President Lazarus Chakwera has disclosed that he has directed that from now onwards all revenue generated by State Owned Enterprises (SOEs) will be deposited with the Reserve Bank of Malawi and not commercial banks.

In his State of The Nation Address ( Sona) delivered today at Parliament, Chakwera indicated that accounts of at least 22 parastatals have already been migrated to RBM.

According to Chakwera, the practice of depositing government money with banks was deliberately created for the banks to be making profits adding that such a system is now being dismantled inch by inch.