Browsing: bank insolvency in tanzania

The Bank of Tanzania (BoT) has reassured customers and stakeholders of the China Commercial Bank Ltd. in Dar es Salaam that their interests are safe and secured.

“We want the public and all stakeholders to know that their money is safe and secure,” said a BoT source (name withheld).

The source went on to state that, as the official press statement from the bank says, all the stakeholders’ interests will be protected.

However, customers will not be able to carry out any transactions for the 3 months’ period that the bank will be closed.

On the morning of 19th November 2020, the central bank of Tanzania (BoT) announced that ‘following of China Commercial Bank Limited to meet regulatory requirements regarding capital adequacy, the Bank of Tanzania has, pursuant to powers conferred to it under Section 56(1)(g)(i) and (iii) of the country’s Banking and Financial Institutions Act 2006, taken over …