The central bank has appointed Alvarez & Marsal to conduct a criminal audit of support programmes, fund transfers and letters of credit for fuel imports between October 2019 and December 2023.
The central bank formally tasked the international firm with reviewing operations tied to foreign currency reserves that were drawn down heavily during the financial crisis to finance imports of fuel, medicine, wheat and basic goods. The appointment followed a public tender process in which the finance and justice ministries participated.
Alvarez & Marsal began the assignment on 17 August 2026. The central bank convened a meeting today with the firm's team, including representatives Manuel Mackay and James Daniel, to launch the work and track implementation.
The audit is limited in scope, focusing on selected operations connected to foreign currency assets during the four-year period. It covers subsidy programmes for basic goods and materials, certain bank transfers including public sector transfers, and letters of credit opened to import fuel.
The period examined follows the outbreak of the financial crisis, when the central bank deployed foreign exchange reserves to fund essential imports amid widespread accusations that subsidised goods were smuggled, hoarded, diverted to black markets or re-exported.
The central bank said the audit aims to review the operations, trace the flow of funds, and verify the procedures and mechanisms used to execute them, based on documents, data and records held by relevant state and banking bodies. The bank said it has begun providing required documentation and is facilitating the audit team's work.
The central bank did not disclose the contract value with Alvarez & Marsal, the timeframe for completing the work, or when initial or final reports will be issued. It did not clarify whether findings will be published in full or referred only to the government and judicial authorities.
The central bank also stated that the audit aims to document its financial rights in the amounts it disbursed from foreign currency reserves, particularly within support programmes, suggesting the review may form the basis for financial claims or legal proceedings to recover funds the bank considers to have been spent or used contrary to their intended purpose.
