Mwanamvekha will take over from Victor Mbewe who has been shown the boot.
A post-graduate of Economics from the University of Malawi and a seasoned banker is currently Chief Executive Offer of Malawi Savings Bank Limited.
Mwanamvekha will be handed a three-year contract.
He will be returning to the RBM where he worked from 1990 and played a key role in the establishment of Financial Market Operations Department, a department charged with the responsibility of formulating and implementing monetary policies.
Government officials were coy to comment on the matter.
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