Bank of Zambia
Bank of Zambia

The Bank of Zambia 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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14 COMMENTS

  1. To my our friends in PF and Government be like Mwanawasa did he accepted objective criticism from Sata and the PF and he even asked all MMD candres not to insult Sata , that is why even when Sata almost died , it was Mwanawasa who came to his Aid . So my advise to PF and Government is to focus on providing Leadership and not defending what you donot know , let Chanda defend himself if he can . But note that this country has alot of challenges that we want to see the PF and its Government to spend and focus its energies on and not otherwise.
    Chanda’s language was in bad test and unprofessional and that he should rather retract some wrong words he used and he should not be allowed to use the Presidency wrongly .
    While we also expect the Opposition to be objective in their checks and…

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    • What a misplaced comment. We are on a different page discussing money while you choose to remain in politics. That’s why you are not progressive.

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    • PF BoZa should desist from lying. They need to advise Zambians which banks are safe. At this rate I will only bank with the big 4 (BBZ, SCBZ, Zanaco and Stanbic). I don’t believe the small Zambian banks, including First Capital (left out that one below) have $12m in capital and the West Africans have $50m. It would be interesting to see the numbers for Finance Bank as its new foreign owners bought it knowing full well that the new capital rules were going to be enforced soom. BoZa should shows us the numbers, not the teeth (no mere talk). A comprehensive statement, not propaganda, is properly due from BoZa.

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    • I would agree with you. It was reported a few days ago that a BoZ insider said 3 other banks were being investigated. Let Bwalya Ng’andu categorically state that UBA, Access and Investrust meet the capital adequacy ratios as at 30 September. He should publish their statutory returns in support. We are fed up of PF lies, lies, lies.

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  2. Too late. Run on banks is already happening. i just closed my account in one of the suspects and am now carrying out a burial ceremony in my backyard. We even have pastor Austin to do the rites. He says the cash will resurrect soon when it is safe. Dununa yewe!!

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    • The problem with bank closures is that deposits are not accessible for years to come and, yet, the loans are immediately repayable. If you borrowed from Intermarket, you should think of getting a new loan from somewhere to repay the liquidator before the dark cloud catches up with you.

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  3. A blatant lie!!! We know three to four banks are in serious financial woes and you’re just stalling so that Big wigs in government can get out their money then close shop. I bet no big wig have their money locked up inter market bank.

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    • Sir, since you know these banks why don’t you help by telling us the names so that we can withdraw our money. You some important people have their money locked up in IM Bank and that they want to get money before the other four banks are closed, so if they can know which bank is closing how come they didn’t draw their money before IM Bank was closed. Most important please give us the banks that are closing.

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  4. Those attacking the closure of Inter Market are very knowledgeable but choose to mislead the public for political terrorism. They know that even in developed countries banks that default on regulations are either punished or closed. I am sure if people woke up only to find the bank gone with their savings you’re going to sing a different song like “how can government let the bank steal people’s money “.

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  5. Why are they so strict with the Banks and yet we have so many insurance companies operating below the minimum capital.Some that can hardly afford to even pay their workers on time….other in arears of 3 to 4 months and yet PIA is doing nothing about it

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