Revealing an alarming $394.60m lost through unauthorized externalization of foreign exchange, RBM has signed a Memorandum of Understanding with seven government law enforcement agencies to charge on the crime.

RBM Governor Dalitso Kabambe revealed that the crime was investigated by the Malawi Revenue Authority (MRA), stating that foreign exchange was affected due to illegal foreign currency externalization and transfer pricing, two counts charged on some commercial banks and several Chinese-owned firms.

Signing the MoU with RBM are Anti-Corruption Bureau, the Director of Public Persecutions and the Malawi Police Service, just to mention a few.

The development was one of the strategies presented by RBM as means to achieve inflation target of 5% by 2021.