Economy

Mutati Says Inter Market Bank Under Review; Investrust Is Safe

felix-mutati-zambia-reportsFinance Minister Felix Mutati says the financial market in the country is stable despite what has happened to Inter Market Bank.

Delivering a Ministerial Statement Mutati said that he was awaiting a report from the Bank of Zambia on the seizure of Inter Market Bank.

Mutati said that the shareholders of Inter Market Bank have a 90 day window to state whether the bank can be rescued or not.

The Bank of Zambia on Monday took over Inter Market Bank following a breach of Financial Regulations Act.

Many clients have been thrown into anxiety following the takeover of the bank.

Mutati said that he could not state whether the depositors’ money was safe but that the risk will be minimized.

He also dispelled fears that Investrust was also headed the same route of closure following to rumours making the rounds in financial circles.

The Bank has until 90 days for the shareholders and BoZ to hammer out a solution.

Asked on the identity of the shareholders Mutati said that the owners were from Georgia, USA.

13 Comments

  1. TJ

    Mutati OPENYA

  2. kundalini (the coiled one)

    dats why i dont keep my money in african banks- their future totally unpredictable

  3. sydney simulilo

    lets hope things will be chip in our great nation

  4. Ethel kasonga

    Hope the notion can do something to save its people from this edition so it’s just too deep….

  5. Ethel kasonga

    Hope the notion can do something to save its people from this stution it’s just too deep….zambia save your people

  6. Blessings

    How about Zambia National Building Society MR. Minister?

  7. Truthful

    PIA can it start working please.Most Insurance companies are operating below minimum capital and Others are even failing to pay salaries for workers.Others are even in 3 to 4 months arrears and yet PIA is just quite

    • buta

      You are right about insurance companies.They can’t even remit Napsa,workers compensation and bank loans.

  8. sipho banda

    Us Zambians are stupidly humble! I say so coz there is no way a bank closes just like that and we don’t demonstrate but just sit outside the bank and humbly complain…..let’s get to the streets and demonstrate till the government does something. Most of the time humbleness doesn’t pay. U worked hard for that money for somebody just to get it like that. Wake up people….do something like throwing stones or something radical then u will start seeing results. Amen

  9. chense banda

    Comment it would have been better if the minister had told us what went wrong exactly.

  10. Kypa.

    Mutati you can say that investrust is safe, coz romour has it that you are 1 of the shareholders of investrust.,

  11. Antu omwe

    Boz has done a recommendable job in the past few years as they have ensured that depositors money in safe. All banks submit weekly returns which show the liquidity ratios ( Return on Assets and Liabilities) and again a monthly return so all banks are been monitored week in and week out. The depositors moneis are secured thru the govt securities ( treasury bills and govt bonds) held by Boz on behalf of banks . Boz knows who 20 largest borrowers from the banks and the 20 largest depositors for each and every bank. This has helped banks perform well as there is no influence from the onwers of the banks to award themselves loans and advances without Boz going thru their business plans and collateral. That is why money laundering in Zambia has minimised as the Boz will know about the movement of any monies from point A to B in no time. The problem that could be there is waiting for the govt securities (t\bills and govt bonds) to mature for them to pay all depositors without even selling off assets such as builds and machinery.

  12. Antu omwe

    Let boz Bank Supervision Dept make a comprehensive statement on the closure of Intermarket Bank and give a us all the reports on its core Assets and Liabilities thou its very sensitive and can jeopardise the on going negotiations be a would be buyer of the defunt bank.

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