Thursday, July 21, 2016
ON July 18 2016, the Deposit Protection Corporation (DPC) announced that the deposit protection cover limit had been increased from $500 to a maximum of $1 000 per depositor per member bank with effect from June 1 2016. In this instalment, NewsDay financial columnist Omen Nyevero Muza (ONM) speaks to DPC chief executive officer John Mafungei Chikura (JMC) about the basis and implications of this development, which comes at a time public confidence in the banking sector is probably at its lowest ebb since dollarisation.
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