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HomeRegionalTop NewsStandard Bank Mzuzu robbed cash may have belonged to RBM

Standard Bank Mzuzu robbed cash may have belonged to RBM

LILONGWE (MaraviPost) –The Reserve Bank of Malawi (RBM) has said it will institute a probe to determine whether the K500 million cash that was robbed from Standard Bank Mzuzu Branch belonged to them.

RBM spokesperson Mbane Ngwira said “due to lack of facilities in the Northern Region, the Central Bank uses commercial banks to keep their cash.”

Ngwira could, however, not say whether RBM had transferred money to Standard Bank Mzuzu days prior to the robbery.

Over K500 million had been robbed from the Bank, but the money was later recovered after the robbers run away near the Malawi-Zambia border at Jenda.

“We can’t say as yet whether the money is RBM’s. We transact with the commercial bank almost on daily basis,” said Ngwira.

Of the K500 million said to have been stolen, only about K400 million is said to have been recovered.

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