BOZ abolishes unwarranted bank charges The Bank of Zambia Prohibition Against Unwarranted Bank Charges and Fees...

BOZ abolishes unwarranted bank charges

The Bank of Zambia Prohibition Against Unwarranted Bank Charges and Fees of 2018 has now been promulgated into law (Government Gazette number 6693) and Bank of Zambia. This is according to a Circular issued by Deputy Governor-Operations Dr Bwalya Ngandu.However, the Bankers Association of Zambia has warned that the decision to abolish bank charges will only cripple the financial services industry and may result in job losses for some workers in the sector. Association Chief Executive Officer Leonard Mwanza said that there was a justification as to why commercial banks slapped such charges on clients.

Question: Discuss the impacts of the removal of the unwarranted charges and fees following a directive from the Bank of Zambia. Three (3) pages. Please give sources

Solutions

Expert Solution

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

How is Title VII's prohibition against religious discrimination substantially different from its prohibition against discrimination on...

How is Title VII's prohibition against religious discrimination substantially different from its prohibition against discrimination on the basis of other traits?

list five reasons for the prohibition of commercial bank interest and explain ?

The bank of Zambia is discussing the possibility of paying interest on excess reserves . If...

The bank of Zambia is discussing the possibility of paying interest on excess reserves . If it occurs , what will happen to the level of excess reserves to deposits ratio?

An airline charges the following baggage fees: $25 for the first bag and $35 for the...

An airline charges the following baggage fees: $25 for the first bag and $35 for the second. Suppose 54% of passengers have no checked luggage, 34% have one piece of checked luggage and 12% have two pieces. Suppose that a negligible portion of people check more than two bags. a) Build a probability model, compute the average revenue per passenger, and compute the corresponding standard deviation. b ) About how much revenue should the airline expect for a flight of...

What is property tax, Corporate Income Tax, and Social Insurance, and Charges fees

An assessment of customer experience and awareness to fees, charges and commissions paid in banks’ transactions

During the recent monetary policy briefing, the governor of the Bank of Zambia announced the decision...

During the recent monetary policy briefing, the governor of the Bank of Zambia announced the decision of the monetary policy committee (MPC). In his announcement, he stated that the MPC reduced the BoZ policy rate by 50 base points and the Statutory Reserve Ratio by 150 base points. Discuss the meaning and expected macroeconomic implications of this decision of the Monetary policy committee.

During the recent monetary policy briefing, the governor of the Bank of Zambia announced the decision...

During the recent monetary policy briefing, the governor of the Bank of Zambia announced the decision of the monetary policy committee (MPC). In his announcement, he stated that the MPC reduced the BoZ policy rate by 50 bps and the Statutory Reserve Ratio by 150 bps. As a student of Monetary Economics discuss the meaning and expected macroeconomic implications of this decision of the MPC. (5 pages)

In the UK, it is possible to press criminal charges against companies. a) Explain the importance...

In the UK, it is possible to press criminal charges against companies. a) Explain the importance of ‘mens rea’ in relation to corporate criminal liability. b) Explain the three ways to establish criminal liability against companies in the UK. PLEASE DO NOT COPY AND PASTE

You invest in a mutual fund that charges a 3% front-end load, 1% total annual fees,...

You invest in a mutual fund that charges a 3% front-end load, 1% total annual fees, and a 0.5% back-end load. How much will you pay in fees on a $15,000 investment that does not grow if you cash out after 5 years of no gain? You invest in a mutual fund that charges a 3% front-end load, 1% total annual fees, and a 2% back-end load, which decreases .5% per year. How much will you pay in fees on...

Subjects