The Reserve Bank of Malawi (RBM) has said it will institute a thorough investigation to determine whether the K500 million cash that was robbed from Standard Bank’s Mzuzu Branch belonged to them.

Speaking to Face of Malawi, RBM spokesperson Mbane Ngwira said “due to lack of facilities in the Northern Region, the Central Bank uses commercial banks to keep its money.”

Ngwira however, did not reveal on whether RBM had recently transferred money to Standard Bank in Mzuzu days prior to the robbery.

It has also been revealed that over K500 million had been robbed from the Bank, but the money was later recovered after the robbers ran 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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