefore this is no mean achievement. at this juncture, let me place on record my gratitude the chairperson and the entire internal procurement committee of the bank for a job well done during the tendering process. we know that the award criteria for this contract went beyond the usual price consideration. it mainly considered the capacity to deliver a quality product within the specified period of 24 months. therefore, issues of experience in projects of a similar nature and magnitude, current commitments and track record of good performance played a bigger role. it is with this in mind that i want to appeal to the successful contractor, sr nicholas limited, and all other sub contractors involved in the construction of phase ii that the bank expects nothing less than a quality building that will be an icon and a centre of public attraction in the city of mzuzu and will stand the test of time. in this regard, you will be expected to adhere fully to all building standards and specifications. this entails applying world class working methods and use of certified materials throughout the project life. to the team leader and indeed the nddc consortium, i would like to say the journey continues. you did a good job in phase i. however, the small problems that surfaced here and there should be considered lessons for phase ii. the consortium is expected to provide optimum supervision throughout the project life and ensure that all individual consultants in the team

yen to date. as a result, the real trade surplus turned to an increase in the second half of 1996. the nominal current - account surplus, however, is increasing at a much slower pace compared to the real trade surplus owing to the fluctuations in the income account and the hike in crude oil prices. industrial production showed a significant increase in january 1997 after it increased by a seasonally - adjusted annual rate of over 10 per cent in the fourth quarter 1996. this increase was caused by the rise in final demand, particularly in those items conducive to production, such as passenger car sales, machinery investment, and net exports, under the circumstance in which inventories has been at appropriate levels. although industrial production is expected to decline in february and march, the figure for the first quarter 1997 on average is also expected to show a steady increase. labor market conditions have continued to improve moderately on the whole. although the unemployment rate remains at a high level and employment growth has been moderate, growth in nominal wages has accelerated, reflecting the increase in production and corporate profits. the ratio of job offers to job applications has continued to improve. with respect to price developments, domestic wholesale prices ( adjusted for seasonal electricity rates ) have stopped declining, although downward pressures such as from competition with imports and technological innovation in, e. g., electrical machinery, remain strong. this development has been supported by the yen ’ s depreciation to date, the hike in crude oil prices and the moderate improvement in domestic supply and demand conditions. corporate service prices have declined, particularly in rents and leasing charges, but the year - to - year decrease has become smaller. consumer prices ( nationwide, excluding perishables ) have somewhat exceeded the level of the previous year, as the decline in commodity prices has slowed against the background of the yen ’ s depreciation and the halt in the decline in domestic wholesale prices. growth in monetary aggregates, measured in terms of the year - to - year growth rate of m2 + cds average outstanding, has continued at 3. 0 - 4. 0 per cent, as corporate demand for funds has been increasing at a moderate pace. regarding money market rates, the overnight call rate ( uncollateralized ), together with the 3 - month cd rate, has moved at a low level albeit with small fluctuations. meanwhile, 3 - month euro - yen futures have shown relatively minor movements at around 0. 7 - 0. 8 per cent after market ’ s expectations for higher