New banking sector regulations gazetted

New banking sector regulations gazetted
Published: 04 December 2013
Government has gazetted a new set of banking sector regulations that seeks to protect the interests of depositors with a view of increasing savings in the economy.

According to Statutory Instrument 156 of 2013 gazetted on the 8th of November this year, depositors will be paid their funds immediately after a financial institution is placed under curatorship.

The new set of regulations also seeks to increase savings within the economy by the regular monitoring of financial institutions' capitalisation levels.

Deposit Protection Corporation CEO, John Chikura told the ZBC News that the new regulations will also facilitate public confidence as well as stability in the banking sector.

"These are the set of regulations that we believe will restore depositors' confidence," he said.

The government and banks are crafting strategies aimed at increasing depositors' confidence in the banking sector at a time official estimates show that more than US$2 billion is circulating outside the formal financial sector.
- zbc
Tags: Banking,


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