Deposit Protection Bill Done

Deposit Protection Bill Done

Bank of Zambia Deputy Governor Dr. Bwalya Ng’andu says the Deposit Protection Bill draft has already been done and it is being examined by the Ministry of Finance.

The Deposit Protection Bill is a proposed bill aimed at protecting depositors in the face of unexpected closure of a bank such as what occurred at the Intermarket Discount Bank which left a number of clients in the cold.

Dr. Ng’andu says the Ministry of Finance is going through the draft bill to ensure that it makes sense and responds well to other pieces of legislation.

He says the Central Bank is hopeful that the Minister of Finance will take the bill to parliament next year for enactment.

Dr. Ng’andu says this piece of legislation will act as an assurance to the depositors that their money is safe.