Representatives of the Reserve Bank Of Malawi (RBM) have revealed that the country is losing about $980 million through illegal transactions.
In the local currency, this is over MK6 billion.
The bank made the announcement during the launch of a tip-offs anonymous program aimed at detecting fraud.
Speaking to Capital FM, RBM Governor Dalitso Kabambe stressed that the country will lose its potential for development if these transactions are left unchecked.
He expressed concern on the massive corruption scandal popularly known as the Cash Gate Scandal pushed Malawi backward in terms of development and it is only norw that it is beginning to recover from all the money it lost through the scandal
“Malawi is failing to development at a good pace like its neighbouring country’s because of illegal transactions”, Kabambe added.
The Governor went on further to say that as RBM they will do all they can to ensure that a repetition of the Cashgate scandal or any other pilferage of government resources never happens as the cheques that were used in the latter were those of the reserve bank.
Malawi has for years been affected by corruption and commentators have continued to stress on the need for investigations into such matters to be quickly finalised so that wrongdoers are brought to book in order to deter would be offenders.
Just last week, the Anti Corruption Bureau disclosed that it had finalised investigations in district councils across the country and expressed concern on the findings as government resources are being embezzled by unscrupulous Malawians.