BoB takes over Kingdom bank
Monday, February 16, 2015
The bank is reeling from liquidity constraints, which have seen depositors fail to withdraw their monies while workers haven’t received regular salaries for the past three months.
In a statement released on Friday, the central bank announced that they had assumed temporary management of KBAL “Customers of KBAL are informed that during the temporary management period, the operations of KBAL will only be restricted to receiving repayments of loans and advances made to customers.
While his leadership has brought about significant progress and development, it is imperative that he exercises greater caution in his choice of words, particularly when addressing sensitive matters.One of the primary concerns is the potential impact of his remarks on Botswana’s relationship with De Beers, the diamond mining giant that plays a crucial role in the nation’s economy.The partnership between Botswana and De Beers has been mutually...