Malawi names new central bank governor

President Bingu wa Mutharika of Malawi has decided against renewing the contract of central bank governor Elias Ngalande, which expires at the end of this month, a government official said on Tuesday 1 February.

Reuters reported that no explanation was given for the decision. Ngalande is to be succeeded by Victor Mbewe, a former head of the Malawi operations for South Africa's Standard Bank, the report said.

"The president has decided to replace Dr Ngalande with Victor Mbewe and has not given a