A statement by the Reserve Bank of Malawi (RBM) has dismissed rumours that its Governor authorised transfer of billions of Kwacha into an account held at one of the country’s commercial banks during odd hours of June 26, 2020.

The circulating rumors outlined that the Central Bank Governor instructed one of the employees to make the transfer, as the statement has outlined that the role of the Governor does not include giving operational instructions to officers. The statement also says that an ICT expert and manager at the central bank, is not an authoriser of funds transfer system due.

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.