The Bank of Zambia (BoZ) has strongly cautioned members of the
public and online media to desist from falsely speculating
that certain banks or financial institutions are facing
imminent closure following the Central Bank’s takeover of
Intermarket Banking Corporation.
BoZ Deputy Governor-Operations and who is also the
Registrar of Banks and Financial Institutions, Dr. Bwalya
Ng’andu said members of the public and online media
should stop fuelling speculations as the financial sector was
fragile and very sensitive to information.
He said recent speculations had the potential to cause
alarm, panic, harm and had the potential to bring instability
to the financial sector.
Dr. Ng’andu said the decision by the Central Bank to take
possession of Intermarket Banking Corporation on 29th
November 2016 was procedural and designed to secure the
interest of depositors.
He also stated that during the possession period, the Central
Bank would assess the assets and liabilities of Intermarket
Bank and a status statement would be made public.
He said it is this statement that would determine the next
course of action as provided by the Banking and Financial
Act.
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