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Malawi central bank discredits social media rumors of bogus transactions involved Governor Kabambe

LILONGWE-(MaraviPost)-The country’s central bank, Reserve Bank of Malawi (RBM) on Saturday, June 27, 2020 declined rumors alleged crooked activities involving the bank’s Governor Dr. Dalitso Kabambe and an ICT expert and Manager Mrs. Brenda Muyaya.

In a press statement made available to The Maravi Post, the bank, noted with concerns that rumors were all over the social media suggesting that the Governor gave operational instructions to Muyaya to leave the system open with intention of abusing the system.

However according the Bank, the system was left open on 26 June 2020 to fulfill its mandate of price stability after rolling over transactions which had a foreign exchange (US Dollar) component as well as a Kwacha component which could only be completed after New York markets were opened and at this point the Malawi Financial Markets were closed.

The bank resolved to keep the system open after normal funds transfer window of 5.00pm to facilitate the closing of the transactions which can be extended for various reasons and following laid down procedures which was not the first time that the Bank felt compelled to extend the funds transfer window.

RBM also said failure to conclude the transactions as per that date would have meant that the agreements would be invalidated and fresh covenants initiated which could have taken several months with additional unnecessary costs to the Bank and the economy.

RBM also said the operational systems are audited by independent internal auditors, external auditors and are subjected to an independent assessment by the Safeguards department of the IMF which would be naivety of the highest for the central bank to be involved in such alleged bogus transactions.

The bank has therefore beseeched all stakeholders to desist from spreading fake news about the nation’s central bank and when in doubt to seek verification.

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