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.

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