Regulatory Alerts1999-12-07
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Bank of Zambia Circular No. 3/1999: Inter-Branch Accounts
The Bank of Zambia has deployed a supervisory team to audit the inter-branch accounts of all commercial banks due to the detection of unusually high reported balances. This examination directly addresses a regulatory concern regarding the systemic prevalence of inflated inter-branch figures. The central bank requires full cooperation from commercial banks to resolve these accounting discrepancies and restore accurate reporting standards.
Bank of Zambia
P.O. Box 30080, LUSAKA
10101
Tel. 228888/ 228903
7 December 1999
Circular No. CB No. 3/99
To : All Commercial Banks
Dear Sirs,
INTER-BRANCH ACCOUNTS
Bank of Zambia wishes to inform all commercial banks that a team of officers has been assigned to look at the commercial banks’ inter-branch accounts. This exercise has been necessitated by the fact that some banks are currently reporting very high inter-branch figures, which should not be the case, and this has become a supervisory concern. Therefore, this exercise is being carried out in an effort to resolve this prevalent inter-branch problem.
Yours faithfully,
Dr Abraham Mwenda
DEPUTY GOVERNOR – OPERATIONS
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